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The 'smart money' is on Mayweather, says legendary oddsmaker

  • Multiple $1 million bets have been placed on Floyd Mayweather Jr. ahead of his fight against mixed martial arts fighter Conor McGregor on Saturday.
  • The general public likes to bet on underdogs, but the "smart money" is on favorite Mayweather, legendary oddsmaker Jimmy Vaccaro told CNBC.
  • More big bets are likely to be placed before the fight as the odds fall, Vaccaro said.

Bets are flowing into Vegas ahead of Saturday's highly anticipated fight between Floyd Mayweather Jr. and Conor McGregor. The "smart money" is on favorite Mayweather, legendary oddsmaker Jimmy Vaccaro said.

"The conviction is very simple: the general public is all over McGregor. Historically, they like to bet underdogs in fights like this. But the 'smart' money is all on Mayweather," Vaccaro, now sports marketing director at the South Point Hotel and Casino said Friday on CNBC's "Closing Bell."

"The Money Fight" between Mayweather, a boxer, and McGregor, a mixed martial arts fighter, is living up to its name. On Thursday, multiple $1 million bets were placed on Mayweather in Vegas. There will probably be even more placed in the hours leading up to the fight as the odds fall, Vaccaro said.

"They wait for this thing to get as low as possible, that's why you'll see so many big bets on Mayweather in the next 36 hours," he said.

The amount of money placed on bets in Nevada could come close to Super Bowl numbers, he said. It wouldn't be good for casinos if McGregor pulls an upset, he said, but it wouldn't be catastrophic.

"We're rooting for Mayweather, trust me. Everyone in Nevada will be," Vaccaro said. "But it won't be the end of the world."