Quote:
Originally Posted by PokerHero77
The next big sports book after Stardust was at Circus Circus, 1976. Circus Circus book was located inside the casino, similar to Stardust. Prior to 1976 books were not allowed within casinos per Nevada Gaming Control regulations.
The Circus Circus book was about half size of the Stardust book, which at the time was massive. I should say "race and sports" because at the time horse betting was the dominant money changer.
For some reason (Circus Circus was next to Stardust so maybe Lefty did not like the competition) about a year later the Circus Circus book was closed and became an extension of the casino space. A new, smaller book was put in a few years later. Eventually, a very large book was built in the new tower across the street.
Sports wagering grew in Nevada in the mid-70s when the feds reduced the interstate wagering tax from 10% to 2%. This tax had to be paid by bettors (race and sports) up front. So, a $2 win ticket cost the bettor $2.20. To show their sincerity the books absorbed the new 2% tax. This tax was later reduced to 0.25%. By the early 80s most casinos had their own books in house. Some succeeded, but many failed due either to poor management or lack of betting volume. Over time casinos figured out that independent bookmaking was not very profitable, so those that were able to network across their properties, such as MGM-Mirage and Stations survived.
Wow no idea about the CC book, great information. Wonder if they simply closed because they weren’t getting any action with the massive Stardust book next door. Sad I never got a chance to go in there. I read the book,
The Odds: One Season, Three Gamblers, and the Death of Their Las Vegas. Great book heavily centered around the old Stardust book.
Biggest mistake Boyd Casinos ever made was closing the Stardust to half build a massive new property, what a money dump.
