One of the unique things about the way the casino industry reports earnings is the open discussion of luck. Obviously good and bad luck impact every business, but nowhere is it more important to the bottom line than in the trade of legalized gambling that keeps places like Las Vegas alive.
Enter the Super Bowl, one of the biggest money movers for the betting industry. Depending on the outcome of Sunday's game between the New England Patriots and the New York Giants, it could potentially be a bust for the Vegas odds makers (and free booze won't be to blame).
"Eight weeks ago the Giants were left for dead after they lost against the Green Bay Packers," says Jack Ablin, chief investment officer at Harris Private bank. "Vegas posted 100:1 odds for the Giants to win the Super Bowl."
Well guess what? Quite of few Giants believers took that bet.
Now, with their ticket to the big game punched, the odds of the Giants winning are just shy of 2:1. According to Ablin, there was enough action on that original long-shot bet weeks ago to get some bookmakers pretty nervous.Read More »from Super Bowl Could Be a Super Loss for Vegas