Nevada Gaming Control Chief says all bettors, sharp or square, should be treated equally

Nevada sportsbooks are not supposed to treat Joe Sharp any differently than Joe Square. But any serious sports bettor knows that’s not always the case.

On April 12, 2008, a bettor placed three $550 bets on NBA overnight lines at a Harrah’s sportsbook. According to Nevada Gaming Control Board records, the bets were approved, entered into the computer, the money was exchanged and tickets were printed. Shortly after, a supervisor returned to the window and informed the patron that the wagers would be voided.

The bettor filed a complaint with Gaming Control. The NGCB found that the supervisor voided the bets because he believed the patron’s player rating did not qualify him to wager on the overnight lines. In other words, because the bettor was good, he wasn’t afforded the same opportunities that a less successful player might receive.

The NGCB ruled that the supervisor had violated Regulation 22.115, which states a  book cannot unilaterally rescind wagers without prior written approval from a Gaming Control Board chairman.

Harrah’s was fined $100,000 for the violation.

Since then, there have been other instances where books have refused to take a bet from a professional player at the listed point spread, only to turn around and offer the other side of the game at the same line to a recreational player.

Quite obviously, it shouldn’t be that way.

“We require a fairness standard,” said Jerry Markling, the NGCB’s Chief of Enforcement. “You can’t let the first person bet a game at a certain line and then not let another patron bet the game at that line. That would be inappropriate. It could also be a violation under regulations.

“The books have to treat everyone essentially the same,” Markling added. “They can’t show favoritism toward one bettor or against another.”

Markling said that limits are the lone exception to the rule. Sportsbooks have the right to vary the wager amounts they’ll take from one bettor to another.

“If a big bettor wants to bet $100,000 on one side of the line and the book is already over-balanced on that side, then they may decide that they can’t accept that,” Markling said. “That’s within their rights.”

Books can also require bettors to sign up for a player’s card or online account to place wagers that exceed a certain amount.

“If one book is requiring all of their bettors who want to bet over, for example, $1,000, then that’s the book’s business,” Markling said. “I think it becomes a fact of whether or not players want to do that, because there are other books that are not requiring that. I think it’s a matter of buyer beware: ‘These are the requirements of this book.’”

After 22 years with the NGCB, the last seven as Chief of Enforcement, this is Markling’s final week. He’s leaving to become the Director of Investigations at the Venetian, where he’ll monitor both gaming and non-gaming issues.

Karl Bennison, an 18-year veteran of the NGCB, will be stepping into Markling’s role and oversee Nevada’s entrance into the online gaming world.

“One of my primary goals is to stay on top of the changes,” Bennison said. “Interactive gaming is new to us, for example, and we just want to stay on top of it as it grows. We have one licensee out there and we’re just kind of making sure that our concerns are addressed.”

Bennison said sports bettors who feel they have been treated unfairly can contact the Nevada Gaming Control Board. The Enforcement Division Complaints regarding online gaming can be filed here.

Las Vegas sportsbook openers: Wynn Casino will again be 1st with college football lines

For the fourth straight year, the Wynn plans to be the first Las Vegas sportsbook to post weekly college football point spreads.

John Avello, the book’s executive director, says he enjoys being first. So do the bettors who line up at the Wynn to bet the virgin numbers that often move several points in the matter of minutes.

That’s why it’s important to be on time.

The Wynn will go up with college football opening lines at 3 p.m. PT on Sundays, which is generally when the late afternoon NFL games are at halftime. Most other books won’t post lines until Monday morning.

