Glazer: How to Strike it Rich on the Super Bowl & Why Not to

One often hears that the bookies lost a bundle on an upset game… 

Not true

60 Minutes interviewed a heavy duty gambler this past week, the the show explained that the sports books in Vegas or Atlantic City never lose. I’ll explain how it works.

Legal Casino’s that have sports betting charge a VIGOROUS or for short, THE VIG, or the JUICE. For most bets on sports teams, this is 10% of your bet. In other words to bet 100 bucks that the Chiefs will beat the Broncos by 6, you must risk $110 to win $100.

So the sports book makes 10% or $10.

If you bet $1,000 on a game, you’re risking $1,100 to win the $1,000. The book always gets the 10%. Which works out perfectly  if they can balance the amounts bet on each game. They do this by "laying off" the amount of money needed to get as close to even on a game as they can. So if $500,000 is bet on KC, than they need to get $500,000 bet on the Denver Broncos to guarantee their 10% profit.

But here’s what actually happens…

Often the bookies can’t be right on the money. More money is wagered on one team than another. So then they’ll raise the points spread to attract bettors to go the way they need to balance out the bets on that game.

If all the money is coming in on KC at 6 points say, they’ll raise the SPREAD from say 6 to 7 points or more. That way, some gamblers will bet the other way evening out the total amount bet on that game. That’s called "moving the line."

But not all bets are at 10%. Some are at zero. Those are usually long shots.

Bets that are in and of themselves harder to win. For example, a two team "parlay."  That means the person who makes the bet has to take TWO teams to win and for that they win 2 1/2 times their bet. So if you take the Chiefs and the Raiders to win and they do, and you bet 100 dollars on the two team parlay, you win 250 bucks. However they both must win, if one loses and one wins, YOU LOSE IT ALL.

What are the "points?" 

In Las Vegas, the experts decide how much better one team is than another. So if the Chiefs are considered a 3 point better team than the Jets, you add 3 points to the Jets score at the end of the game. If the Jets lose by say only 2 points, like 23-21, the Jets win the bet, not the Chiefs.

I know it gets a bit confusing. You can bet 3,4,5 or more teams to all win. Then the odds go way up, because its pretty hard to pick that many winners. It goes as high as to five to one, and seven to one, and up and up. Because the odds are you will lose. Remember if you lose one game on that type of bet, you lose all your money.

Illegal bookies, the local guys, really can’t lay off the money on all these bets.

Now that the MOB is no longer involved, they don’t have enough money being waggered to even up on each game. Like everybody in town wants to bet on or against the Chiefs, let’s say. So in a sense they are gambling with you, betting against you. They might have most of the bets on one team and hardly anything on the other. Then if the team with all the money on it wins, they lose.

The ideal thing local bookies hope for is this: a BOOKIE BET.

That means the line is say 3 points. And the game ends at say 27-24. Right on the nose, Three points difference. So the guys who had the 3 points "push," meaning they get their money back, no bet. However Vegas gets 100% of the losers money. Plus the 10 percent. So it’s a big win for the Sports Book.

In this case, like a pick’ em – one side gets 3 1/2 and the other gets 3 the book is in the middle – so he wins at least half if the game ends right on the 3.

It’s illegal to call a casino and make a bet by phone, so you can’t call Vegas and bet.

A real person has to walk into the casino, go to the window and place the bet. If you leave town, they can mail you your winnings. All they need is your betting ticket. You can mail it in after you leave town. Online betting – which is huge now – is also illegal. These are people who go online to betting sites and send money offshore to bet.

Gambling is a tough way to make a living.

Ninety-nine percent of the people who go into a casino LOSE. I get that information from friends of mine who work there.

They track the tables, blackjack, craps, so on. Almost nobody wins on any regular basis. The best odds usually are with the poker players and sports betting. But it’s still uphill. Even a great player can be wrong too often.

It’s OK to do all this if its done in a legal fashion. If you can afford to lose a few hundred here and there. However if you are planning to pay off your home or car: find another way, because in all likelihood you will lose your rent or motgage money.

You know the old saying, "They didn’t build these hotels and casino’s because the gamblers win…they build them with the gambler’s losses."

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14 Responses to Glazer: How to Strike it Rich on the Super Bowl & Why Not to

  1. Adam says:

    Juice
    The casino doesnt always collect the 10% juice…..only if the bet loses. If you win, you get back your $1,100 and their $1,000.

