Legal sports betting in the United States will generate even more revenue than the current rosy predictions, says a famed bookmaker who left Las Vegas for a new sportsbook near his hometown.
“Take it from a little old bookmaker from Trafford – they’re way off,” said Jimmy Vaccaro, whose appointment as director of sports relations for Rivers Casino in Pittsburgh was announced Friday. “Whatever they project in three to five years, it’ll be triple. There’s no doubt in my mind.”
Vaccaro, most recently the director of sports marketing for South Point Hotel and Casino in Las Vegas, worked in Southern Nevada for more than 40 years, rising to key sportsbook roles at The Mirage, MGM Grand, and Golden Nugget before joining South Point in 2013. He also has been senior linemaker for the Vegas Stats and Information Network (VSiN), which features Hall of Fame broadcaster Brent Musburger.
However, Vaccaro won’t be doing any bookmaking at Rivers; instead he will be a media spokesman and help the five-week-old sportsbook grow.
“I have nothing to do with the bookmaking process. I don’t change lines, I don’t accept bets. I don’t want to do that anymore. I’m 73, and having a good time being 73.”
In a phone interview from his native Trafford, a town of about 3,100 in suburban Pittsburgh, Vaccaro said his view from inside the sportsbook gives him three reasons to be confident the expansion of legal sports betting will beat expectations:
It’s becoming mainstream: “You’re dealing with the general public, you’re dealing with an entertainment process that carries much, much weight.”
Women are becoming more involved. “Women like to come and root for their team and have a couple beers with their friends, husbands, or whomever.”
Contests are energizing the industry.
“From (the days) where it was just me and two drunks watching the late game with the Dodgers, now it’s me and a hundred people watching,” Vaccaro said.
The projections for legal sports betting revenue are already massive. An H2 Gambling Capital analysis highlighted at October’s Global Gaming Expo predicted that by 2023, legal betting in 20 states will total $4.9 billion, surpassing England, the world’s current leader. Half of that total will come from three states, California, New York and New Jersey, the study said. H2 estimated that the total will grow to $7.6 billion from 25 states by 2030.
New Jersey, the second state outside Nevada to offer a full range of legal sports betting, said it generated $94 million in revenue in 2018, and that covered about six months of operation. Mississippi, West Virginia, Delaware, Pennsylvania and Rhode Island are the other states with legal sports betting. New Mexico allowed an Indian casino to operate a sportsbook.
Vaccaro said the keys to a successful sportsbook are “being fair with the people who are betting into you” and “understanding your market like any other business.”
“It’s not rocket science, like some people make it out to be,” he said.
Books operating in states new to sports betting, such as Pennsylvania, should examine the response to every sport season.
“It’s going to take one solid year of going through every sport to see exactly the highs, the lows, when you can do things a little bit different,” he said. For example, crowds at Rivers Pittsburgh will be smaller on Pirates game days than on Steelers game days. The city doesn’t have an NBA team, so betting on pro basketball is more likely to involve marquee teams and matchups.
Rivers is owned by Rush Street Gaming, which also operates SugarHouse Casino in Philadelphia, and Rivers casinos in Des Plaines, Ill., and Schenectady, N.Y. The SugarHouse sportsbook opened the same day as the one in Pittsburgh. Illinois and New York do not yet have legalized sports betting.
“We’re thrilled to bring Jimmy back home to Pennsylvania,” said Rivers General Manager Bill Keena said in a statement announcing the appointment. “When it comes to sports betting — customer experience, operational excellence, setting the odds — Jimmy is the gold standard.”
