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Sportsbooks Lose $2.6 Million On $92 Million Super Bowl Handle

 
/2008-02-13/

SOURCE: Las Vegas Review-Journal

Two dynasties ended and two records were left untouched Sunday when New England Patriots coach Bill Belichick rushed off the field in disgust as a Super Bowl loser.

The Patriots' perfect run was stopped as they finished the season 18-1 and failed to make NFL history. A streak of 12 consecutive profitable Super Bowls for Nevada sportsbooks also ended, and the state failed to set a record wagering handle on the game.

"It's just a stunner all the way around," MGM Mirage sportsbook director Robert Walker said.

The New York Giants upset New England 17-14 in Super Bowl XLII at Glendale, Ariz. The Giants closed as 12-point underdogs.

A total of $92.1 million was wagered on the game, and the state's 174 sportsbooks lost $2.6 million, according to figures released Tuesday by the Gaming Control Board.

It's only the second time in 18 years that Nevada sportsbooks lost on the Super Bowl.

There was speculation the game would draw a handle approaching $100 million. A Super Bowl-record $94.5 million was wagered in 2006.

Las Vegas Hilton sportsbook director Jay Kornegay said the amount bet at his book "easily surpassed last year's handle."

"That number is shocking to me," Kornegay said of the handle of $92,055,833. "With all the hype, I thought we would at least break the record and get $95 million to $97 million."

total of $93.1 million was wagered last year on the Super Bowl. Walker and Wynn Las Vegas sports book director John Avello said the handle was up slightly this year at their books.

Walker said there were fewer six-figure wagers at MGM Mirage books. The largest bet he took, he said, was $250,000 on the Giants plus-12.

New England was about a minus-420 favorite to win straight up on the money line, and the books took a beating mostly because the betting public piled on New York to win at about plus-350.

"When you're giving out 3-1 (odds) or more on the money line, you just can't overcome that," Walker said. "I would take that scenario every time where we just need the Patriots to win outright to win money."

"I expected the Patriots money-line bets to come in, and they never did. I was really surprised. We just didn't take any large wagers."

Kornegay said proposition bets turned a profit at the Hilton, but the result as a whole was a lost cause.

"We got crushed on the game," Kornegay said. "By the time we got to the Super Bowl, a lot of people were tired of the Patriots, and they didn't want to root for Goliath."

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