As if the city of Las Vegas could afford another financial hit after its near three-month closure of casinos due to the COVID-19 outbreak, what happened at the Bellagio’s books last Sunday could possibly result in an almost quarter-million of winning wagers that were made by mistake.
This could be the biggest sportsbook loss on bets made after an event already started in Las Vegas history.
So what happened? According to an ESPN report, Sunday’s incorrect bets were able to be placed because of inaccurate start times were posted on a series of Korean and Chinese baseball games due to a manual entry error made by an employee.
Approximately 50 wagers were placed on self-service kiosks at the Bellagio between the hours of between 1:30 a.m. and 3 a.m., when the games that those bets were placed on actually started at 1 a.m. and 2 a.m, which means bets were able to be placed while the games were still going on, giving bettors an advantage.
One of the highest paying bets was made on a $250, 10-leg parlay. The payout? Over $137,100.
Bookmakers Say It’s a Common Mistake in the Industry
While not on the same scale, several Las Vegas bookmakers say that the mistake of taking bets during a live game is common in the industry. Of course, they don’t recall a larger loss than this one.
Westgate sports book director John Murray explained that this error has probably happened to nearly every sportsbook since the beginning of time
These past-post errors are quite common in the world of sports betting because of human entry. It typically happens when an employee manually enters the wrong start times, or due to a typo.
Nevada Gaming Control Board is Looking into the Matter
Since the dispute of earnings made from the flub was over $500, the Nevada Gaming Control Board is reportedly investigating the matter.
It will be dependent on the Control Board whether or not to decide whether the earnings from the bets will be honored or not.
According to Robert Walker, USBookmaking director of sportsbook operations, he says that when the Gaming Control Board gets involved, it usually shows favor to the bettors than the books.
“We had (the GCB) come out several times,” Walker said. “We got ruled against most of the time.”
We’ll have to stay tuned to what the Control Board has to say on MGM Resort’s costly sportsbook error.
The mega casino operator says it has its sights set on becoming a developer, manager, and operator of major gaming, rather than being a capital-focused real estate business.
That means MGM Resorts International is focusing on sports and live entertainment, committing itself toward becoming a company that will utilize asset-light strategy.
Hopefully, this mistake doesn’t impede on the company’s future goals. Be sure to check back for more updates regarding Las Vegas and other sports betting news!