Here is a list of expected college football and NFL release times at other sportsbooks:

Atlantis (Reno)

NFL – 5:30 p.m. PT, Sundays
NCAAF – 5:30 p.m. PT, Sundays

Cantor Gaming

NFL — TBD
NCAAF — TBD

Caesars 

NFL — 11 a.m. PT, Monday
NCAAF — 11 a.m. PT, Monday

Coast Casinos (Orleans)

NFL — By noon PT, Monday
NCAAF — By noon PT, Monday

Golden Nugget

NFL — By 9 a.m. PT, Monday
NCAAF — By 9 a.m. PT, Monday

LVH SuperBook

NFL — 4:30 p.m. PT, Sunday
NCAAF —11 a.m. PT, Monday

MGM

NFL – 12 p.m. PT, Monday
NCAAF – 12 p.m. PT, Monday

South Point

NFL —By 11:30 a.m. PT, Monday
NCAAF — By 11:30 a.m. PT, Monday

Station Casinos

NFL – 12 p.m. PT, Monday
NCAAF – 12 p.m. PT, Monday

Stratosphere

NFL – 10 a.m. PT, Monday
NCAAF –  10 a.m. PT, Monday

Treasure Island

NFL – 10 a.m. PT, Monday
NCAAF – 10 a.m. PT, Monday

William Hill

NFL — 6 p.m. PT, Sunday
NCAAF — 11 a.m. PT, Monday

Wynn

NFL — 5 p.m. PT, Sunday
NCAAF — 3 p.m. PT, Sunday

College football season win totals: Here’s a look at prices found at several Vegas sportsbooks

Last week, we took a look at NFL season win totals being offered at various Las Vegas sportsbooks.

Now, after receiving a few requests, we turn our attention to college football.

The odds compare table below has a list of updated win totals from seven books around town, including Cantor, LVH, MGM, South Point, Station, William Hill and Wynn. As you’ll notice, the differences are few and far between, but it’s still worth shopping around.

Please note that all odds are subject to change, and that in some cases, they probably already have changed. Nonetheless, the table should offer a decent representation of where you can find the best price on the team and side you’re wanting to take.

Finally, those looking to bet Texas A&M are out of luck. The Aggies’ total is off the board at all books until Johnny Manziel’s status is decided.

