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While we don't typically think of Mid-May as high season when it comes to peak sports betting, 2019 will most certainly be a rare exception to that rule.
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Beginning May 16, we have the much anticipated PGA Championship. This tournament takes on greater meaning with Tiger Woods coming off his stunning Masters victory, capping off a near decade comeback.
Woods also promises a very sweet payout of $90 on every $10 bet should he win.
Tiger's Masters win resulted in the most futures bets ever paid out on a single event.
Bloomberg's Brandin Kochkodin warned:
Wood’s resurgence means he’ll attract even more money this time, but if a sports book tries to redirect the flow to other golfers by tweaking the odds -- say, moving Tiger from an 8-1 shot to the 6-1 favorite -- the casino risks the money walking out the door for a higher payout across the street, or to a phone app.
“People are willing to overpay to bet on Tiger Woods,” said Adi Wyner, a professor of statistics at the University of Pennsylvania. “Casinos see this as a huge opportunity, but it’s very risky. They can attract a lot of action if they give odds that are closer to the truth, but it can lead to an unbalance.”
Bets can be placed throughout the tournament right up to the final day. Some books do offer LIVE IN-PLAY during the tournament. Most feature updated odds in between days of play.
The books giveth and the books taketh away....literally.
That's what happened at the Kentucky Derby last week when Maximum Security was initially declared the winner and the books looked like they were going to pay out a whole heap of money again.
Instead, Maximum Security ended up disqualified for interference approaching the finish line. One of the biggest long shots in Derby history, Country House, galloped off the winner. Few gamblers had money on him however.
In modern times, the Preakness Stakes helped filled a void for reduced wagering during the month of May.
This year's Preakness Stakes could prove to be a bummer following one of the most watched Kentucky Derby races of the past twenty years.
There will not be a Triple Crown as Country House was scratched early due to breathing problems.
Of course there are the NBA and NHL Playoffs as well as Major League Baseball.
- Tyrone Black, Gambling911.com
