The handle on last year’s ultra-hyped Giants/Patriots Super Bowl was projected to reach $100 million, so there was disappointment in the Nevada casinos that only $92.1 million was wagered.  Even more disappointing was that the casinos lost $2.6 million as public bettors were heavy on the Giants, especially on the money line.  That rare loss made the result of the last 18 years of Super Bowl betting Casinos 16, Bettors 2.

The worldwide recession is hitting the gaming industry hard, with casino profits down over 57% last year in Nevada. There is hope that the Super Bowl will provide a boost, but Nevadans realize that in the current climate it is unlikely that last year’s $92.1 million in Super Bowl wagering volume will be matched.  The consensus seems to be that they would be grateful for their busiest weekend in a while and a Super Bowl handle in the $85 million range.

In these recessionary times, one area of the economy that is thriving is the local bookmaking business.  These guys were on the ropes during the internet wagering boom, but legislation interfering with internet wagering companies ability to do business with American banks has put a damper on (though far from extinguished) the online sports betting business.

So what’s a sports bettor to do? He heads back to his local bookie.  Local bookies, many of whom were getting out of the business due to online competition, are going great guns once again.  And many of them are now using online services that provide all their back office needs, as technology firms servicing the offshore sports betting business have reacted to the marketplace by targeting local US bookies as their international business declines.   Local bettors can now bet online or by phone 24/7, so their only personal interaction with their bookmaker is meeting up to pay and collect.

Using these back office servcies and benefiting from US government action driving sports bettors back underground, your local bookie is likely making more money with less work than ever before.   So while Vegas casino folks have long faces, there’s good reason for the smile on the face of the local sports accountant working out of your neighborhood bar.