Sports Cancellations Impact on Sports Betting

I think as long as we stick to the sports betting aspect, it should be ok. What happens to all the season-long bets? Do you get a refund if they don't finish the season or shorten the game counts?

 

Ya all futures are toast

 

Do you get refunds if you were *probably* going to lose a futures too?

edit: actually, yea I guess you would. It would make sense that way.

 

Check the sportsbook rules but I'm confident you'll get a refund due to a certain amount of games not being played. Any book not issuing refunds would see a drastic reduction in play in my opinion

 

I predict many FedEx envelopes from the bay area sent to Vegas sportsbooks from Warriors futures bets.

 

The season is suspended until further notice after tonight's games. Will be interesting to see how the sports books handle season bets.

 

So with this and other sporting events being effected, what will this do to Vegas sports books?

 

Uncharted territory

 

Thank you Sonya.
Let's keep the discussion going on an evening we have not seen before in sports.

 

From one online book.......


Regular Season Wins Props:

1. NBA regular season win bets will be graded and have action when the following two things occur:
   a. The team, mathematically, cannot win the number of games indicated in the bet or has already won the number of games indicated in the bet.
   b. The team, at the time of grading, is expected to play all 82 games(or has already played all 82 games). In other words, there is no indication that the season will be or has been shortened at the time of grading.
2. If there is any doubt that the season will be less than 82 games for a team, we will wait to grade regular season win bets until after the team plays its 82nd game. However, once a regular season win bet has been graded, it will not be changed, even if the team ends up playing less than 82 games.

At any rate, Las Vegas podcasts, and papers will surely cover this in the coming days.

 

I would also be curious to know what happens to the Futures bets.
I have a bet on someone to win the NBA championship and a bet on Someone to win the Stanley cup.

If one of those do not run do we just take our ticket back to the sports book for a refund?
If anyone hears concrete direcly from a CET sports book on this can you please let us know your findings

 

I’m 3 points short from my oilers futures bet and I have a feeling that’s where it’s going to end. Sigh.

 

Since my interest in NBA is on par with my interest in purchasing fine china or beanie babies, but my interest in Vegas, wagering and the VMB is far greater, my first thought upon hearing of the suspension of NBA play most obviously gravitated toward UKFanatic's nearly unanimous (pre cancellation) profitable futures bets.

For all sports book betters here, it will be informative as to how sports books treats the cancellation of games for future bet wagers, especially for teams which have clinched over/under in wins/losses before the implantation of the season suspension. Unlike MLB (rainouts/snowouts), the other three league games are rarely cancelled, and if so rarely more than a game or two, so this is truly uncharted territory in terms of sports book decisions involving unplayed games.

It is times like these where I turn to the only source of true comfort, Morrissey and The Smiths.

An interesting conversation about this took place on WSCR in Chicago this afternoon. There was some thought the favorites and overs were at an advantage, due to the fact neutral fans cheer for underdogs, and defense may be less in games without fans. A contrary opinion is that underdogs and the under will be the profitable play due to jitters and lack of fans, especially fans ofthe heavily travelling major program fan bases.

The consensus opinion was the Vegas books will wait till the sharp money comes in, and adjust the line accordingly, and adjust further upon completion of the early opening round games.

 

Here is an article that might be of interest
https://www.pennlive.com/steelers/2020/03/citing-coronavirus-coaches-expect-owners-meetings-canceled-nfl-draft-to-be-held-without-fans-report.html

I am a college coach at a school that announced today that the spring sports season is over. I will not lie this is very hard on the athletes and coaches of those sports. But understand the economic impact is larger than many people realize. Think of the fact that there are over 400 Division III colleges the no scholarship division of the NCAA. Realize how many spring sports teams they have and now think of the lost revenue to local hotels, food establishments etc and you are only at the tip of the iceberg. Sports are big business and not just at the professional or Division one level. Another way to look at the economic impact of sports and what adjustments will do is to consider this. Youth Sports is around a 17 billion dollar a year industry. (It is very hard to get it accurately) The effects will be felt in a lot of places. FYI I do not gamble on sports as I am not allowed but that does not mean I do not follow the industry.

 

I am reaching out this morning and hope to report back.

 

Please let us know!

I have NBA and NHL futures, and going to Vegas in 2-3 weeks, I'm assuming we can get them refunded as a push.

 

Thanks, @Sonya! I currently have an OVER bet on the Wizards at 27.5 total season wins. The Wizards currently have 24 wins with 18 games remaining. Granted, they have a tough final schedule, but I feel they can squeak out 4 more wins.
I feel the sports book should refund $ on futures if the season is cancelled, or even if the NBA prematurely ends the regular season, short of 82 games. I feel it's an implied contract of 82 games, not the OVER on 64 games.

Didn't something similar happen with the Westgate a few months back, and the refunded $ to all the folks who placed bets on it? I can't remember what it was.

 

I don't care about basketball. I DO have a double sawbuck on the Sixers from the Mirage.

However, I LOVE the NHL (Let's Go, Flyers!) and would hate it if they cancelled the season right at the best time of the season. The games are really intense right now. I can't imagine the games without the energy of the crowd. We'll see how it goes in Columbus.

 

NBA in a real bind for this. So they start back up in 6 weeks which means the season goes at least that much longer. Well then it's a lot less time off before the reg start of the next season so then what? It's a hell of a domino effect.
I've already have heard a lot of criticizing on the handling of this, this which isn't something that places can go back and see what they did right and wrong last time. Nobody does a practice run for a pandemic at least in sports so dammed if you do and dammed if you don't will be going on for awhile.