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(NYPost)   The Bellagio in Las Vegas suffers the biggest loss in Vegas sportsbook history after allowing wagers to be placed on baseball games well after they had started   (nypost.com) divider line
    More: Fail, Sports betting, Gambling, past-post, Las Vegas Strip, Bookmaker, Nevada, Nevada Gaming Control Board, common practice  
•       •       •

1454 clicks; posted to Sports » on 05 Jul 2020 at 4:55 PM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



29 Comments     (+0 »)
 
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2020-07-05 12:02:54 PM  
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2020-07-05 12:23:31 PM  
Yeah, they won't be adding that out. There are all kinds of failsafes in place to make sure they don't pay out for errors.
 
2020-07-05 12:24:03 PM  
I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.
 
2020-07-05 12:32:25 PM  
They take bets on games after they're over?  I'd like to bet on last years' Super Bowl please!!
 
2020-07-05 12:51:36 PM  

OldRod: They take bets on games after they're over?  I'd like to bet on last years' Super Bowl please!!


It wasn't quite that bad. Bets were allowed at self-serve kiosks after the games had started, not after they were over.
 
2020-07-05 2:23:12 PM  
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2020-07-05 5:09:28 PM  

OldRod: They take bets on games after they're over?  I'd like to bet on last years' Super Bowl please!!


They took the bets after the games had started, but before they had finished. The casinos will be taking a bath on those bets, because the Gaming Control Board will tell the casinos that allowing those bets was totally on the casinos (once the games start, they are not supposed to take the bets).
 
2020-07-05 5:12:30 PM  

Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.


That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.
 
2020-07-05 5:54:35 PM  

ClavellBCMI: Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.

That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.


One person alone made $137,000 on a $250 bet.
 
2020-07-05 5:56:49 PM  

Bootysama: ClavellBCMI: Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.

That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.

One person alone made $137,000 on a $250 bet.


What are the odds they pay out, but permaban that person from using their booking services going forward?
 
2020-07-05 6:00:55 PM  

UNC_Samurai: Bootysama: ClavellBCMI: Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.

That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.

One person alone made $137,000 on a $250 bet.

What are the odds they pay out, but permaban that person from using their booking services going forward?


Control Board will make them pay up (remember, half the fault is on the casino) and they will get perma-banned from *any* casino in Nevada (and, likely, just about any casino in the US).
 
2020-07-05 6:52:03 PM  
"The Nevada Gaming Control Board is investigating the matter to determine whether the books must shell up the cash, ESPN reported."


I'm sure they will return the money placed by people who just happened to bet on the other side on that game too.
 
2020-07-05 7:45:42 PM  
I want to see the follow-up on this.
 
2020-07-05 8:18:35 PM  
Amateurs. Paddy Power would probably turn it into a marketing campaign.

They were the ones who paid out on Mayweather to beat McGregor before the fight had even started.
 
2020-07-05 9:14:00 PM  
If it was a legitimate mistake on the casino's part, they should pay out.  That assumes that there was nothing nefarious going on with the bettors.  Believe it or not, casinos actually like paying out jackpots and large winnings.  They look great in the advertisements, and then the casino makes that money back with average bettors.
 
2020-07-05 10:29:05 PM  
The Bellagio lost almost $250,000?  How will they ever survive?  Are we sure this isn't just an advertisement for the Bellagio?  Surely a nationwide press-piece like this should cost more than $250,000
 
2020-07-05 10:32:42 PM  

UNC_Samurai: Bootysama: ClavellBCMI: Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.

That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.

One person alone made $137,000 on a $250 bet.

What are the odds they pay out, but permaban that person from using their booking services going forward?


If it doesn't go to the GCB, that's what they offer you. You can take the payout, but you're banned forever, or you can take your original bet back and come back anytime.
 
2020-07-05 10:35:57 PM  

al-Mundane: The Bellagio lost almost $250,000?  How will they ever survive?  Are we sure this isn't just an advertisement for the Bellagio?  Surely a nationwide press-piece like this should cost more than $250,000


That's how much was wagered. The payouts will be a substantially larger amount.
Odds, how do they work?
 
2020-07-05 10:36:33 PM  

Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.


The $250K isn't the payout. $250K is what was wagered. The payout depends on the odds.

Given that one guy made a 10-game parley bid for $250 and won, making $137K, there's a reason this could be a big deal. They could be out $137 *million* if everyone made bets at similar odds.
 
2020-07-05 10:37:44 PM  

Bootysama: ClavellBCMI: Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.

That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.

One person alone made $137,000 on a $250 bet.


It was a 10 game parlay so even if the games had already started, it was still quite a reach.  Just not quite the long odds before it started.

al-Mundane: The Bellagio lost almost $250,000?  How will they ever survive?  Are we sure this isn't just an advertisement for the Bellagio?  Surely a nationwide press-piece like this should cost more than $250,000


I don't know if it was a 250k loss, or they allowed 250k in winning bets which would result in many more times in losses.  Given it was 50 people it was probably 250k in losses which, while a bad night, is a drop in the bucket.
 
2020-07-05 10:45:24 PM  

Daedalus27: Bootysama: ClavellBCMI: Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.

That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.

One person alone made $137,000 on a $250 bet.