* * *

TEAMCANTOR LVHMGMS POINTSTATIONWILLHILLWYNN
Alabama10.5 (o -290)11 (o -110)11 (u -120)11 (o -115)11 (u -145)11 (o -110)11 (o -120)
ArizonaXXX7.5 (o -145)7.5 (o -125)7.5 (u -115)7.5 (o -140)
Arizona St8 (u -160)8 (u -150)X7.5 (o -145)8 (u -130)7.5 (o -130)X
ArkansasXXXXXX5.5 (o -120)
AuburnXXXX6.5 (o -140)X7 (u -200)
BaylorXXXX8 (u -125)7.5 (o -125)X
Boise St9.5 (o -200)9.5 (o -200)10 (u -145)10 (u -130)10 (u -135)9.5 (o -135)10 (u -120)
BYUX7.5 (u -140)XXXXX
CaliforniaXXXXX4 (o -110)X
Clemson9.5 (o -120)9.5 (o -120)9.5 (o -115)9.5 (o -120)9.5 (o -120)9.5 (o -120)9.5 (o -125)
Florida9 (u -140)9 (u -140)9 (u -130)9 (u -135)9 (u -135)8.5 (o -130)9 (u -145)
Florida St10 (o -130)10 (o -125)10 (o -125)10 (o -115)10 (o -125)9.5 (o -130)10 (o -125)
Fresno St10 (u -140)XXXXXX
Georgia9.5 (o -130)9.5 (o -130)9.5 (o -125)9.5 (o -140)9.5 (o -140)9.5 (u -120)9.5 (o -125)
HawaiiXXXX3.5 (o -130)XX
Kansas StX7.5 (o -125)XX8 (o -120)7.5 (o -160)X
Louisville11 (u -210)10.5 (u -120)10.5 (o -115)10.5 (o -115)10.5 (o -130)10.5 (o -115)10.5 (o -130)
LSU8.5 (o -130)8.5 (o -120)9 (u -145)9 (u -150)9 (u -150)8.5 (o -110)9 (u -150)
Miami8.5 (u -120)8.5 (u -120)X8.5 (u -130)8.5 (u -130)8.5 (o -130)9 (u -200)
Michigan8.5 (u -145)8.5 (u -140)8.5 (u -150)8.5 (u -150)8.5 (u -130)8.5 (u -140)8.5 (u -130)
Michigan St8.5 (o -165)8.5 (o -135)X8.5 (o -150)8.5 (o -120)X8.5 (o -150)
N'WesternX7.5 (u -135)XX7.5 (o -135)XX
Nebraska9.5 (u -140)9.5 (o -110)X9.5 (o -120)9.5 (u -120)9.5 (u -130)9.5 (o -115)
Nevada6.5 (u -210)6 (u -140)5.5 (o -135)6 (u -140)6 (u -120)5.5 (o -150)X
N. CarolinaXXXX9 (u -120)XX
Notre Dame9 (u -185)8.5 (u -130)8.5 (u -130)8.5 (u -135)8.5 (o -115)9 (u -140)9 (u -200)
Ohio State10.5 (o -165)10.5 (o -165)10.5 (o -150)11 (u -185)10.5 (o -160)10.5 (o -175)11 (u -160)
Oklahoma8.5 (o -185)9 (u -145)9 (u -145)9 (u -150)8.5 (o -155)8.5 (o -145)9 (u -135)
Okla St.9.5 (u -135)9.5 (u -120)X9.5 (o -115)9.5 (u -145)X9.5 (u -130)
Ole MissX7.5 (u -120)XXX7.5 (o -120)X
Oregon11 (u -145)11 (u -120)11 (u -135)11 (u -140)11 (u -140)10.5 (o -155)10.5 (o -210)
Oregon StX8 (o -140)X8.5 (u -130)8.5 (u -130)8.5 (u -130)X
Penn StateXXX8 (o -120)8 (u -120)X8 (u -115)
S. Carolina9.5 (o -115)9.5 (u -120)9.5 (u -130)9.5 (u -130)9.5 (u -130)9.5 (o -125)9.5 (o -130)
Stanford9.5 (o -120)9.5 (u -130)9.5 (o -115)9.5 (u -125)9.5 (u -130)9.5 (u -125)9.5 (o -115)
TCU8 (o -165)8 (o -130)XX8 (o -130)8 (u -125)8 (o -150)
TennesseeXXXX6 (u -120)5.5 (o -135)6 (o -150)
Texas9.5 (-135)9.5 (o -130)9.5 (o -115)9.5 (o -130)9.5 (o -125)9.5 (u -125)9.5 (o -130)
Texas A&MOFFOFFOFFOFFOFFOFF OFF
UCLA7 (u -145)6.5 (o -160)7 (o -120)7 (u -140)7 (u -120)7.5 (u -115)X
UNLV3 (o -320)3.5 (o -140)3.5 (o -140)3.5 (o -150)3.5 (o -120)4 (u -125)X
USC9.5 (u -130)9.5 (u -120)9.5 (u -135)OFF9.5 (u -130)9.5 (u -140)9 (o -170)
UtahX5.5 (u -150)XX5.5 (u -155)XX
Va Tech8.5 (o -140)XX8.5 (o -145)8.5 (o -150)8.5 (o -110)8.5 (o -145)
WashingtonX7.5 (o -110)X7.5 (u -125)7.5 (o -115)7.5 (u -145)X
W. VirginiaXXXX6 (o -115)XX
Wisconsin9 (o -135)9 (o -135)X9 (o -135)9 (o -115)8.5 (o -140)9 (o -135)

Futures hold percentages: Which Las Vegas sportsbooks are trying to steal your money?

As a general rule, betting on futures is a long-term losing proposition.

What makes these bets even worse, though, is that some sportsbooks gouge their customers by having ridiculously high hold percentages.

Below are the rankings for the best (and worst) places to bet 2014 Super Bowl futures in Las Vegas.

