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Originally Posted by Irish Boy
Maybe, but sports betting is a loss leader at many casinos. Bookies do well because they shade home teams, don't have to be competitive when it comes to exotic wagering, and because their clientele is often unsophisticated. Casino sports books often show losses in the short and medium terms. I see the point, and if it increased parimutuel handle, that'd be great, but a single bad loss (think 2008 Super Bowl) could wipe out a racetrack- or racetrack company- completely.
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I disagree. The books, even the ones in vegas, all move their lines pretty much together. In the perfect world, the books have even money on each side, and take the vig, that's why the lines change. In the rare case that they do take a stand, they're right much more often than they're wrong(yes, the 2008 SB was a bad one, but just think how much they make during College FB season). Sure, they could have some short-term losses, but it's going to make money overall.
But like the other poster said, the money would need to be sent to vegas. They already have the neccessary software, hardware, and know-how to get it done, and they have enough capital to weather the short-term losses)
