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Vegas Golden Knights success could cost sportsbooks

Statewide payout estimated at more than $5 million
Posted at 10:23 PM, May 22, 2018
and last updated 2018-05-23 08:35:05-04

Several sportsbooks said they are facing payouts in the mid-six figures if the Vegas Golden Knights complete their improbable run and win the Stanley Cup.

This as some oddsmakers placed the Golden Knights as 500-1 long shots before the season.

Jay Kornegay with the Westgate Super Book, which offered the 500-1 odds, said the biggest single liability is a potential $120,000 payout on a $400 bet at 300-1 odds.

He isn't alone.

Jimmy Vaccaro at the South Point sports book said the Golden Knights fans were quick to realize the team's success.

"I give them credit.  They were way ahead of the bookmakers," Vaccaro said. "We didn't really understand how good this team was until maybe 20 games into the season.  By then it was too late."

While it is tough to get an exact number on how much books could lose statewide, some experts have placed the number at between five and six million dollars.

Many locals are looking at being on the receiving end of the sportsbooks losses.

"It was $200 so it wasn't a total throwaway ticket for me," Russ Axelrod said.  "It was the only bet I made on hockey, but I didn't think we would get to this point."

But he is and so are many early golden Knights supporters, some of whom considered their early bets novelties.

They are now facing the possibility of cashing in should the Golden Knights earn four more wins.

"What is great is the people who are maybe going to hit it are all locals.  So it is great it is bringing the community together," Axelrod said. "If anyone going to take the house down, let it be the people who live here."