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Prop bets offer entertainment value to wagering

A man looks over prop bets in Las Vegas prior to last year's Super Bowl.
Photo by: AP IMAGES
Las Vegas oddsmaker Ed Salmons recalls that in his first season in the bookmaking business, about 30 proposition bets were offered for Super Bowl XXVII between the Cowboys and Bills at the Imperial Palace, his employer at the time. Salmons now works at the Westgate Las Vegas SuperBook, which last season posted 350 of these wagering options for Patriots vs. Seahawks.

“Props” — as they are commonly called — are those wacky ways to wager on a sports event that are accounting for a bigger and bigger percentage of Nevada’s Super Bowl betting handle, which has eclipsed $115 million in each of the last two seasons and shows no signs of slowing down.

Yes, the betting public is often risking more dollars these days on whether there will be a safety in the game, which player will score the first touchdown, and whether the coin flip will result in heads or tails than on who will win the game or cover the spread.

“We took off from [when I started in the business in 1992] and kept going and going to where we are now,” Salmons said. “I would say the game itself vs. the props was maybe 90/10, and now the props outwrite the game by maybe 60/40.”

While the ratio at the Westgate is at the high end of what Las Vegas sports books report, the importance of props to the Super Bowl betting experience is undeniable.

Jimmy Vaccaro is the legendary Vegas bookmaker who posted a prop bet on whether Chicago Bears defensive lineman William “Refrigerator” Perry would score a touchdown in Super Bowl XX against the New England Patriots. “It really went crazy from there, and it pushed the industry to do more,” Vaccaro said.

“They’re fun, they’re a little unique, they’re a little bit crazy at times, but people will come and bet five or six of these, just for $10 or $15, and have entertainment value the entire day,” added Vaccaro, who runs the sports betting operation at the South Point hotel and casino. “Who scores first, who scores last, all that stuff — you’re always alive, as opposed to way back when you could only pick the side. So that has a lot to do with it.”

John Avello, vice president of race and sports at The Wynn, says props are far from a can’t-lose for the house.

“We don’t always do well on the props,” Avello said. “We’ve had years where we’ve had low-percentage hold on the props, and we’ve had years where we’ve had high-percentage hold. The props sometimes work out well for you, sometimes they don’t.”

Last season was one of those times the props worked out just fine for the casinos. In fact, they saved the day. Most gamblers bet the Patriots to win (the spread was a pick ’em) and for over 47 total points to be scored (both bets won), but thanks to the props action, Nevada books came away with a collective $3 million win after nearly $116 million worth of wagers (see chart).

How it turns out in this year’s battle between bettor and bookmaker is anyone’s guess — this is gambling, after all — but props will go a long way in determining the outcome.

Marcus DiNitto is a former managing editor of SportsBusiness Daily and The Linemakers on Sporting News.

Betting big on the big game

Nevada books hold a 23-2 edge over bettors in Super Bowl betting dating to 1991. Here is a breakdown of how much money has been wagered in the state on each of the past 10 Super Bowls and how much was won — or in one rare case, lost — by the house.

YEAR HANDLE RESULT WIN/LOSS HOLD
2015 $115,986,086 Patriots 28, Seahawks 24 $3,261,066 2.8%
2014 $119,400,822 Seahawks 43, Broncos 8 $19,673,960 16.5%
2013 $98,936,798 Ravens 34, 49ers 31 $7,206,460 7.3%
2012 $93,899,840 Giants 21, Patriots 17 $5,064,470 5.4%
2011 $87,491,098 Packers 31, Steelers 25 $724,176 0.8%
2010 $82,726,367 Saints 31, Colts 17 $6,857,101 8.3%
2009 $81,514,748 Steelers 27, Cardinals 23 $6,678,044 8.2%
2008 $92,055,833 Giants 17, Patriots 14 ($2,573,103) -2.8%
2007 $93,067,358 Colts 29, Bears 17 $12,930,175 13.9%
2006 $94,534,372 Steelers 21, Seahawks 10 $8,828,431 9.3%

Source: Nevada Gaming Control Board


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