Las Vegas sports books avoid record losses on Golden Knights

Updated June 7, 2018 - 11:45 pm

Those long-shot wagers on the Golden Knights turned to dust Thursday night when the Washington Capitals beat Vegas 4-3 in Game 5 at T-Mobile Arena to win their first Stanley Cup.

The odds on the expansion Knights winning the Stanley Cup in their inaugural NHL season were as high as 500-1 in the preseason at the Westgate sports book, which took 13 bets at that price. The William Hill sports book took 350 futures bets on the Knights at 100-1 or greater and would have lost more than $1 million had Vegas hoisted the Cup.

Overall, Las Vegas sports books stood to lose $5 million to $7 million on the Knights.

But avoiding a record loss for a futures wager didn’t translate into big wins for the books.

The win by the Capitals, whose odds were as long as 28-1 to win the Cup when they trailed the Columbus Blue Jackets 2-0 in their first-round playoff series, cost the Westgate sports book six figures.

“We had to reduce the liability on the Knights at the expense of the other remaining teams, including the Capitals,” Westgate sports book director Jay Kornegay said. “We were basically in a lose-lose situation. We lost a little less on them than we would’ve with the Knights.”

Boyd Gaming sports book director Bob Scucci said the Capitals’ victory resulted in a small win for his shop.

“We did OK, not great, because if you’re going to lose a ton on the Golden Knights, it makes sense at the beginning of the series to try to take a lot of Capitals money. In that respect, we reduced liability on the Knights but increased liability on the Capitals,” he said. “We hedged every series, and we did the same thing on the Capitals. But we didn’t do as great as we would have if they played someone else other than the Golden Knights.”

The books cleaned up on the Stanley Cup Final, when Vegas’ storybook season ended with its first four-game losing streak. As was the case all season, the books won when the Knights lost and lost when they won.

But the betting public still came out ahead on the Knights, who went 51-24-7 in their improbable regular season and opened the postseason on a 13-3 streak.

“We’re down for sure on all the Knights games. But we’re fine with it. As citizens of this community, we’re certainly OK with it,” said Kornegay, a Knights’ season-ticket holder. “It’s been a great season for this city and this team.

“It was something new for the bookmakers, too. We’ve never seen this before, and we’ve never seen this in this sport before.”

Boyd Gaming and the South Point sports books reported losing on the Knights overall this season but winning on hockey because of the extra action on the NHL that was generated by Vegas.

“The handle was fantastic,” South Point sports book director Chris Andrews said. “In the end, we’ll make a little more money this year than we did last year (on the NHL). The handle was so good, it overcame whatever we lost on the Knights.”

Sunset Station sports book director Chuck Esposito said the NHL handle more than doubled this season because of the Knights, who generated 10 times as much action on their games as any other one on the board.

“With in play (betting) and props, it kind of made it a wagering event for each Knights game,” he said. “This series has probably been the most heavily bet pro hockey final that I can ever remember.”

With the advent of legal sports betting nationwide, sports books in other states probably will face a multimillion-dollar liability on a home team. But it will be hard to top one of the greatest sports stories ever told.

“It won’t be like this story,” Kornegay said, “because they won’t even have the Browns at 500-1.”

More betting: Follow all of our sports betting coverage online at reviewjournal.com/betting and @RJ_Sports on Twitter.

Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on Twitter.

