Nevada sports books suffer record $11.4M loss after World Series
Nevada sports books lost a record $11.4 million on baseball in November after bettors cashed on the Astros beating the Los Angeles Dodgers in Game 7 and on futures wagers on Houston to win the World Series.
It was the largest baseball loss ever suffered in a month by the state’s sports books, according to Michael Lawton, the Nevada Gaming Control Board’s senior research analyst.
The books still won $9.8 million overall in November, their 52nd consecutive winning month. That was due in large part to a $10.8 million win on football (college and NFL) and a $6.6 million win on basketball.
The books’ previous record baseball loss was $6.2 million in November 1999, when bettors cashed their winning tickets on the New York Yankees following their World Series sweep of the Atlanta Braves.
Houston furniture store owner Jim “Mattress Mack” McIngvale was one of several bettors to win big on the Astros. He said he placed more than $1 million in hedge bets on Houston to win the World Series to help cover about $10 million in purchases he had to refund to customers for a promotion when the Astros won the World Series.
A mysterious high roller also won millions on the World Series during an incredible hot streak.
“Those two guys combined crushed Vegas,” CG Technology sports book vice president Matt Holt said. “Before you know it, a $5 million win for the state turns into an $11 million loss.”
The state’s casinos won $909 million overall, including $274.7 million on penny slots.
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Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on Twitter.