It was a 10 game parlay so even if the games had already started, it was still quite a reach.  Just not quite the long odds before it started.

al-Mundane: The Bellagio lost almost $250,000?  How will they ever survive?  Are we sure this isn't just an advertisement for the Bellagio?  Surely a nationwide press-piece like this should cost more than $250,000

I don't know if it was a 250k loss, or they allowed 250k in winning bets which would result in many more times in losses.  Given it was 50 people it was probably 250k in losses which, while a bad night, is a drop in the bucket.


Very. First. Paragraph.

The Bellagio might have suffered the biggest ever sportsbook loss in Las Vegas history when it allowed a quarter-million dollars in winning wagers to be placed on baseball games well after they had started.
 
2020-07-05 11:29:02 PM  
Several bookmakers told the Review-Journal that it is common practice to offer past-post bettors the option of either taking the winnings along with a permanent ban from the casino or forfeiting the earnings with the freedom of returning any time.

See ya!
 
2020-07-05 11:56:13 PM  
Really?

They can't tell their computers to do math when it comes to time zones? Sucks to be them.

They need to pay up in this case. Especially to the guy who just won $137k. He/she will need to be able to cover the freak accident that they are about to have.
 
2020-07-06 12:16:17 AM  
It was a 10 leg parlay. Not 10 game. They could be the number of runs in an inning or number of strikeouts in an inning. There are a lot of bets you can make in baseball. If you string together 10 of them that you knew the first 30 min (2 or 3 innings?) stats, you can win huge obviously.
 
2020-07-06 2:57:11 AM  
Either way it's important that the government be there for them when they need a cash infusion. Nothing like the essential business of rich guys betting on Korean baseball games to keep the economy going...

tpmchris: Several bookmakers told the Review-Journal that it is common practice to offer past-post bettors the option of either taking the winnings along with a permanent ban from the casino or forfeiting the earnings with the freedom of returning any time.

See ya!


Given that they're basically saying they won't honor the bets placed there, why would you want to go back anyways?
 
2020-07-06 3:00:08 AM  

I hereby demand that I be given a Fark account: Daedalus27: Bootysama: ClavellBCMI: Monkey2: I like how the article says quarter million dollars to make it sound like a huge amount. That's $250,000. I'm sure the Bellagio will barely notice if they have to pay out. An operation like will make up for that money in a matter of hours.

That was how much was bet, not how much they took the book for. It all depends on what sort of bets were placed and what odds were offered as to how big the bath the casino will be taking was.

One person alone made $137,000 on a $250 bet.

It was a 10 game parlay so even if the games had already started, it was still quite a reach.  Just not quite the long odds before it started.

al-Mundane: The Bellagio lost almost $250,000?  How will they ever survive?  Are we sure this isn't just an advertisement for the Bellagio?  Surely a nationwide press-piece like this should cost more than $250,000

I don't know if it was a 250k loss, or they allowed 250k in winning bets which would result in many more times in losses.  Given it was 50 people it was probably 250k in losses which, while a bad night, is a drop in the bucket.

Very. First. Paragraph.

The Bellagio might have suffered the biggest ever sportsbook loss in Las Vegas history when it allowed a quarter-million dollars in winning wagers to be placed on baseball games well after they had started.


What does "winning wagers to be placed" actually mean?  Is that the payout from say 10k in bets, or 250k actually bet resulting in millions lost?  I am not familiar enough with the betting terminology to know exactly what it means and the article is unclear although it does say 50 actual betters so it doesn't seem like many were able to exploit the advantage.

MiamiChef: It was a 10 leg parlay. Not 10 game. They could be the number of runs in an inning or number of strikeouts in an inning. There are a lot of bets you can make in baseball. If you string together 10 of them that you knew the first 30 min (2 or 3 innings?) stats, you can win huge obviously.


If it was 10 events that already occurred, that would be potentially grounds for cancelling things. Of course, the house has the advantage and made the rules so if they screwed up, then I can understand some feeling that is entirely on them. After all, they would be happy to take the money lost with in progress betting.
 
2020-07-06 6:44:22 AM  

proteus_b: Either way it's important that the government be there for them when they need a cash infusion. Nothing like the essential business of rich guys betting on Korean baseball games to keep the economy going...

tpmchris: Several bookmakers told the Review-Journal that it is common practice to offer past-post bettors the option of either taking the winnings along with a permanent ban from the casino or forfeiting the earnings with the freedom of returning any time.

See ya!

Given that they're basically saying they won't honor the bets placed there, why would you want to go back anyways?


Because if you're there betting on Korean baseball at 1 in the morning you're either a complete degenerate or somewhat pro sports bettor and this is an income steam for you. Either way, you still need access to the sports book for your life to continue. These are probably numbers people so they'll recognized that this one time payout may not be enough to lose long term income over.
 
2020-07-06 8:05:56 AM  

Daedalus27: What does "winning wagers to be placed" actually mean?


When Vegas says "wagers" they mean the amount bet. When they're talking the amount won, they'd say "payout" or "winnings."  You wager $100, if you picked the correct bet, you receive your wagers + your winnings. If you pick the incorrect bet, you lose your wager.
 
2020-07-06 8:08:24 AM  
If you want to know how much money the sports books bring in, just consider how little effort they put into preventing this kind of simple fark up that could cost hundreds of thousands of dollars.
 
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