Sports betting finding times difficult
Posted by Carl Barnett on 01 Feb 2010 at 17:02
Las Vegas casinos and real world betting operators are suffering financially due to the recession and online gambling.
Some of the biggest sports betting operators are finding that bettors are paying less than they used to.
On October 25, many sports book runners found themselves with a massive loss in income.
Las Vegas reportedly lost $8.5 million on that day alone, with many gamblers playing favourites and winning big.
The sports betting industry is busy at the moment, with many major sports gearing up for the start of a new season.
However, Las Vegas sports books are declining when it comes to profits.
Revenue with many Las Vegas sports books has fallen around 10 per cent since 2007.
There has been some speculation as regards why casinos are suffering when it comes to sports betting, and some professional gamblers suggest that online gambling is enjoying more success than its real world counterpart, and this is the reason why revenues are down.
On a typical bet, Las Vegas sports books offer a fee of $10 per every $100 bet, while online it is typically $5.
Richard Dunberg, a professional gambler in Vegas, says: "Why do they deserve the action from the locals when they ask us to lay $110 to win $100, when we know online its $105?"