ad-high_impact_4
Golden Knights Videos
Golden Knights credit chemistry, strong fourth line for win over Ducks
Following their 3-1 win over the Anaheim Ducks, the Vegas Golden Knights players credited team chemistry and solid play from the fourth line as keys to their victory.
Gallant happy with team effort in win over the Ducks
Vegas Golden Knights head coach Gerard Gallant says he's happy with the team's effort, especially the fourth line, after the win over the Anaheim Ducks.
Alex Tuch reacts to his new contract
Vegas Golden Knights right wing Alex Tuch reacts to his new contract with the team and explains what his goals are.
Golden Edge: VGK Practice 10-18-2018
Adam Hill, David Schoen, and Ben Gotz discuss the Golden Knights practice, Deryk Engelland's status, and Tomas Hyka's path to the team
Golden Knights Talk To Media After Thursday Practice
Golden Knights talk to media in the locker room after practice on Thursday.
Gallant Talks After Practice On Thursday
Golden Knights head coach Gerard Gallant goes over how the lines are developing at practice.
Gerard Gallant On Win Against Sabres
Gerard Gallant talks after practice about the Golden Knights win over the Buffalo Sabres and the teams overall performance.
Cody Eakin On His Personal Improvement As A Golden Knight
Cody Eakin talks about his improvement as a Golden Knight this season and the work he put in over the summer.
Golden Edge: Knights Mood Improved After Win Against Sabres
Adam Hill, David Schoen and Ben Gotz go over how the Golden Knights are feeling after their win against the Buffalo Sabres while Alex Tuch gets a workout on the ice.
Golden Edge: Karlsson Scores First Goal; Knights Beat Sabres
Adam Hill, Ben Gotz and David Schoen go over the Golden Knights win over the Buffalo Sabres.
Golden Knights On 4-1 Win Against Buffalo
The Golden Knights react to their first win after the road trip against the Buffalo Sabres.
Golden Edge Mailbag - October 16th, 2018
Ben Gotz and Adam Hill answer your Golden Knights questions.
Golden Edge: Eakin Scores Winning Goal During Final Road Trip Game
Golden Knights beat reporter David Schoen goes over the Knights final game of the road trip against the Philadelphia Flyers
Would the NFL be accepted abroad?
Review-Journal columnist Ed Graney takes to the streets of London, England, ahead of the Oakland Raiders facing the Seattle Seahawks to find out if the NFL is accepted, if the game is understood and what its fan base is like outside of the United States.
Golden Edge: Phil Kessel Has Hat Trick in Win Over Knights
The Pittsburgh Penguins defeat the Las Vegas Golden Knights 4-2. Ben Gotz and David Schoen report from Pittsburgh.
Golden Edge: Knights Lose First Stanley Cup Rematch
The Golden Knights lose 5-2 against the Washington Capitals and fall to 1-3 on the season. David Schoen and Ben Gotz report from Washington.
Golden Edge: Mailbag — October 9, 2018
Adam Hill is joined by Ben Gotz via skype from Washington, D.C. to answer questions submitted from Golden Knights fans.
Gallant on Washington Capitals rematch
Golden Knights Coach Gerard Gallant plays down the connection between Wednesday's game against the Washington Capitals and the Stanley Cup Final results last season.
VGS themed games from AGS at G2E Global Gaming Expo
A Golden Knights-themed slot machine was on display Tuesday at the G2E Global Gaming Expo as AGS showed two products that came out of a 3-year contract with the Knights. A video roulette game featuring a Knights helmet and an enormous slot machine were on the floor along with Knights cheerleaders, the Drumbots and Chance, the Knights' mascot. (Mat Luschek/Las Vegas Review-Journal)
Golden Edge: Knights Fall to Sabres 4-2
The Sabres defeat the Golden Knights 4-2 with 3 goals in the second period. Ben Gotz and David Schoen report from Buffalo.
Golden Edge: Knights Beat Wild In Shootout
Ben Gotz and David Schoen go over the Knights comeback win against the Minnesota Wild. The Knights won 2-1 in a shootout against the Minnesota Wild. (October 7, 2018)
Golden Edge: Knights Fall In Season Opener
Elaine Wilson, Adam Hill, Ben Gotz and David Schoen go over the Golden Knights 5-2 loss to the Philadelphia Flyers in their season opener. (Videographer: Heidi Fang, Edited By: Nathan Asselin)
