The Las Vegas Strip is a place that caters to everyone. Whether you want to indulge in some sports betting or casino games, there are plenty of attractions that can help you fulfill your desires.
The gaming industry has grown in the city, and sports betting has become a billion-dollar business.
How does Vegas make its money from sports betting? Let’s find out.
The History of Sports Betting in Las Vegas
It all started with the legalization of sports betting in the United States in 1946. The Professional and Amateur Sports Protection Act (PASPA) allowed states to legalize sports wagering and laid the groundwork for the modern-day sportsbook industry.
However, the United States would not become a sports betting paradise right away. There were quite a few restrictions surrounding sports betting in the 40s and fifties, with state by state prohibitions, limits on how much could be wagered, and age restrictions for who could engage in sports betting.
Then, in 1970, the United States Supreme Court ruled in favor of New York State in a case against Pennsylvania regarding sports betting. The court deemed that New York State had exclusive jurisdiction over sports betting within its borders, so any bets placed outside of New York State would fall under the jurisdiction of New York State courts.
Since that time, legal sports betting has blossomed in Las Vegas, with many different sports being offered at the hundreds of casinos and sportsbooks scattered across the city.
How Sportsbooks Make Money
Although the law has not changed much in recent years, how sportsbooks make money has changed a lot. Back in the day, a traditional sportsbook would take in more bets than it would pay out, meaning it made its money from “marquise bets” or “even-money bets”. These types of bets are still offered, but with the advent of online sportsbooks, the industry shifted to encouraging “bets” rather than “wagers”. (Note: A wager is when you place a bet on the outcome of an event. A bet is when you agree to pay another if something happens.)
Nowadays, most sportsbooks in Las Vegas make their money from three different sources:
- VIP (valued internal participant)
- Ticket sales
- House edge.
The first source is fairly self-explanatory. If you’re a high-roller who spends a lot of money in the casino, you will become a prized customer in the eyes of the bookmaker, who will shower you with perks and discounts.
The second source is when the sportsbook sells tickets to events where sports betting is taking place. The more tickets that are sold, the greater the likelihood of making a profit. (Again, this is dependent on how much money is being wagered.)
The third source of income is when the sportsbook lends money to other players, which is then compounded (or “rolled over”) and collected once the match(es) in question settle(s). In other words, if you wager $100 on the Packers to win and they win, the bookmaker will cover your $100 wager with $200 they gained by lending someone else $100 to wager on the Seahawks. In this instance, the bookmaker is making money off the difference in betting odds between the two teams. (This is known in the industry as the “vacation-money-back” scheme, as it allows the bookmaker to earn money from people who are not physically in Las Vegas when the sports betting event is taking place.)
In other words, all three sources of income are directly related to how much money is being wagered on sporting events in Las Vegas.
How to Place a Sportybet
Now that you know how sportsbooks make their money, you might be wondering how you can participate in the action yourself. Believe it or not, placing a bet on sports is actually quite easy. All you need is a phone or device with an Internet connection and you can get started in minutes.
To place a bet on a professional sports game, simply go to the following website:
- BetUS.com
- Bwin.com
- BetOnline.com
You’ll see a list of sporting events that are currently taking place. From there, you can click on the game that you’d like to wager on and then click on the green “Bet on This Game” button.
If all else fails, you can also download a sports app to your phone or tablet and then use that to place a wager on a sports game that is playing.
Why Sportsbooks Are Vulnerable To Compromise
It is important to keep in mind that sportsbooks are a targeted audience. If you want to place a bet or play some poker, you’re most likely going to end up at a sportsbook website or app. (This is because online poker and casino games are still severely limited by state laws, with most online gaming activity taking place outside of Nevada.)
This makes them highly desirable for criminals, who may want to target this audience for financial gain. This is why it’s important that you keep your personal and financial information private when visiting a sportsbook website or placing an order by phone or email. Remember: no account is ever completely safe, as cybercriminals are always one step ahead.
The Security of Online Poker and Casino Games
There are quite a few benefits to playing online poker or casino games, but one of the biggest is that they are largely unrestricted by location. (The one important exception being that you cannot use an unapproved payment method to place a bet or play poker or casino games online.)
This being said, the danger of going online is that you put yourself at risk of being compromised. If you’re not playing games that are known for being “vetted” by the gaming authorities or using an approved method of payment, then it’s quite possible that you’re putting your personal information at risk.
Keeping your information secure when playing online games means using a reputable and verified service. Doing business with a company that is known for having good security practices is a must, as you don’t want to risk losing your money or your account information due to a hack or leak.
The Future of Sports Betting
Thanks to the influence of social media, video games, and the Internet, the world of sports betting is constantly changing and evolving, with new opportunities emerging online every day. (It would be very difficult to keep up with all of the changes and new developments.)
With the ever-growing role of technology in our lives, it’s only a matter of time before online betting and social media influence the traditional sports book, changing not only how we place bets but how we engage with them as well.