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Thread: They should have sold

  1. #1
    Over the last couple of weeks I've listened to players and employees at Red Rock Casino gloat about their tremendous good fortune making pre season bets that the Knights would win it all. Up until a couple of days ago they were saying their $100 and $500 bets were going to be cashed for tens of thousands of dollars.

    I asked several of them why they wouldn't sell their tickets early for guaranteed wins that were still worth super big bucks? Oh no, they said, the Knights will win it all.

    Tonight the Capitols lead three to one. I'm wondering if they're thinking they should have sold?
    It's all about quitting when ahead.

  2. #2
    I'm sure the bettors made a killing regardless of the finals outcome. The Knights were -130 or -135 in the finals, so undoubtedly everybody hedged with the underdog. There was no getting away from the risk for Las Vegas. The city was on the hook for seven million if the Knights won, and the LV Hilton/now-Westgate was on the hook for a million itself. The sports books surely took at least a two to three million dollar hit.

    People don't report what they actually do. The saying is "hedging is for weenies." Well, I guarantee that 90% of those holding Knights tickets hedged.

  3. #3
    To me, the only reason to make those season long "future" bets is to hedge at some point and lock in a profit. Otherwise there is too much money tied up for too long.

    On the other hand, guys that just "threw away" a $100 before the season got their season full of entertainment and probably won't hedge. But anyone who had bet serious money will definitely offset it at some point.

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