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Sports books hope to recoup their losses over March Madness

Posted at 6:54 AM, Mar 08, 2017
and last updated 2017-03-08 13:55:30-05

It's conference tournament week, which means these games will help determine what your bracket will look like for March Madness.

The NCAA basketball tournament is considered to be one of the biggest sports betting events of the year, right up there with the Super Bowl.

RELATED: 2017 March Madness events, specials in the Las Vegas valley

According to the Nevada Gaming Control Board, the sports books lost over $8 million on football bets in January. That's due to a double-whammy during both the college championships and the NFL playoffs. 

"We're happy for our customers when they win," says South Point Hotel and Casino's general manager, Ryan Growney.  "We really are." 

Casinos are hoping to recoup their losses throughout the tournament, since it's one of the biggest sports betting events of the year. 

"We are going to handle more money the next several day than the Super Bowl," says Growney.  "But it's just because it's spread out over a longer period of time." 

The UNLV women's basketball team won on Tuesday, and the men will play today at Thomas & Mack Center. Meanwhile, the Pac 12 tournament has moved from MGM to the T-Mobile Arena for the fist time this year.