Columnist Jeff Haney: The 10 best things about Las Vegas sports betting

Wednesday, Aug. 25, 2004 | 9:52 a.m.

Jeff Haney's sports betting column appears Wednesday. Reach him at (702) 259-4041 or haney@lasvegassun.com.

FREEROLL: A bet you can win or push, but not lose.

OVERLAY: A wager that offers favorable odds to the bettor.

PARLAY: A bet involving two or more teams in which all of the teams involved must win in order to be successful.

PROPOSITION: Or "prop," for short. Any exotic, unusual or offbeat wager outside the realm of straight bets, parlays and teasers

STRADDLE: The difference in price between the favorite and the underdog in a betting line, usually expressed in cents. Example: If the favorite is minus 145 and the underdog is plus 105, the sports book is using a 40-cent straddle.

Earlier this summer, we examined the 10 worst things about sports betting in Las Vegas (June 30).

That list was topped by four-team parlays that pay (shudder!) 10-1, and also included items such as 40-cent straddles on proposition wagers and sports book employees who are asleep at the wheel in the customer service department.

In fairness, and to accentuate the positive, here's our take on the 10 best things about sports betting in Las Vegas:

1. You will get paid

When asked what they would like to see on this list, several local bettors who are also familiar with the offshore sports book scene mentioned this theme or some variation of it.

While it seems obvious to us in Nevada, gamblers in other parts of the country -- who rely mainly on Internet accounts linked to "faraway places" with little regulation -- often feel they have to "sweat out" getting paid on their winning bets and have little recourse in the case of a dispute, the local bettors said.

It is crucial that in Nevada, where the industry is strictly regulated, bettors are assured of being able to cash their tickets in full and in a timely manner.

2. $1 million limit on Super Bowl

Sure, few of us will ever feel the need to wager this much. But each year at Super Bowl time, at least one of the local casinos is sure to advertise a $1 million betting limit on the big game. They really mean it.

And you don't even have to ship your money off to some guy in Belize to do it.

3. Super-high payouts on parlay cards

These are a long-shot player's dream.

The Stardust in previous seasons has offered a parlay card that pays 20,000-1 for hitting 15 of 15 selections ($5 maximum bet; $100,000 maximum payout).

This year, the Golden Nugget plans to offer an even larger payout on one of its parlay cards -- $1 million on a $5 bet for hitting 20 of 20 selections.

It's not likely you'll ever hit one, but it can be fun to try -- and only Las Vegas will give you this kind of an opportunity.

4. Reduced vigorish specials

In a standard sports wager, the bettor lays $1.10 for each $1 he is trying to win. That extra 10 cents represents the vigorish, or "vig" -- the house's commission.

By taking advantage of reduced-vig specials, however, a bettor is certain to either win more money or (more likely) lose less over the course of a season.

During a typical promotion, for a set period of time each week, a sports book will allow bettors to lay only $1.05 for each $1 they are trying to win. This reduced vig is often called "minus 105," as opposed to the standard "minus 110."

Last football season, several local casinos offered reduced-vig specials that ranged from one hour to two full days each week of minus 105.

For this football season, the best deal so far appears to be at the Las Vegas Hilton, which is promoting a minus 105 special all day each Thursday.

5. The Gambler's Book Shop

This 40-year-old institution at 630 S. 11th St., also known as the Gambler's Book Club, is a "must" stop for sports bettors in Las Vegas.

On any given day, visitors to the Gambler's Book Shop are likely to find a treasure-trove of genuine characters, dreamers and schemers along with a superb selection of books, magazines and other publications devoted to sports and gambling.

Authors, sports handicappers and other professional gamblers regularly drop in to talk shop with customers and staff.

6. Higher payouts on parlays

While three-team parlays pay off at standard odds of 6-1 and two-teamers at 13-5, some sports books run promotions in which three-teamers pay 6 1/2-1 and two-teamers 14-5 when the bets are made in a particular time frame. (Last football season, Station Casinos sports books had special offers such as these on Friday afternoons.)

This is another good way to stretch your gambling dollar.

7. Gambling-oriented radio shows

Radio junkies in Las Vegas have access to valuable sports betting information every day.

Among the highlights:

8. Customer service

When we ordered a screwdriver in the Bellagio's sports book, the drink server asked what brand of vodka we prefer. 'Nuff said.

9. Football contests

Many local gamblers look forward to this time of the year, when they can run around town signing up for the football contests offered by various casinos.

And well they should, as these contests generally offer good value, perhaps even what serious gamblers call an "overlay" -- that is, because the contests are promotional, the total prize money exceeds the total amount of entry fees paid.

A few are even freerolls, in which entrants can risk nothing and have a chance to win thousands of dollars each week.

10. Creative proposition wagers

Sports gamblers like taking a shot at "props," the more creative the better.

Football season is considered the high season for props, with wagering available each week on individual player stats, who will score the first touchdown in a game, and all manner of head-to-head matchups.

But creative props can be found during the rest of the year as well. Among recent offerings in Las Vegas have been props involving Kobe Bryant and Shaquille O'Neal; the exact number of wins Greg Maddux will finish the season with; and the exact number of wins the New England Patriots will get this year.

Now, about those 40-cent straddles ...