sports book wagering

sports book wagering

LAS VEGAS — The colorful history of sports betting is writ large here at the Stardust sports book, which has a raffish, Rat Pack charm. As Vince Vaughn noted when he pulled up in front of the hotel in the movie Swingers, this place is "old school, baby." Old-time gamblers stalk the place with racing forms in their fists and cigarettes in clenched mouths. When Chicago gangster Sam "Momo" Giancana helped open the Stardust in 1958, none of the major casinos in Las Vegas offered sports betting. The business was relegated to small, stand-alone "turf clubs" with sawdust on the floor, such as Churchill Downs and Del Mar.
But as TV sports exploded in the 1960s and 1970s, so did sports wagering. Las Vegas legend Bob "The Man" Martin popularized the use of point spreads over odds betting from his perch at the old Union Plaza. That helped even out the action on either side of the bet, with the sports books making their profits off the vig, their commission.
Martin is credited with creating one of the most famous betting lines, making the AFL's New York Jets 17-point underdogs to the NFL's Baltimore Colts for Super Bowl III, won by the Jets.
The turning point came in 1974: The federal government cut a 10% tax on sports bets. That spurred major casinos to open sports books not only as revenue-generators but also as amenities to keep customers from going next door, says Robert Walker, The Mirage's race and sports book director.
Bookmaker Frank "Lefty" Rosenthal set the prototype sports book at the Stardust in 1976, opening a plush operation with six giant TV screens and seating for 300.
Michael "Roxy" Roxborough emerged as the new master of the lines in the 1980s and 1990s. At Las Vegas Sports Consultants, he took oddsmaking from its shady past into a computerized future.
Now the major casinos own sports betting in Las Vegas. According to Bob Scucci, race and sports book manager at Stardust, the percentage of total casino revenue generated by sports books can range from nearly 10% at the Stardust to low single digits at others.

http://www.enterbet.com/

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