It's been an improbable first season for the expansion hockey team. While Las Vegas residents are cheering on the home team, a win in the finals will cost Las Vegas sportsbooks big time. The Knights will face the Washington Capitals in the finals, which start Monday, May 28.
The sports betting establishments, which are legal in Nevada, would have to pay out hundreds of thousands if not millions of dollars in bets, according to Jay Kornegay, vice president of the Las Vegas Hotel & Casino SuperBook.
That's because the books, which take bets and determine odds, didn't initially think the Knights would do well. It seemed like a safe assumption -- most expansion teams don't do well in their inaugural seasons. And bettors seemed to agree.
"No one really bet them so we raised the odds," Kornegay said.
Sportsbooks set the odds that the Knights would win the Stanley Cup Finals at 500-to-1, meaning that if someone bet $1 and the Knights won, that bettor would win $500.
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