After two years of Covid-19 delays, the 2022 NFL Draft in Las Vegas went off without a hitch. The three-day event is receiving rave reviews from officials while drawing ire from Vegas sportsbooks, who reported losses on the event for the sixth straight year.
According to the Las Vegas Review-Journal, NFL commissioner Roger Goodell said that the league was “really thrilled” that the draft event turned out to be “bigger than we ever imagined.” According to Goodell, overall it was “better than perfect.”
The league is estimating a total attendance of over 300,000 across the three-day, which is not quite the figure that city officials were expecting, but official figures have yet to be released.
Goodell was effusive in his praise of the city’s hospitality workers and event staff for their hard work and cooperation in putting the event together. “ Everyone had to work together, everyone had to find solutions and find creative ways to really have a great time,” Goodell told the Review-Journal. “I think that’s what showed through.”
Gov. Steve Sisolak was also proud of how Southern Nevada performed over the weekend, especially given the unfortunate two-year layoff. Sisolak said he views the draft as a win-win situation for all involved because there are no winners and losers–only passionate fans.
Despite the large crowd sizes, city officials told the Review-Journal that aside from a fan jumping into the Bellagio fountain, there were little to no major incidents. Clark County Commissioner Michael Naft said the event provided “a family friendly environment for people on the whole.”
Local sportsbook operators, on the other hand, did not have the same praise.
The Nevada Gaming Control Board authorized wagering on the draft back in 2017, and books have gotten hit hard every year by sharp bettors and insiders. Due to the fact that the draft is a live event that is based on quick decisions, it is nearly impossible to handicap effectively. Just one surprise pick or trade will inevitably set off a chain reaction, which is much more risk than bookmakers are normally willing to take. The interest is too high, however, to take it off the board completely.
“It’s not a game of chance, which is what betting is supposed to be about,” South Point sportsbook director Chris Andrews told the Review-Journal. “It’s not a sporting event where guys are out there playing and you can win or lose.”
All drafts are unpredictable but this year’s edition proved to be especially volatile, as a number of surprise moves proved to be costly for local bookmakers. The most notable example of this was the first overall pick, when the Jacksonville Jaguars selected Travon Walker. Walker, a star defensive end from Georgia’s national championship team, opened at most books with 40-1 odds to be selected number one overall.
As his odds gradually lowered, more fans joined in on the hype by wagering on Walker—by the time he was selected there were tickets all over the place, resulting in one-sided action, which is exactly what books seek to avoid.
SuperBook Vice President Jay Kornegay lamented the draft, calling it his “least favorite event to post.” Unlike regular games, Kornegay said, the draft is a niche event that is usually wagered on by sharp, attentive fans.
The other needle-moving selection came just two picks later, when the Houston Texans made a surprise choice by drafting Louisiana State cornerback Derek Stingley Jr. with the third overall pick. Stingley was not expected to be the first cornerback drafted, and was not even considered by some to be a first-round pick.
According to MGM Resorts Director of Trading Jeff Stoneback, that was the move that put them in the red. “We would be very happy to break even,” said Stoneback. “That’s our goal for the draft, which has yet to happen.”
During a first-quarter earnings call for 2022, Caesars Entertainment CEO Tom Reeg praised the recent NFL Draft event for the visitation-related revenue it brought to the Las Vegas economy but added, “It was not a particularly great gambling crowd. It was good for visitation, but the casino numbers were kind of average.”
Reeg was quick to point out that Caesars’ Las Vegas properties notched their highest 30-day room revenues ever in the month of April. This was only partly thanks to the draft event, as there were also two weekends’ worth of concerts from Korean pop sensation BTS as well as a five-day conference for the National Association of Broadcasters.
