(Image Source: Leon Travel Club)

BY JJ BAILEY

Usually when we take long odds, we end up holding our breath while the bookies lick their chops. With Superbowl approaching, it seems the roles are reversed. Betting houses in Las Vegas are holding their collective breaths as the once-long shot Giants are making an improbable run. Here’s USA Today.

“A number of sports books in Nevada took significant bets on the Giants to win the Super Bowl at long odds earlier this season — some as high as 80 to 1 — putting some in a very precarious position if the Giants should knock off the Patriots in the Super Bowl again.”

They were at 80-1 when they were in danger of not making the playoffs.  While bets on the game are expected to be big- about $94 million- it’s the futures bets, or betting on the outcome of a teams season, that have odds makers worried.  The head of Lucky’s Race and Sports Book in Vegas told The New York Times, the situation looks dangerous for some bet takers.

“They got hit pretty hard at the high number,” … “If the Giants win this game, it could do some damage out here, there is no doubt. A lot of guys were rooting for San Francisco on Sunday, I can tell you that.”

At the very beginning of the season, the Giants were 20-1 long shots to win the Superbowl. At the start of the playoffs- 30-1. Now, sports books all over Sin City are facing what is called “tremendous exposure.” Many haven’t fully recovered from the sting of another unlikely run only a few months ago. The Atlantic Wire has a reminder.

“Making things worse is the fact that St. Louis Cardinals were installed at odds of 250 to 1 to win the World Series when they were 10.5 games out of playoff contention with 32 games left in the regular season. The Cardinals, of course, came back to make the playoffs and win the Series.”

According to the Huffington Post, the Superbowl pulls major bets outside the casino as well. In addition to recent news that rapper Birdman offered up $5 million on the Patriots to anyone who would take it, the Huffpo adds...

“Gambling expert R.J. Bell said the rematch could see $10 billion in wagers worldwide, with only 1 percent of that figure gambled in casino sports books in the Silver State.”

As it stands now, the Pats are favored by three over the Giants.