Golden Knights React To Season Opener Loss
Golden Knights react to their 5-2 loss against the Philadelphia Flyers.
Gold Carpet Before Golden Knights Season Opener
John Katsilometes is on the gold carpet before the Golden Knights season opener.
Golden Knights talk after practice
Marc-Andre Fleury, Max Pacioretty and Cody Eakin in the locker room on Wed. October 3, 2018.
Golden Edge: Last Practice Before Season Opener
Adam Hill and David Schoen at City National Arena during the Golden Knights' morning skate and media day before the opener Thursday against the Philadelphia Flyers.
Media Day: Gerard Gallant and George McPhee Presser
Head coach Gerard Gallant and GM George McPhee talk about Alex Tuch, Cody Eakin, Nate Schmidt, and the start of season number two for the franchise.
Golden Edge: Mailbag — October 2, 2018
Ben Gotz and Adam Hill answer questions submitted from Golden Knights fans.
Vegas Golden Knights show support at blood drive
Members of the Vegas Golden Knights NHL team showed up for a community blood drive on the first anniversary of the Las Vegas shooting, Oct. 1, 2018. (Mat Luschek/Las Vegas Review-Journal)
Golden Edge: Knights Beat Kings 2-0
Adam Hill and David Schoen report from T-Mobile Arena after the Knights beat the Kings 2-0.
Golden Edge: Shea Theodore Returns to Practice
Adam Hill, Ben Gotz, and David Schoen are at the Golden Knight's practice where Shea Thedore is suited back up for the first time this season.
Golden Edge: Mailbag — September 25, 2018
Ben Gotz and Adam Hill answer questions submitted from Golden Knights fans.
Golden Edge: Knights Lose 5-3, but re-sign Shea Theodore
Bryan Salmond is in studio while Ben Gotz, Adam Hill and David Schoen report from T-Mobile Arena on the Knights preseason game vs. the Colorado Avalanche.
Nevada Task Force One Cheers Golden Knights
Nevada Task Force One Cheers Golden Knights
Lucas Elvenes is ranked as one of the Golden Knights' top prospects
Lucas Elvenes is ranked as one of the Golden Knights' top prospects after a breakout season in Sweden. He slid to the fifth round in the 2017 draft after being projected to be selected much higher. “I wasn’t happy about being a fifth-rounder. But it was good for me, too, because I didn’t have so much pressure when I came here," Elvenes said. Elvenes posted five goals and 16 points in 28 games while playing in the top league in Sweden. The Knights signed Elvenes to a three-year, entry-level contract in June.
Golden Knights rookie camp - Day 2
The Golden Knights held their second day of rookie camp at City Arena in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
William Karlsson and the Golden Knights are headed to arbitration
Of all the salary arbitration cases in the NHL this summer, none is more compelling than the one involving William Karlsson and the Golden Knights. Karlsson is seeking $6.5 million annually in arbitration. The Knights countered with an offer of $3.5 million annually. Karlsson's arbitration hearing is scheduled for Saturday in Toronto. During the hearing, the player and team present evidence. The arbitrator then has 48 hours to render a decision, and the team decides on a one- or two-year contract. Karlsson’s agent and the Knights can continue to negotiate a new contract prior to the hearing.
Sports Betting Spotlight Videos
Sports Betting Spotlight: College Football Week 8
Todd Dewey, Kelly Stewart and John Lukasik pick their best bets for week 8 of the college football season.
Sports Betting Spotlight: NFL Week 7
Todd Dewey, Kelly Stewart and John Lukasik pick their best bets for week 7 of the NFL football season.
Sports Betting Spotlight: College Football Week 7
Todd Dewey, Kelly Stewart and John Lukasik pick their best bets for week 7 of the college football season.
Sports Betting Spotlight: College Week 6
Todd Dewey, Kelly Stewart and John Lukasik pick their best bets for week 6 of the college football season.
Sports Betting Spotlight: NFL Week 5
Todd Dewey, Kelly Stewart and John Lukasik pick their best bets for week 5 of the NFL football season.
Sports Betting Spotlight: College Week 5
Todd Dewey and John Lukasik go over their picks for week five of college football.