But first, here’s a few rules regarding hold percentages  …

1. The lower the number, the better. Most of the time, you’ll see numbers ranging between 25 and 40 percent. Anything higher and the book is trying to steal your money.

2. You still have to shop around for the best line. Just because one sportsbook has a lower hold percentage than another does not mean they’ll offer the best payout on every team.

3. Hold percentages vary by sport. Some sportsbooks in Las Vegas are happy to have more exposure on some sports rather than others. So, use the list as a general guide rather than the be-all-end-all.

LAS VEGAS

  1. LVH: 27.78% (Best numbers on 12 of 32 NFL teams, worst on zero of 32.)
  2. Cantor: 28.18% (5 of 32; zero of 32)
  3. South Point: 28.93% (12 of 32; 2 of 32)
  4. Station: 38.3% (3 of 32; 1 of 32)
  5. Caesars Palace: 40.65% (3 of 32; 1 of 32)
  6. MGM: 42.06% (2 of 32; 1 of 32)
  7. Coast: 48.93% (1 of 32; 11 of 32)
  8. Treasure Island: 58.89% (1 of 32; 21 of 32)

Notes: Cantor Gaming ranked ninth out of 12 books with a 44.89% hold rate in 2012. This year, they’ve dropped it all the way to 28.18%, putting them among the best in the local market … Offshores generally have lower holds than Vegas books. For example, 5Dimes (14.53%), BetOnline (21.73%) and Bookmaker (22.16%) are all lower … William Hill had the second-best odds last year, but were unavailable at time of publication … As you can see, Treasure Island is a book you’ll want to avoid.

* * *

For those interested, the hold percentage is configured by adding all of the implied probabilities for each team together. Implied probability is the percentage needed to break even over a long period of time at any given odds. For example, someone betting at +200 odds would need to hit exactly 33.33 percent of the time to break even. Therefore, the implied probability at +200 is 33.33 percent.

Once you’ve added all those up, it will result in a number like 120.62%. We’ll call that “x.” The hold percentage is then determined by using the formula 1 – (1/x).

Nevada sportsbooks have cleaned up early in football, but not late—and reasons ‘why’ vary

Football is approaching. Gambling juices are flowing, and sportsbooks are salivating.

September is historically their most lucrative month.

The state’s sportsbooks have won $185.2 million on football in September since 2004, the first year the Nevada Gaming Commission began tracking monthly revenues. That’s roughly three times as much as November winnings ($63.1 million) and nearly twice as much as October ($98.2 million).

These results fly in the face of common logic. The betting market is believed to be more inefficient at the beginning of the season, when teams and strategies and roster cohesion are relative unknowns, than toward the end, when bookmakers have better information and can set more accurate lines.

So, why are sportsbooks cleaning up early but not late?

“November’s probably that month in football where things all come together. What’s supposed to win wins,” said Johnny Avello, a 20-year Las Vegas veteran who is currently the executive director at the Wynn race and sportsbook. “That doesn’t mean that the line is wrong. It just means that at one point in every season in every sport the players (bettors) are going to get on a roll. And I think in football that roll occurs in November a lot.”

Nevada football winnings 2004-2012

Numbers from Nevada Gaming Control (figures in millions)
MonthTotal winningsHold percent
September$185.2011.47%
October$98.205.77%
November$63.102.80%
December$122.006.15%
January$110.584.70%

Nevada sportsbooks turned a record-setting $43.5 million profit last September—a hold of 13.9 percent—and have won an average of 11.27 percent of all money bet on college and pro football in September since 2004.

Compare that with the next highest percentage, the 6.15 percent won annually in December.

November has been a different story altogether. The books have suffered a net loss on football in two of the last three Novembers, including a $5.2 million hit last year, when NFL favorites went 34-23-2 against the spread. Since 2004, books have won just 2.86 percent of money wagered on football in November.