  2. Scott says:

    Adam, you’re wrong
    The casino always collects the vig, even if you win the bet. Local bookies usually let the vig slide if you win.

  3. glazer......heres the facts..... says:

    harley@hotmail.com
    once again glazer i have to correct you……
    1. “mob is not involved in sports betting” wrong again. Google kc sports book convictions and you’ll
    see dozens of kc people convicted of sport wagering using an off shore site. They took the bets
    and apparently collected 10% for setting up the bets and got caught. Sports betting is still controllled
    by the so called “mob” in kc….they run it…so again glazer be quiet about things you know nothing about.
    2. “99% of the people who go into a casino lose”…who are you talking to….with knowing hundreds of
    people who have worked in casinos this is another mistake. 99% of the people don’t lose. If you knew
    the odds with different games you would know that there are many winners in the casino. One friend of mine
    showed a tax sheet showing 560,000 in winnings thru video poker. Obviously you don’t bet…because even
    in the sports book…based on the theory you supposedly had knowledge about…half the people who bet
    a football game win. The house moves the money so that 50% of the money is on each team and they
    take the vig. In table games like craps there are plenty of winners….especially if they know how to use
    the odds (backing up bets/staying away from prop bets/playing odds that lean toward the player/etc.)
    to their advantage. Whoever told you 99% of the people who go into a casino was full of shit.
    If that happened the casinos would have closed down long ago. They don’t build those casinos
    without knowing the odds favor the house…but not anywhere near where your “friends” say they are.
    3. I dont think its legal to mail in a wnning sports bet ticket….i thing you have to present it in person
    at the window or where the fuck are they going to mail it to. The ticket doesnt have a name on it
    with address…i’ve got to think you’re wrong here again.
    4. “illegal bookies can’t lay off the money” of course they can…but they wont. In vegas millions are bet
    so they’ll take the 10% gladly…in kc a small time book might decdied to hold money on one team
    but if they want to lay it off they can…but with small profits they might elet to go with an uneven spread.
    5. theres all kinds of bets that can be made…halftime scores/over-unders/who wins the coin flip….
    but those are usually prop bets in additionl to your basic spread bet.
    6. you’re saying “they don’t build the casions…etc” once was true. Not so anymore. Hotels in vegas once
    used all the amenities in the hotel to bring in gamblers and comp them because the great majority
    of their money was made from gambling. Now, every segment of the hotel has to show a profit.
    They don’t give away rooms…they make big profits on room charges. Booze…once a giveaway item
    not accounts for a huge % of their profitsw (rehab on sundays at the hard rock brings in half a million
    gross revenue in one day) so each department has to show profits. These hotels are not built on the
    gambling revenues nor do they depend on them like they did in the old days….everything is making money…
    food/booze/pool charges (the hottest thing is now the pools in the hotels where the bigger parties are during
    the vday than during the night)…the clubs are generating huge profits for the hotels and if you go to
    hotels like the palms or green valley you see that they’ve dramatically scaled down the emphasis on gambling
    and the revenues it generates to make room for the clubs like rain/playboy club/ and the bars and food
    restauratnts.
    ALMOST NOONE WINS ON A REGULAR BASIS: wrong again. A smart gambler can make money.
    but if you talk to gamblers…everyones a winner…nooone ever lsoes.

  4. Kerouac says:

    THE CHIEFS/AFL IN THE 1960’s
    Back during the 1966 AFL season when the team thence known as the CHIEFS (today, kcindy) was winning regularly on their way to Superbowl 1, Las Vegas bookies took “at least” 3 (probably more) KC games as well other AFL games off the boards & refused any kind of bet on them. They felt ‘something’s got to be wrong’ due to suspicious betting patterns, the story went. As I recall nothing ever came of it besides more suspicion/affected betting.

    This was just 3 years aft the NFL’s Paul Hornung & Alex Karras were suspended for a full year for their gambling admissions (Karras also owned a bar wherein gambling via organized crime was believed to be not uncommon. Both Karras 7 Hornung admitted betting on NFL games). Too, back in those days, ‘ties’ were more common (there was no overtime in regular season) and all ties went to the bookmakers (ties occurred in 6% of all bets back then, according to reports – a significant advantage.)