Sports Betting Spotlight: NFL Week 4
Todd Dewey and John Lukasik go over their picks for week four of the NFL.
Sports Betting Spotlight: College Football Week 4
Todd Dewey, Kelly Stewart and The Cromwell sports book director, John Lukasik go over their picks for week four of college football.
Sports Betting Spotlight: NFL Week 3
Todd Dewey, Kelly Stewart and The Cromwell sports book director, John Lukasik go over their picks for week three of the NFL.
Sports Betting Spotlight: Canelo vs. GGG
Todd Dewey, Kelly Stewart and The Linq Hotel sports book director, John Lukasik go over the lines and their picks for Canelo vs. GGG 2.
Sports Betting Spotlight: College Football Week 3
Todd Dewey, Kelly Stewart and The Linq Hotel sports book director, John Lukasik go over their picks for week three of college football.
Sports Betting Spotlight: NFL Week 2
Todd Dewey, Kelly Stewart and The Linq Hotel sports book director, John Lukasik go over their picks for week two of the NFL.
Sports Betting Spotlight: NFL Week 1
Todd Dewey, Kelly Stewart and Matt Holt go over their picks for week one of the NFL.
Sports Betting Spotlight: College Week 2
Todd Dewey, Kelly Stewart and USIntegrity president Matt Holt goes over their picks for week two of college football.
Sports Betting Spotlight: New York Giants
Todd Dewey, Kelly Stewart and Sunset Station sports book director Chuck Esposito go over the lines for the 2018 New York Giants season.
Sports Betting Spotlight: New York Giants
Todd Dewey, Kelly Stewart and Sunset Station sports book director Chuck Esposito go over the lines for the 2018 New York Giants season.
Sports Betting Spotlight: Buffalo Bills
Todd Dewey, Kelly Stewart and Sunset Station sports book director Chuck Esposito go over the lines for the 2018 Buffalo Bills season.
Sports Betting Spotlight: New York Jets
Todd Dewey, Kelly Stewart and Sunset Station sports book director Chuck Esposito go over the lines for the 2018 New York Jets season.
Sports Betting Spotlight: Miami Dolphins
Todd Dewey, Kelly Stewart and Sunset Station sports book director Chuck Esposito go over the lines for the 2018 Miami Dolphins season.
Sports Betting Spotlight: Atlanta Falcons
Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the Atlanta Falcons will perform in the 2018 season.
Sports Betting Spotlight: Carolina Panthers
Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the Carolina Panthers will perform in the 2018 season.
Sports Betting Spotlight: New England Patriots
Todd Dewey, Kelly Stewart and Sunset Station sports book director Chuck Esposito go over the lines for the 2018 New England Patriots season.
Sports Betting Spotlight: Tampa Bay Buccaneers
Description: Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the Tampa Bay Buccaneers will perform in the 2018 season.
Sports Betting Spotlight: New Orleans Saints
Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the New Orleans Saints will perform in the 2018 season.
Sports Betting Spotlight: Houston Texans
Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the Houston Texans will perform in the 2018 season.
Sports Betting Spotlight: Tennessee Titans
Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the Titans will perform in the 2018 season.
Sports Betting Spotlight: Indianapolis Colts
Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the Indianapolis Colts will perform in the 2018 season.
Sports Betting Spotlight: Jacksonville Jaguars
Todd Dewey, Kelly Stewart and Wynn Sports Book Director Johnny Avello go over how the Jacksonville Jaguars will perform in the 2018 season.
Sports Betting Spotlight: Detroit Lions
Sports Betting Spotlight host Todd Dewey, Kelly Stewart and CG Analytics Oddsmaker Will Bernanke go over the odds for the Detroit Lions 2018 season.
Sports Betting Spotlight: Chicago Bears
Sports Betting Spotlight host Todd Dewey, Kelly Stewart and CG Analytics Oddsmaker Will Bernanke go over the odds for the Chicago Bears 2018 season.
Sports Betting Spotlight: Green Bay Packers
Sports Betting Spotlight host Todd Dewey, Kelly Stewart and CG Analytics Oddsmaker Will Bernanke go over the odds for the Green Bay Packers 2018 season.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like