Whale Gambling: Whale Betting Secrets Revealed
In 1999, Kerry Packer, an Australian businessman, lost over £13 million during a three-day gambling stint in London. If we convert to USD and account for inflation, that’s over $34 million. It’s a staggering sum, but for Packer, a famed high-stakes gambler, it was just another casual 3-day weekend in the city.
Packer was one of a tiny subset of gamblers known as “whales”. They are the highest of high rollers. Casinos don’t just welcome them with a smile and a chocolate on their pillow — they roll out the red carpet. So, what makes these gamblers unique, and why is whale gambling so revered in gambling meccas like Las Vegas?
Understanding the Whale Gambling Term
There is no strict definition of the term “whale”. Most agree, however, that the whale gambling term refers to players who are a step above high rollers. The latter could refer to someone who wagers $100 or more on a single game, but “whale” is reserved for players with six- and seven-figure bankrolls who always push the limits.
What are the Benefits of Being a Whale?
A whale could gamble more than a thousand casual players, so they are big business to the casino. If you run a gift shop and typically serve customers spending $5 or $10 on trinkets, you’d get very excited by the person who asks about your most expensive items, buys all of them, and clears out your stockroom.
So, casinos will go out of their way to cater to whales. They typically reserve the best hotel suites for these gamblers while offering free food, drinks, and entertainment tickets.
They often move them into VIP rooms, give them a host of casino promotions, and increase table limits to accommodate their high spending. Because of this, whales hold a lot of sway with the casinos. They know their business is important to the casino and that cities like Vegas are stacked with competing venues. If a casino can’t give them what they’re looking for, they will find one that will.
Whales will often ask for different rules. They will do everything possible to reduce the odds and tilt the balance in their favor. The casino still needs to protect its profits so the house edge will remain, but if reducing the number of decks in a blackjack shoe or adding a few side bets can appease a big spender, the casino won’t hesitate.
Can Whales Hurt Casinos?
A whale can do some damage to a casino’s profits if they hit a winning streak, but these are big money businesses and it usually evens out over time.
Take Kerry Packer as an example. In 1997, at the MGM Grand, the Australian is said to have won $20 million (around $39 million today), wagering $250 per blackjack hand. That year, MGM Grand generated over $200 million in revenue per quarter. On the flip side, the quarterly profits were around $30 million, so a $20 million loss would take a chunk of that.
But that’s only supposing that Packer collected his chips and walked out the door. That’s very unlikely, considering how much this man liked to gamble. Had he played longer, he may have lost a little more. If not, he might have returned on another day and hit a losing streak.
Theoretically, a casino could find itself in trouble if a couple of whales win big and don’t give the casino a chance to reclaim some of that cash but if that happens, they’ll just focus on the next quarter, where they can recoup those funds from other gamblers.
Can Whales Change the Odds?
Whales can greatly influence the odds of a sports betting event. Sports betting odds are initially set using probabilities. The oddsmakers will consider the same things as a bettor: form, injuries, location, and weather. However, once those markets go live, they change based on how much money is wagered.
If Team A opens as the favorite to beat Team B, only for Team B to receive a deluge of bets, the odds for Team B will drop. It reduces the sportsbook’s exposure and allows it to balance the books in a way that means it profits (or loses less) regardless of the outcome.
These changes account for many wagers, but if a whale enters the picture and drops several million on Team B, they could influence the markets.
If you place a bet as a whale at a casino, it’s a different story. Casino betting focuses on single games and rigid odds. No one can accurately predict the probability of Team A beating Team B in football or basketball. But in American Roulette, the casino knows there will always be a 47.37% chance of the ball landing on Red or Black. The casino’s liability may be considerably greater if a whale places a substantial bet on one of those options. But from a casino’s perspective, the books balance throughout many games and not a single session.
In other words, they don’t care so much about paying out a big wager on a single game of roulette, as they still have a house edge and the tide will turn in their favor eventually. Even if the whale walks away with a profit, other players will lose, and the casino will get its money back.
Summary: Whale Gambling
The subject of whale gambling is a complicated one. These bettors have a lot of power in cities like Las Vegas, and they can make life difficult for the casinos. But at the same time, they can generate more profits for the casino than a thousand casual gamblers.
However much you wager, remember to gamble responsibly and keep it relaxed and fun!
Common Queries
What is whale play in gambling?
A whale is a bettor who gambles huge sums of money, so much so that they can influence sports betting odds and even force the casino to change table limits and other features.
How much do whales bet in Vegas?
The biggest whales gamble millions of dollars daily, placing bets worth hundreds of thousands.
Common Queries
What is whale play in gambling?
A whale is a bettor who gambles huge sums of money, so much so that they can influence sports betting odds and even force the casino to change table limits and other features.
How much do whales bet in Vegas?
The biggest whales gamble millions of dollars daily, placing bets worth hundreds of thousands.
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