Veteran bookmaker Kornegay can indulge in Broncos fandom for Super Bowl 50

By Case Keefer (contact)

Friday, Feb. 5, 2016 | 2 a.m.

Perhaps the only Denver Broncos’ fan in the world that could crack a smile in the wake of Super Bowl 48 two years ago sat behind the betting counter at Las Vegas’ largest sports book.

Jay Kornegay, vice president of race and sports at the Westgate Las Vegas Superbook, hated seeing his beloved Broncos embarrassed 43-8 by the Seahawks but loved what it meant for his business. The Broncos’ failure to deliver as 2.5-point favorites resulted in Nevada sports books winning a record $19.6 million on the Super Bowl in 2014.

“I would have to say it was the most uncomfortable Super Bowl I’ve been a part of,” Kornegay said.

If Kornegay’s position of managing his two interests was as prickly as a bed of rocks two years ago, then this year it’s as pleasant as a pristine California King. The veteran bookmaker is welcoming his colleagues onto his team’s bandwagon, as the casinos will likely need to root for the Broncos when Super Bowl 50 kicks off at 3:30 Sunday in Santa Clara, Calif.

The Carolina Panthers are attracting at least two out of every three tickets as 5.5-point favorites in sports books across the valley.

“The first week it was all Panthers’ money,” said Jay Rood, MGM Resorts’ vice president of race and sports. “It’s still mostly Panthers’ money but we’re getting there with the Broncos. I’m not ready to pull the panic cord yet by any means.”

Fellow shops may have started to fret over the situation a little more. As of Thursday evening, more than 90 percent of the money wagered on the point spread at William Hill sports books came on the Panthers.

The Superbook found some balance by moving its line to Broncos plus-6 on Wednesday, but Kornegay knows others are still buried on the Panthers.

“I’ve talked to a couple guys here and there, and they say, ‘We’re going to need your Broncos,’” Kornegay laughed. “There’s not a lot of confidence. It’s not a lot of people saying they think they can do it.”

The cynicism doesn’t bother Kornegay as a fan. In fact, it reminds him of the first Super Bowl he booked involving his favorite team.

In 1998, the Green Bay Packers were an 11-point favorite over the Broncos. Denver snapped a 13-year winning streak for the NFC representative in the Super Bowl with a 31-24 victory.

Casinos statewide made only a modest $472,033 for a 0.6 hold percentage, but Kornegay said the result was a big winner for his Imperial Palace book. It remains his favorite Super Bowl.

“I think I’ve seen that game like 35 times,” he said. “Every now and then, I’ll pop it in and watch from kickoff to final gun, watch (Denver owner) Pat Bowlen’s speech. It still brings a smile to my face.”

The industry as a whole profited more off of the Broncos repeating in 1999, when their 34-19 victory over the Falcons as 7.5-point favorites yielded a $2.9 million win and a 3.8 hold percentage. Kornegay only went 1-for-2 in that game, though.

“I was rooting for the Broncos to win but not cover,” Kornegay recalled. “So I had a little wiggle room, but it didn’t work out.”

The stress of bookmaking forces many sports book directors to shun fandom of particular teams all together. But Kornegay has never lost the allegiance to the Broncos he developed growing up around Denver — not entirely at least.

“It’s certainly tempered my passion on the Broncos a little bit,” he said. “I was a diehard fan a long time ago, a season-ticket holder. I’m still rooting for them but I can’t say I’m a fanatic anymore.”

Kornegay’s last year in Colorado coincided with the 1987 Super Bowl, when the New York Giants defeated Denver 39-20 as 9.5-point favorites. He worked as a ticket writer at Bally’s in both 1988, when Washington blew out Denver 42-10 as 3-point favorites, and 1990, when the 49ers covered minus-12 against the Broncos with a 55-10 win.

“Those were ugly,” Kornegay recalled. “I was just really hoping that some day they would win the Super Bowl.”

He never would have guessed he would have a chance to see the Broncos win a third Lombardi Trophy less than 30 years later while presiding over one of the most influential legal sports books. Kornegay likes their chances too, citing the pressure of edge rushers DeMarcus Ware and Von Miller as the potential difference in the game.

Rood would prefer to even his books as much as possible, but if MGM must have a significant decision on one side, he’s fine with relying on the Broncos.

“I think their defense is good enough,” Rood said. “If the conference championship games had been flipped and Denver played the second game, we would have been talking about this only being a field-goal line or a little more and taken more Denver money than Panther money because everyone would be thinking of what they did to Tom Brady. Everyone wants to bet on what they’ve seen last.”

The betting public has stayed wary of gambling on Denver dating back to the beginning of the season. That’s allowed the Broncos to routinely come through for the sports books, including going 5-0 against the spread and 4-1 straight-up as an underdog this season.

Kornegay gets extra enjoyment when his wishes as a fan align with his professional situation.

“It’s not the best feeling when as a bookmaker you need the other side, and as a fan, you’ve got to cheer against them,” Kornegay said. “I had to do that two years ago, but this year, it’s different.”

Case Keefer can be reached at 702-948-2790 or [email protected]. Follow Case on Twitter at twitter.com/casekeefer.