Wednesday, Aug. 24, 2005 | 9:18 a.m.
Jeff Haney's sports betting column appears Wednesday. Reach him at (702) 259-4041 or [email protected].
Three decades after helping to launch one of the city's original football handicapping contests, veteran Las Vegas bookmaker Jimmy Vaccaro is at it again.
This year, Vaccaro has orchestrated the "College Challenge" at Leroy's sports books, which carries an entry fee of $250 and is the only contest in town that asks bettors to predict college football games against the point spread.
"Nothing like this was being done in the college arena, and we felt there was a strong market for it," Vaccaro said. "The feedback has been great. When I run into people, they're always talking about how much they like the idea of a college-only contest."
Contestants in Leroy's College Challenge will make seven predictions against the spread each week from a list of 32 Saturday games, competing for a first-place prize of at least $25,000, or 50 percent of total entry fees. The top 30 places will pay prize money.
More than 50 people have signed up for the contest so far -- a good pace, according to Vaccaro, who said historically the majority of bettors enter contests in the final five days leading to the deadline. (The deadline for the College Challenge is Friday, Sept. 9).
With a prize pool of $50,000, the contest must draw 200 entrants for Leroy's to break even on it.
"The best thing is that win, lose or draw, I think we've shown that a college contest will work," Vaccaro said.
Under longtime casino owner Michael Gaughan, Vaccaro unveiled a pro football handicapping contest -- then a novel concept -- at the old Royal Inn in the mid-1970s.
Since then, Vaccaro said, he has learned that even the most successful contests require some time to become established.
"Michael Gaughan nailed it," Vaccaro said. "He said you'll never know if (a contest) is really successful until the third season. The first season, you'll have an idea if people like it. The second season, you're looking for about 30 percent growth (in the number of entrants). Then the third season, you know you really hit a home run if you have double (the number of entrants) from the first year."
In addition to the new Leroy's contest, following is a roundup of this season's football contests in Las Vegas:
High entry fees
Contestants pick five NFL games a week against the spread. The top 20 finishers earn prize money, and there's a $10,000 bonus for hitting 67 percent winners. The deadline is 1 p.m. Friday, Sept. 9, but those who enter by 4 p.m. Friday, Sept. 2, are eligible for a $10,000 prize covering the season's final three weeks.
The top 20 finishers earn prize money, and there's a bonus of a one-year lease of a Mercedes ML 350 for hitting 67 percent winners. The deadline is 9 a.m. Saturday, Sept. 10, but those who enter by 5 p.m. Friday, Sept. 2, can compete against the official Station bookmaker's picks for a $10,000 prize pool. There's also a mini-contest covering the season's final four weeks.
Despite the large entry fees, both of these contests are good plays for bettors who don't mind risking that kind of money, as they return 100 percent or more of the fees collected.
Low entry fees
Free to play
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