Sportsbooks Face Tough Times with NFL and March Madness Losses

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00:00now boy it has been tough for the sports books i'm crying sam can you see this little tear for

00:05the sport here they lose during the nfl season and then march madness comes like oh we're gonna

00:11get a bunch of upsets we're gonna get a lot of craziness didn't happen as well i mean over the

00:15last calendar year sam i don't ever recall six or eight months of time in sports where the books

00:21lost but here we are yeah it's it's really been an unprecedented run these past six months they

00:28had terrible nfl usually that's their best sport and then as you said craig march madness came

00:32around and no uh no cinderella's won there were no there were no major upsets um you know they got

00:37lucky enough that duke had that that final collapse in the final four um i think almost half the money

00:42that was bet on the ncaa championship was on that but um that's not going to be included in um the

00:48current reporting period that comes up because the game happened about a week outside of that so

00:53what will be included in the q1 results is a terrible march madness uh one uh analyst bank is

00:58saying uh that they estimate fanduel and draft kings lost in 185 million dollars combined for

01:04march madness so estimating not just that they didn't have a profitable march madness but it was

01:09a huge loss for them as well so um you know it comes after a really rough nfl season draft king said

01:17it was the worst one ever the super bowl did help a little bit uh with player props and

01:21same game parlays um you know translating to a profitable day overall for the books but it still

01:27has not been a great overall last six months but now you have q2 when you have the nba playoffs are

01:32in form nhl playoffs um and major league baseball really helps a lot just having so many more games

01:38on the slate without as much volatility on one major event like the final four where it's single

01:44game elimination everyone's betting on a favorite team that covers so uh historically q2 accounts for about

01:4921 of the annual handle um that's delivered over the year but the highest parlay margins and the

01:55best uh hold percent is for the books typically so q2 cannot be coming at a better time after these

02:01past six months for the sports books but still they'll be hoping that the favorites don't win

02:05in the nba they'll be rooting against the thunder rooting against the lakers who are on the ropes right

02:09now um and the golden knights as well are a huge liability in the nhl playoffs but you know no

02:14quarter is totally risk-free so um they're definitely not um you know celebrating anytime

02:19soon uh the kentucky derby is coming up as well so um if they if they have a good quarter it'll be

02:24really important if they have a bad quarter uh which they're kind of set up not to do but it could

02:29happen uh it'll be really really interesting to see how that affects the stock market sentiment which

02:34is very much down right now even though you know it is a high volatile industry but you know when you

02:39have months and months of losses uh you know it's harder to to overlook that kind of stuff