LAS VEGAS (AP) — The World Cup may be the biggest sporting event in the world, but in the fall the United States competes with a jam-packed sports betting calendar.
Las Vegas sportsbook managers were not overly optimistic that the stakes would be higher than the 2018 World Cup, which was played in Russia’s more typical summer months. And they were right about the Qatar event.
However, even in the US in November and December, the World Cup still has a noticeable impact, and it was bigger than expected in Las Vegas, the hub of national sports betting.
Jay Kornegay, vice president of racing and sports operations at Westgate Las Vegas, compared World Cup games during a more typical time of year with betting at the same level as NFL games. This year’s are more comparable to college basketball.
“We knew that going to this World Cup and it would take place during the fall and sharing that main stage with soccer, basketball and hockey would take some of the limelight away from the World Cup,” Kornegay said. “Normally, he has the main stage to himself in the summer. This year, it’s different and it’s definitely showing.”
Adam Pullen, deputy director of operations for Caesars Sportsbook, said it’s hard to know exactly what the difference is between 2018 and 2022, largely because so many more states have legalized sports betting. In numbers alone, national betting handling could increase, but how that translates to percentage per market is unknown.
“It’s comparing apples to oranges, but at least we’ll see how it compares and how drastic the difference is,” Pullen said. “I have been happy. I think football over the years keeps getting bigger and bigger.”
Kornegay and Pullen said they expected the stakes to rise as the knockout stage draws to a conclusion, despite the US being eliminated in the round of 16. and Mexico, another of the betting favorites, did not make it out of the group stage.
“I don’t know if it will reach the height of the last few years, but we anticipate the rebound in the next two weeks,” Kornegay said.
As to why the World Cup has exceeded expectations, Kornegay said the heavy media coverage has played a big part in getting American bettors excited.
Team USA played well enough to make it out of the group stage, Kornegay and Pullen said, it was another factor.
“It appeals to the casual fan, the patriotic fan,” Pullen said. “If they know the United States is playing, they are more likely to place a bet on another game. It’s always good for the US to get involved, but there are people who are dedicated fans of the sport and will not only bet on the World Cup, but after the World Cup is over they will go back to betting on the Premier League. , the German and Italian leagues.”
Kornegay and Pullen said they haven’t seen any kind of unusual betting grab the headlines, but it’s not like all bettors limit their bets to $100 either.
One gambler, Pullen said, placed six figures on Iran to cover the half goal they were scoring against the USA. The USA won that group game 1-0.
“The business has changed a lot,” Pullen said. “Years ago, a six-figure bet jumped off the page. Now, they are just routine. We’ve made a lot of six-figure bets on some of these matches, and it’s only going to get bigger as we go on.”
The group stage was littered with notable upsets, which is usually good news for bookies because the betting public tends to bet on the favourites. Professionals tend to hunt for bargains with the underdog.
But bookmakers also look at the big picture of the tournament and not so much the individual matches.
“There were some teams that were upset at first, and that’s generally not good for management like some of the popular teams,” Kornegay said. “But those teams still advanced. Like Argentina, one of the most popular teams, despite their first round loss in the group stage, advanced and looks very good at this point.”
Six of the eight quarterfinal teams have been decided. Spain plays Morocco and Portugal faces Switzerland on Tuesday to fill the other two spots. The final is on December 18.
Brazil is a +200 favorite to win the tournament, according to FanDuelfollowed by France with +490 and Argentina with +550.
“No one is a bigger fan of underdogs than I am, but when it comes down to it, Brazil will be the betting leader, not South Korea, or Spain will be the betting leader, not necessarily Morocco,” Pullen said. “As the big teams progress and you get those delicious quarterfinals, semifinals and the final showdown, that will push the drive more than the upstart teams.”
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