Las Vegas Sun

March 28, 2024

Sports books firmly behind American Pharoah’s quest for Triple Crown

Belmont boosts betting, interest in Las Vegas

Belmont Stakes Horse Racing

Garry Jones / AP

Exercise rider Jorge Alvarez gallops Kentucky Derby and Preakness Stakes winner American Pharoah at Belmont Park in Elmont, NY, Thursday, June 4, 2015. American Pharoah is attempting to be the first Triple Crown winner in 37 years on Saturday in the Belmont Stakes horse race.

Johnny Avello has avoided paying out a particular high-priced proposition wager for nearly 30 years dating back to when he first broke into the Las Vegas race and sports book industry.

Going against bookmakers’ very ideology, the executive director of the Wynn Las Vegas race and sports book hopes the streak ends today. Avello would experience no qualms over cashing tickets for those who bet on a Triple Crown winner at as high as 6-to-1 after this afternoon’s Belmont Stakes, which air on NBC with an expected post time of 3:50.

American Pharoah becomes the 15th thoroughbred with an opportunity to win horse racing’s ultimate prize since it was last achieved by Affirmed 37 years ago.

“If he wins, it would be a small loser for us,” Avello said. “But it’s a non-issue because, even though we wrote quite a bit of money, this has been a good year to book with two-way action.”

Futile recent history influenced many sharp bettors to wager against a Triple Crown winner at minus-800 (risking $8 to win $1) on the Wynn’s prop this year, so the bulk of the house’s losses would come from elsewhere. Avello offered American Pharoah at 15-to-1 to win the Triple Crown, for instance, before the Kentucky Derby.

He also reopened the wager at minus-120 after American Pharoah won the Preakness three weeks ago and received enough action to push the number to minus-140.

But those would be small debts to settle compared to the enormity of getting a Triple Crown horse, which could revitalize a sport with waning relevance that Las Vegas is still invested in.

“We want to see it happen because it will bring so much more interest,” said Lamarr Mitchell, director of the MGM Grand race and sports book. “All the prior attempts drew a lot of interest but to be able to put a horse up there with Secretariat and all the other great horses that won the Triple Crown would mean a lot.”

Fans will fill race books in town either way. Mitchell reported that last year’s Belmont, which saw California Chrome fall short of the Triple Crown, drew a 100 percent increase in betting from 2013, when different horses won the Kentucky Derby and Preakness.

He attributed part of the rise to California Chrome’s Southern California roots and expected the number to tail off this year, but not significantly.

“We’re seeing a lot of novices just buying a $2 win ticket on American Pharoah to have as a souvenir,” Mitchell said.

Wynn, which has one of the valley’s most consistent racing customer bases, typically sees an increase of 30 percent on Belmont betting volume when a Triple Crown possibility is alive.

Avello believes American Pharoah has the best prospects of any recent horse including California Chrome, who was offered at an identical 3-to-5 on the morning line. He’s not completely confident, however, with so many memories of Belmont long shots prevailing in the past.

Avello pointed out that eight of the past 15 Belmont Stakes winners went off the board as at least 10-to-1 long shots.

“It’s a strange race,” Avello said. “No one runs a mile and a half anymore. You’re asking horses with limited experience to go that far, and that’s why you get crazy outcomes.”

But in a change from the past, American Pharoah has already defeated each of the other seven horses in the race. Usually, there’s an entry or two held out until the Belmont — a source of Steve Coburn’s infamous rant after California Chrome finished fourth.

The 5-to-1 second choice, Frosted, is a popular pick at Wynn. Avello posted American Pharoah as a minus-220 favorite to finish better than Frosted at plus-190, but money drove the line down to minus-200/plus-170.

That’s one prop Avello would rather not pay out. Regardless of where the book stands, he wants American Pharoah to win.

“Personally, I’d like to see it,” Avello said. “If you have a Triple Crown winner, I think it’s something everybody could be happy about.”

Case Keefer can be reached at 948-2790 or [email protected]. Follow Case on Twitter at twitter.com/casekeefer.

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