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Columnist Jimmy Vaccaro: As I See It

Ed Dallen emails a query about job opportunities in this industry, which I have often answered since I have been there, done that. Ideally, I can pass along some useful insight to Ed as well as to others with the same question.

Ed is a mortgage banker who, by his own assessment, does "very well" betting a limited number of football plays.

Given his success up to now, he is thinking about maybe packing in his current job and making a career change to become a full time player, oddsmaker or simply get a job in the sports book industry.

The key word he said is, "maybe".

Edward, do not give up your day job. Before you move to Vegas for a gig in a sports book, let me lay out some cold facts to consider.

Twenty years ago, when I would get asked about relocating here by someone who wanted to get into this industry, I would almost always encourage them. Sports books were just starting to become part of hotels instead of small stand-alone joints. I sensed there was a lot of growth and opportunity for someone who showed any capacity to understand this business.

In those days, there was a chance to advance quickly since each hotel was scrambling to either catch up with or stay ahead of its neighbors. Everybody was looking for qualified help because they were in uncharted waters.

The window of opportunity in the Las Vegas sports wagering industry opened up in the early '80s, then started to close near the end of the decade.

There were many reasons for its rise and fall, but the two keys were as follows.

As the big guys started to eat up the small guys, sports books were being consolidated by the larger properties, thus dramatically reducing the opportunity of job advancement. It took only one bookmaker to oversee operations for several properties from a central location with a main computer. So, if the chances for becoming a supervisor in the early '80s might take a year, the time frame now tripled since there was simply less movement in that direction.

The second reason for the industry's demise has two components with a direct correlation. As the government sought more information on certain people and organizations, they put heat on the industry's regulatory process. With the Nevada Gaming Commission and Control Board under orders to give the feds a better paper trail to follow, it changed the nature of legal sports wagering.

Then, when Regulation 6-A was instituted – which directed the books to take certain procedures in dealing with big bettors – this put a huge bite on the sports books' volume. Anyone betting over $10,000 in a 24-hour period had to show a valid ID, or the bet simply would not be accepted.

Since I left that side of the business, I understand the rules imposed on players have been made even more stringent.

Today, trying to run a sports book on a level that is fair to both your operation and your bosses is not a bargain anymore in Nevada. So much so, that joints that do not want to sweat out a business which can be risky, and endure all the red tape that goes with it, can simply become a franchisee of local bookmaker Vic Salerno.

His name might not be familiar to many people outside of Nevada, but he is the owner and creator of a statewide outfit called Leroy's. It has some 40 satellite books located throughout the state in which Leroy's funds and books the operation, thereby taking the hotel out of the sports betting business.

From the hotels' point of view, it no longer has the hassle of booking a prop that is lowest on the gaming industry food chain in terms of revenue. But their customers still have the opportunity to make sports bets without leaving the property. Presumably, it is a win-win situation for both parties.

Back to you, Ed. With Vic having eaten up 47 spots where you might have made a decent buck, your prospects are considerably less attractive. If you want to start as a ticket writer making $9 to $10 an hour, and waiting maybe 18 months before there might be a chance for promotion, then jump in.

Once you are in, however – and you can see the dynamics of the industry somewhere down the line – if you show any penchant for lines-making or handicapping, someone might notice and speed up the process for you to become the next Michael "Roxy" Roxborough.

Can it happen? Yes. But it is 100 times harder than you might imagine. Now remember, we have only covered the job opportunities in Nevada, not offshore, where I have a bunch of friends who have made the transition and are doing quite well.

So to reiterate, had you been considering coming out in the early '80s, you would have had a fair chance to be part of something that could have led to a promising career in the sports betting industry.

But given the realities of today, Ed, seriously, I must tell you to stay where you are because in the long run you will be better off.

When I made the jump from Pittsburgh to Las Vegas, all you needed was a little heart and a lot of larceny. But things have changed.

One early play: Air Force plus over San Diego State.

Hey Roxy, you didn't tell me that Suzy got married. And by the way, send money.

Stay well and stay loose.

Respond to Jimmy at vaccarosports@lvcm.com.

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