Sportsbooks In Las Vegas Thinking Outside The Box To Minimize Losses
Vegas Sportsbooks Were Raking In The Dough During March Madness In Years Past
With the coronavirus wreaking havoc in the majority of industries, sports have ceased for the first time anyone can remember. If this were a “normal” year, sportsbooks in Sin City would be happily preparing for the biggest college sports event, “March Madness.”
Sportsbooks would have been getting ready for Selection Sunday, and it would have been an overall very profitable March. Now, however, everything in the country and countries around the world are in a virtual standstill.
Gambling in the U.S. is losing billions of dollars in revenue, and experts say the exact amount could be “monumental.” Without March Madness, and most leagues canceling or postponing their seasons, it’s a real nightmare for Las Vegas.
Jay Kornegay, the CEO of Westgate Las Vegas Resort & Casino, said, “There is no way to mask what has happened, it’s bad on every front.” Kornegay said, “No matter how diplomatic you want to be, there is no getting around the losses due to the virus shutting down many places where crowds gather.”
Close To The Super Bowl
Usually, the Super Bowl is the giant of the sports world for making the biggest amount of money. However, March Madness brings in even more money than the Super Bowl.
Kornegay spoke about the losses these canceled games and tournaments are costing to the gaming industry but emphasized these are his opinions, and he’s not talking on behalf of the casino.
Kornegay said it’s a given that March Madness has more sports bets during the first four days compared to the Super Bowl. March Madness said Kornegay is by far much more profitable than any other event.
Since the world of sports has shut down, Kornegay and other sportsbook providers are looking at future events and games, because “we shouldn’t waste any time on the past, we have to focus on the future. Players have expressed an interest in placing bets on future sporting events.”
Few Bets Available
The Sportsbook Director of South Point Hotel Casino & Spa, Chris Andrews, said, “I think it’s such a horrendous situation, that you can’t lose your sense of humor. At least for myself, if my sense of humor is gone, then it’s over.”
Andrews went on to explain, “Like today we’re booking Brazilian UFC. Actually, a lot of people were betting on it, so it’s kind of funny in some ways. But sad in other ways, because this is all we have at the moment to bet on, but people are betting on it.”
Andrews wondered out loud if the players that are betting, even know the fighters that are fighting in Brazil. He said there is a good chance they don’t, but, “you know in our racket, people like action, so they are getting it there.”
Andrews said that this past weekend, he offered players the opportunity to bet on Mexico League Soccer and Australian Rugby. “It’s not what it was, but at least we can keep the lights on,” Andrews added.