Wynn Accepting Bets on Outcome of WSOP Main Event
Wynn Las Vegas is officially accepting legal wagers on the outcome of the WSOP Main Event Final Table.
The Nevada Gaming Control Board recently legalized Sports Book betting on non-sporting events. Then, on July 15, 2011, the NGCB approved the legalized wagering on the outcome of the 2011 WSOP Main Event.
Wynn was the first casino to jump on the opportunity to accept these wagers, offering wagers on the preliminary rounds of the Main Event.
The Main Event odds have been posted and not surprisingly, the odds are weighted heavily based on chip stack.
At the time of this writing, Wynn is the only casino offering these wagers. All casinos except for those owned by Caesars Entertainment are legally permitted to accept these wagers if the casinos choose to do so.
Here is the text of the official Wynn Press Release:
Wynn Las Vegas Accepts Bets on the $10,000 No Limit Texas Hold ‘em Poker Main Event Championship for the first time in gaming history
Odds are set on the nine players participating in the November final table
LAS VEGAS, July 20,2011—The Race and Sports Book at Wynn Las Vegas is now accepting wagers on the $10,000 No Limit Texas Hold ‘em Poker Main Event Championship to be held November 5 – 7 in Las Vegas. Wagers can be placed on each of the final nine players to win the event or on the top two finishers (quinella).
New Nevada gambling regulations this year allow casinos to offer wagering opportunities on non-sporting events. On July 15, the Nevada Gaming Control Board provided approval to accept wagers on the $10,000 No Limit Texas Hold ‘em Poker Main Event Championship.
Wynn Las Vegas became the first Las Vegas casino to offer wagers on non-sporting events in early July, when the Race and Sports Book accepted bets on the preliminary rounds of the No Limit Texas Hold ‘em Poker tournament. Lines included whether a woman would finish higher than 40th and whether poker legends Johnny Chan, Allen Cunningham or Erik Seidel would win money in the event.
"This is a great event for wagers," said Wynn Race and Sports Director Johnny Avello. “Not only will gamblers be betting on other gamblers, but non-gamblers who just have a love of poker and follow this event every year can get in on the action too.”
Wynn Race and Sports Book Director, John Avello, has been providing entertainment odds on the Academy Awards, the Emmys, the Golden Globes, beauty and other popular reality competition shows for more than three years.
About Wynn Las Vegas
Wynn Las Vegas, a luxury hotel and destination casino resort located on the Las Vegas Strip features 2,716 luxurious guest rooms and suites, an approximately 111,000 square foot casino, 22 food and beverage outlets, an on-site 18-hole golf course, approximately 223,000 square feet of meeting space, an on-site Ferrari and Maserati dealership, and approximately 74,000 square feet of retail space.
Encore, an expansion of Wynn Las Vegas, opened on December 22, 2008. Encore is located immediately adjacent to Wynn Las Vegas and features a 2,034 all-suite hotel, approximately 72,000 square foot casino, 12 food and beverage outlets, a night club, a spa and salon, approximately 60,000 square feet of meeting space and approximately 27,000 square feet of upscale retail outlets.
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Anyone know why Caesar's casinos are not allowed to accept these types of bets?
@Krusherlaw
I have no official reason, but common sense says that since a Ceasar's casino is the host of the WSOP, there would be a potential conflict of interest.
@cokeboy99
I have no official reason, but common sense says that since a Ceasar's casino is the host of the WSOP, there would be a potential conflict of interest.[/quote]
Not only do they host the event, but they also own the WSOP brand and hire the staff that run it: floors, dealers, etc.
Nevada has always been very strict about "appearance of impropriety" issues. That's why - unless things have changed - they don't allow wagering on college sporting events that take place within the state of Nevada.
So the theory is that the sportsbooks in Caesar's Entertainment properties are much more likely to have inside info regarding events owned and hosting by a Caesar's property and therefore would be able to skew their lines to ensure maximum profit.
In theory cool, in practice yuck what awful lines.
You're paying about a 30% vig on any of those bets which makes them impossible to beat in the long run. I.e., for a bet to make sense you have a believe a player has ~30% edge relative to the percent of chips he has. Gianetti is the best bet out there, and still there's ~15% vig.
In the same vein, Caesars Entertainment is not allowed to offer wagering on the Boston Celtics since the CEO Gary Loveman is a partial owner of the team.
@AdRock
I think that one of the 3 American's is the best bet, but I think you need to wait and shop the odds and I believe O'Day is good pick to win, but I don't like his odds at the Wynn at all. I would agree that the odds are a little off.