“The conventional wisdom is that the markets are having a difficult time accurately quantifying the team’s value at the beginning of the season,” said Greg Wolfe, president of Sports Action Charts, which showcases analytic trading software for sports gaming markets. “It becomes less ambiguous as you move along. You know who are your starters and who is how good. It all boils down to expectation of performance versus actual performance. Good/bad teams and high/low totals are irrelevant.  All that matters in this market is cheap or expensive at that particular time relatively speaking. ”

The NFL betting market overall does become more accurate in November than September, but not significantly. Since 2004, 54.3 percent of NFL games in November have been decided by more than seven points of the spread. In comparison, 56.5 percent of September games have been decided by more than seven of the spread.

Chris Andrews, a former Nevada bookmaker, found during his career that the most respected bettors seemed to improve throughout the season and were far more likely to get an accurate gauge of how good teams were or weren’t in the later months.

Scott Kellen, a professional handicapper who won the 2011 Cantor Football Showdown, says it may simply be related to how many underdogs cover in September compared to November. Kellen pointed out that NFL favorites covered in just 45.62 percent of September games since 2004. In contrast, favorites covered 51.26 percent of November games in the same span.

Another professional bettor, who wished to remain anonymous, offered an alternative theory.

“Could some of the disparity between September and November reflect less sophisticated bettors who run out of bullets in September (and) are not incorporated into the figures later in the season?” he asked.

Nobody knows for sure.

But rest assured, few will feel badly for the books if the trend continues in 2013.

–Statistical information courtesy of Spreadapedia was used in this article. 

Get to know a sportsbook: MGM/Mirage’s recent facelift makes it a must visit on Strip

Editor’s note: Each week throughout the football season, we’ll showcase a different sportsbook on the Las Vegas Strip. Is there a particular book you want reviewed? Let us know on Twitter.

The MGM/Mirage race and sportsbook went from one of the worst to one of the best earlier this year after undergoing a major facelift. Before the renovation, the sportsbook felt like it was becoming an afterthought. The TVs were small and outdated, and the seating was cramped.

Now? It’s a must stop on your next visit.

Let’s get to know the MGM/Mirage sportsbook.

* * *

What makes the new book better than the old one?
The massive 85-by-16-foot Ultra HD screen. It stretches across the entire length of the betting counter and is capable of displaying at least 12 games at once—including a feature game.

How’s the seating? 
There are 72 leather chairs in the main sportsbook area, and close to 100 other available chairs throughout the rest of the book, either at private terminals or in the adjacent bar.

What’s the drink policy? 
If you place a $100 bet and ask for a drink ticket, you’ll probably get two. Some have suggested in recent months that a $200 bet is needed, but we haven’t found that to be the case. As always, tipping the ticket writer a modest amount might entitle you to additional benefits.

How early do you have to arrive on an NFL Sunday to get a seat?
If you’re not in a chair by the time pregame shows start, there’s a decent chance you’ll be out of luck.

Decent atmosphere? 
Our most recent big-game visit was Game 7 of the NBA Finals between the Heat and Spurs, and the book was as electric as any we’ve been in. It was a standing-room only crowd and bettors were engaged. March Madness wasn’t bad, either.

What’s the view from my seat look like?
Like this.

Are the bet offerings any good?
The MGM is pretty standard and doesn’t go overboard with props. But you’ll have plenty of options, especially for big games. However, if looking to bet futures offerings outside of win totals, you might want to look elsewhere. MGM has one of the worst hold percentages in town.

How’s the location?
There are five casinos within a quarter mile of the Mirage, including Caesars Palace, Treasure Island, Flamingo, Harrah’s and The Quad. The Venetian and Palazzo aren’t much farther away.

Any food options nearby? 
There are three restaurants (California Grill, Carnegie Deli and BLT Burger) within 25 steps of the sportsbook. The Carnegie Deli isn’t as good as the real thing, but it’s not bad, and the portions are huge. We’ve never had a bad burger at BLT.