Sportsbooks adjust to Las Vegas’s newfound status as a live sports mecca

Then, just as a tragic mass shooting perpetrated by a sniper at Mandalay Bay nearly brought the Strip to its knees, the NHL’s Golden Knights began playing a few blocks north at T-Mobile Arena. There, the expansion team’s stunning march to the Stanley Cup Finals dramatically altered perceptions of Vegas’ ability to host and support top-flight athletic events without anyone’s integrity being compromised.

“When we got the Knights, especially at the unfortunate time when there was a shooting, I think the team really brought the town together,” said Motoi Pearson, who grew up in Las Vegas and is currently a senior trader at WynnBET. “It was wild to see an actual sports team that wasn’t UNLV playing, for a change.”
Floodgates opened after NHL’s arrival
The Knights marked the beginning of Vegas’ newfound identity as a live sports mecca. The WNBA’s Aces and the NFL’s Raiders now call Las Vegas home, and there are signs that another team from Oakland — Major League Baseball’s Athletics — may decamp for Sin City. (The rumors have made for some artful back and forth between the mayors of the two municipalities.)

In addition, Vegas is reportedly in line for an MLS franchise, a National Lacrosse League franchise (owned by Steve Nash, Wayne Gretzky, and his son-in-law, the golfer Dustin Johnson), and an NBA franchise. Meanwhile, the NFL Draft is coming to Vegas next week, with the Super Bowl making a stop at Allegiant Stadium in 2024. And 2023 will see Vegas, which has become a popular destination for postseason conference basketball tournaments, hosting an NCAA men’s regional, as well as a Formula 1 race that already has international fans inquiring about hotel rooms on the Strip.

“These teams coming here, it really cemented that we were a community outside the Las Vegas Strip,” said Jay Kornegay, executive vice president of sportsbook operations for the SuperBook. “A lot of people don’t see that, but there is a lot of pride in this community that’s never been recognized. Maybe that’s why Las Vegans have a little chip on their shoulder when it comes to the city that they love. Some people still think I get my milk at the Mirage.

“I’m not sure if this market will be able to support all those professional teams,” he added. “But what’s unique about Las Vegas is we get so many visiting fans here that it could be sustainable because of that attraction. When you go to the Raiders or Knights games, you always see a fair share of visiting teams’ fans in the stands. I’ve talked to a number of them over the years, and I hear a similar story: Once the schedules come out, they circle that game in Las Vegas and a lot of them are going to make it an annual trip.”

The forecast of Robert Walker, director of sportsbook operations for US Bookmaking, is equally sunny. “Vegas is well-positioned,” he said. “We have the rooms. Whenever I see a big fight, it’d better be in Vegas. If not, I don’t consider it to be a big fight. Formula 1, I think that’s going to be a spectacular event. We can house it; everybody has a great time. This is a marquee city.”

Or, as veteran Vegas bookmaker Dave Sharapan put it, “Vegas is ready for people to come all the time.”
Vegas NBA franchise could be ‘game changer’
But while Formula 1’s popularity in the U.S. is growing and the race is sure to be a marquee event for spectators around the world, Kornegay’s colleague at the Westgate SuperBook, John Murray, wonders if it will be as heavily bet as the annual NASCAR race that his resort sponsors.

“If there was an F1 race here, we’d see a huge uptick in handle,” he said. “But F1 has never been a heavily bet sport. It’s not on at a time that’s too conducive to viewing in a local time zone. I’d think it would be pretty big, but I don’t know how it would compare to a NASCAR race.”

Murray is far more bullish on the impact an NBA team would have on local sportsbooks’ handle, calling it “a real game changer.” And nobody batted an eyelid when plans for a $3 billion entertainment district south of the Strip that would include a 20,000-seat arena for an NBA team were recently announced — despite the fact that there are already four arenas in town with similar capacity.

By Mike Seely