    Thus, in the years after including 1967, 1968 & 1969, this was also a ‘more than once’ occurrence wherein games were looked at with a jaundiced eye (any KC fan of age should also remember the ‘allegations’ leading into Superbowl 4 re: Len Dawson/several other pro QBs/players relationships with one or more gamblers.) People may also recall that Joe Namath threatened to retire (like Karras threatened same) due to Joe’s ownership interest in a bar and the similar clientele as referenced earlier at Karras place.

    For what it’s worth, the defending AFL Champion Chiefs were expected to repeat by many folks in 1967… they finished third behind OAK & SD. To this day I still believe that had less to do with OAK & SD than it had to do with the CHIEFS…I’ll keep those thoughts to myself.

    Thankfully, like 2010 ended with kcindy having no business being there, ‘rella circa 2011 won’t have to worry about the post season at all… look for them RAAAAAAAAAAAAAAAI-DERS to see to that.

  5. Gavin says:

    a minor quibble
    It’s not called the “vigorous.” It’s called the “vigorish,” although you’re right that it’s also referred to as “the vig” or the juice.

  6. Adam says:

    Scott….u ever made a bet?
    In vegas or w/ a local/online book, you only pay the juice if you win. There is no tax for winning a bet…ever.

  7. Adam says:

    Mailing in a Ticket….
    …all major sportsbooks except winning tickets thru the mail. You fill out the back of the ticket w/ name/mailing info and they send you check.

  8. harley says:

    thanks adam…
    never knew that….i don’t usually bet sports in vegas….its too boring…i play the
    high stakes craps room. I love craps…instant win or lose and i’ve gotten used
    to playing 6 and 8 so I usually do pretty well.
    But as they say in vegas….you never really win their money…you’re only holding their
    money temporarily.

  9. Guy Who Says What Others Think says:

    Snore. I learned as much or more by watching “Casino”.
    “What do you think we’re doing out here in the desert? All the comp rooms, all the free trips, all the broads, and all the booze are all here for one reason…TO GET YOUR MONEY. Cause in the end, we get it all.”

  10. Scott says:

    Harley Give it Up
    Harley I enjoy reading your crazy comments. Mostly cause you are, well, a nut. Your disdain for Glazer is so over the top. You always correct stuff he writes, even if he didn’t say that. The dude said, “the mob was out.” You wrote how much he didn’t know about it, and he said what you did crazy harley. Just face it Craig Glazer is the shit! You ain’t, but keep writing, its funny to read when we can follow it Mr. Crazy.

  11. Norman says:

    Vegas Is The Best Bang for a Buck
    I just love Vegas. If one doesn’t gamble much, pricing is outstanding. Maybe the best deals in the world. Free or cheap rooms on the weekdays at top hotels. More A restaurants than anywhere in the world. Great looking Gals and pools. Entertainment is tops. So go there, don’t gamble and you are a winner.

  12. Jeff Glazer says:

    The “OTHER SON’
    Harley,

    I dont get you. Everything Craig seems to write about or comment on is always wrong in your opinion. Who are you??? What have you ever done or accomplished in your life? You hide behind pseudonyms , claim to actually be Craig’s other brother , which c’mon, talk about B.S. How about this Harley, post your REAL NAME, WHAT YOU DO FOR A LIVING, AND ANY ACCOMPLISHMENTS OF MERIT, then people might take you seriously. Currently you simply sound like a bitter , jealous old women. or just plain and simple a player hater. Stand -up and be accountable. Thanks for your time. Have a great day.
    Jeff, ( three brothers , I am the middle son )

  13. Jeff Glazer says:

    The “OTHER SON’
    Harley,

    I dont get you. Everything Craig seems to write about or comment on is always wrong in your opinion. Who are you??? What have you ever done or accomplished in your life? You hide behind pseudonyms , claim to actually be Craig’s other brother , which c’mon, talk about B.S. How about this Harley, post your REAL NAME, WHAT YOU DO FOR A LIVING, AND ANY ACCOMPLISHMENTS OF MERIT, then people might take you seriously. Currently you simply sound like a bitter , jealous old women. or just plain and simple a player hater. Stand -up and be accountable. Thanks for your time. Have a great day.
    Jeff, ( three brothers , I am the middle son )

  14. Adam says:

    Book….
    BTW…..reading Glazer’s book right now…got it last week on Amazon for about $6 and Im halfway finished….it is fantastic! Definitely recommend it.

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