Add Sportsbooks To List of Losers In Canelo-GGG
In one of the most hyped fights of the past ten years, the Las Vegas Sportsbooks ended up the biggest losers of the Canelo Alvarez and Gennady Golovkin fight this past Saturday night.
With bets as large as half a million dollars arriving at the various sports books in the city known for boxing and gambling, they would all have to be refunded, after a controversial draw left bookmakers as confused as the fans and seemingly one of the judges.
Oddsmakers believed Golovkin had won the fight, so much so that Golovkin was as high as a -500 favorite when live betting on the bout closed.
Yet when the decision was announced, and judge Adalaide Byrd had only given two rounds to the middleweight champion, the fight was ruled a split draw.
Shortly after the decision was given, lines formed at sportsbooks, with bettors looking for refunds. Straight bets on the winner of the fight were refunded in Las Vegas. Wagers on the method-of-victory props, which included an option to bet draw, were not refunded.
Frank Kunovic, director of specialty games at Caesars Palace, told ESPN that.
“There were some long lines, with some of the customers happy to get their money back and others disappointed. They weren’t yelling at us, but I think they were frustrated like we were about the decision.”
Caesars reported taking a six-figure loss on the draw.
“We opened the draw at around 30-1 and closed at 16-1, so we got hurt on that,” Kunovic added. GGG began fight day around a -140 favorite, but throughout the day it rose until it closed at at -200 at MGM sportsbooks. Significantly more bets were placed on the underdog Alvarez, who went off at around +160, but larger bets tracked more towards Golovkin. Still, when the opening bell rang, most sportsbooks said they were rooting for Triple G.
Per MGM VP of race and sports, Jay Rood…
“We needed Triple G by decision…The draw was a big swing for us.”
The MGM took its biggest bet on the fight — a $500,000 wager on Golovkin at -170 odds — roughly three hours before the fight. The bet, placed by a “well-known casino player” was refunded in chips, Rood said.
Las Vegas sportsbook operator CG Technology said it took more than a million dollars in bets on the fight, including five wagers on Golovkin ranging from $50,000 to $80,000. The largest bet the book took on Alvarez was $20,000.
Statewide, bookmakers estimated $20 million to $30 million was bet on Golovkin-Alvarez in Nevada, roughly one-third of how much was estimated to have been bet on the Floyd Mayweather-Conor McGregor fight.
Original Story: ESPN