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Las Vegas Casinos Group Sports Books Together
LAS VEGAS, NEVADA --
A group of Las Vegas casinos are binding together to pool exposure and profits from sports gambling. According to an article by the Las Vegas Review-Journal, several independent casinos are trying to offset the advantages of multi-casino corporations by running their sports betting operations as one.
South Point Casino, the Palms Resort, Rampart Casino, and two Cannery casinos received approval from the Nevada Gaming Control Board to operate as a pool, sharing losses and winnings to allow them to accept bigger bets.
The gaming operators say the move is necessary to compete with companies like MGM Mirage and Harrah's, which each own several casinos along the Strip alone. The larger a betting pool,the larger a bet may be handled without exposing the casino to risk.
Michael Gaughan of South Point says the pooling is more difficult for his group because of the fractured ownership, but asserts they will try it for a year to test results.
"We can actually book more action than we could as an independent sports book," said Palms owner George Maloof. "It just makes sense."
Betting limits at the casinos, which were as low as $5000 last year on football, may rise as high as $25,000 for casino patrons this year.
"If people become unhappy, after the Super Bowl we can unwind it," Gaughan told the Review-Journal.
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