Sports parimutuel betting planned

Friday, May 16, 1997 | 11:59 a.m.

If approved by regulators, the system could have great potential for sports books - long viewed as more of a convenience for hard-core sports fans than a profit center for casinos.

And it could be almost as profitable for bettors lucky or smart enough to beat the astronomical odds of picking 18 to 22 winners on a variety of sporting propositions.

The "Mega$ports" system would be offered at four Hilton Hotels Corp. casinos, five Station Casino Inc. properties and 41 Leroy's Sports Place books in casinos throughout the state beginning sometime late this summer.

The system uses the same theory behind exotic wagering in horse betting and multi-site progressive slot machines - pooling bets to build huge jackpots.

"Exotics" such as Pick-6 wagering call for race bettors to pick the winners of six races - a daunting task that allows prize pools to reach hundreds of thousands of dollars.

Linking slot machines from casinos throughout the state helps IGT's Megabucks jackpots rise from a minimum $5 million to as much as $10 million or more.

Mega$ports will accept wagering on daily and weekly events, with the latter offering prize pools starting at $1 million, according to American Wagering marketing director Steve Holden.

"The weekly Megacards will be similar to traditional parlay cards," Holden said. "For example, we'd have all 16 NFL games, maybe some college games or NBA games. You'd have to pick 18 to 22 games.

"All casinos that participate in Mega$sports will be linked together and the progressive prize will be determined by the volume of betting. But we'll seed it at $1 million and let it grow from there.

"If nobody wins for three or four weeks, the prize could be huge."

No decision has been made yet on whether the top prizes will be paid instantly or over several years, as is done with Megabucks and big state lotteries, he said.