Las Vegas oddsmakers cashing in on NCAA Tournament

Sports fans placing bets at a Las Vegas sports book. (FOX5)

Upsets have been the name of the game when it comes to the NCAA tournament this year, not just on the court, but in the valley sports books. It started last week and continued this weekend which means bad news for basketball bettors, but great news for odds makers.

"We're just seeing record amounts of handle this year,” Westgate sports book director Jay Kornegay said. “The books have fared well with all these upsets, so the results are a lot better than what we saw last year, so the book operators are probably pretty happy right now."

"A lot of guys are real leery because a lot of guys got burned the first week, so a lot of guys are real leery to put their guard up on these games. It's hit or miss, it's like flipping a coin on some of this stuff," college basketball fan ‘Minnesota Jim' said.

The 2018 NCAA Division 1 Men's Basketball Tournament has been as entertaining as ever before, but not as profitable for those watching.

"It's very tough. I lose every bet I make, so it's very tough," one fan from Alabama said.

A week ago, the Westgate had lines wrapping its walls to place bets. Friday, not nearly as long.

"Business levels drop down a little bit, but we have some very steady crowds, as far as the sports book," Kornegay said.

"I'm kind of a bigger bettor, but I'm watching my cash, so I'm betting a little smaller myself to be honest with you," Jim said.

College basketball fans said they are keeping a watchful eye on this weekend's games, doing their homework for next weekend's Final Four.

"I think the Wildcats, not the Kentucky Wildcats, but the Kansas State Wildcats are a smart bet," Kornegay said.

"I'm not out, I have confidence. My turn is coming, it's going to happen," Jim said.

Copyright 2018 KVVU (KVVU Broadcasting Corporation). All rights reserved.

Sports Reporter/Anchor

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