OT: Legalized Sports Betting

[whaler11]

It's absolutely ridiculous they have 3 players - moneyline for golf. I have to imagine a real book didn't have anyone better than +500

That’s just best returning winner so I could see Thomas at even money but you can’t have 3 people at - money it’s absurd forge 160/137/137.

 

[whaler11]

What’s wrong with that? I bet Jon Rahm at +1200 and Patrick Cantral at +3000. Enjoy the tournament.

Those guys are both -2 and tied for 16th..

And at a real book Cantlay is now +3800 and Rahm now is +2600

But tell us some more about gambling lol.

 

[noeynox]

Not bad scratch

New Jersey takes in $40.6 million in sports bets in July

 

[whaler11]

Not bad scratch

New Jersey takes in $40.6 million in sports bets in July

The state got $325k. I’m sure will go way up during football season... but it’s nice money not shifting anyone’s paradigm.

 

[Chin Diesel]

I'm happy down on the Gulf Coast Beau Rivage in Biloxi is opening up a sports book.

Already making plans with a few buddies for a weekend trip of betting on the college games.

Race and Sports Book

 

[noeynox]

The state got $325k. I’m sure will go way up during football season... but it’s nice money not shifting anyone’s paradigm.

Yeah, doesn't seem like much in the grand scheme but the amounts waged is quite a bit.

 

[whaler11]

Yeah, doesn't seem like much in the grand scheme but the amounts waged is quite a bit.

And the hold is 6%... that’s what I’ve been getting at. NJ wants it to help revive AC - there just isn’t big money in it for most states - once you soak the immediate losers for a while it’s hard to replace them when they quit.

 

[whaler11]

Yes, we can not pay any winning bets at our discretion is really changing the paradigm.

2 more bettors claim FanDuel won’t pay out on sports bets

 

[methodology]

Yes, we can not pay any winning bets at our discresion is really changing the paradigm.

2 more bettors claim FanDuel won’t pay out on sports bets

In their defense this is SOP of all off shore books and most casinos. When there is a clear and egregious error in a game line the bet is cancelled and wager returned

 

[Fishy]

In their defense this is SOP of all off shore books and most casinos. When there is a clear and egregious error in a game line the bet is cancelled and wager returned

Yep.

That wager's not being paid out anywhere.

Flip side - not a good look to have such an error even be possible.

 

[temery]

In their defense this is SOP of all off shore books and most casinos. When there is a clear and egregious error in a game line the bet is cancelled and wager returned

Do they refund the money for ALL bets with the inaccurate line?

 

[whaler11]

In their defense this is SOP of all off shore books and most casinos. When there is a clear and egregious error in a game line the bet is cancelled and wager returned

Oh I know. But when they essentially reserve the right to cancel and any bet and are allowed how did the paradigm shift?

 

[Jarhead_1775]

I assume you are asking because you really don’t know - but at that much juice they may as well have skipped it. They won’t get any of the current market and the new market will be limited to people who don’t understand they have better options.

I think you may be underestimating how large that market is.

 

[Jarhead_1775]

Yes, we can not pay any winning bets at our discretion is really changing the paradigm.

2 more bettors claim FanDuel won’t pay out on sports bets

This is why we can't have nice things. Now they'll face a lawsuit, costing zillions. They'll pass the costs onto the consumers in the form of a higher vig. Books taking 10% on losses is how they stay in business. So what Whaler is saying is they more or less make 5% on every bet made (there's some disagreement as to exactly how they arrive at those numbers, but for the sake of argument take it as truth). With small margins like that, I don't see a "legal" book being able to survive unless it's tied in with a larger operation that can absorb the losses and offer other ways to lose your money like the casinos.

 

[whaler11]

I think you may be underestimating how large that market is.

Maybe but I saw how fast the first iteration of DraftKings/FanDuel fizzled out.

Do you know people who want to bet on games but can’t find an outlet for those bets?

If the endgame is sad terminals inside BWW where people are betting $20 laying -115 on NFL sides then this was much ado about nothing.

A good amount of people don’t seem to get the margins are razor thin and don’t provide much profit to feed multiple mouths.

Just look at the complete lack of consumer protection that exists for the William Hills of the world to even achieve those low margins.

The reporting on the topic is so mind-blowingly bad it almost seems impossible that people can botch relatively easy concepts like these.

 

[whaler11]

This is why we can't have nice things. Now they'll face a lawsuit, costing zillions. They'll pass the costs onto the consumers in the form of a higher vig. Books taking 10% on losses is how they stay in business. So what Whaler is saying is they more or less make 5% on every bet made (there's some disagreement as to exactly how they arrive at those numbers, but for the sake of argument take it as truth). With small margins like that, I don't see a "legal" book being able to survive unless it's tied in with a larger operation that can absorb the losses and offer other ways to lose your money like the casinos.

The actual statute says they can’t void the bet without NJ gaming weighing in - but of course they did.

 

[Jarhead_1775]

The actual statute says they can’t void the bet without NJ gaming weighing in - but of course they did.

I have to side with the book here. A reasonable person would not assume that +50000 to win is anything but a glitch. If I saw it, I'd bet the Shiite out of it, but in no way would I expect to be paid. The guy I used to go to was legally blind. No kidding. He just took bets for someone else. Imagine if he gave me that line and I went to his bosses and was like you better pay me? How you think that would go?

 

[whaler11]

I have to side with the book here. A reasonable person would not assume that +50000 to win is anything but a glitch. If I saw it, I'd bet the Shiite out of it, but in no way would I expect to be paid. The guy I used to go to was legally blind. No kidding. He just took bets for someone else. Imagine if he gave me that line and I went to his bosses and was like you better pay me? How you think that would go?

It’s not going to get paid - but they can’t void the bet by law without the gaming division.

You are getting my point at least - if the legal ‘regulated’ book can treat players like organized crime, what’s the paradigm shift?

Let me know when losing bets on ‘glitches’ get refunded and I’ll agree they shouldn’t get paid.

 

[methodology]

Do they refund the money for ALL bets with the inaccurate line?

Yes any and all bets placed (winning/ losing) would be returned

 

[Alum86]

The Sports Book at Ocean in AC is like what Whaler imagines if BWW or OTB were in charge here. 3 terminals inside a bar in the middle of the casino floor. I bet futures SB winners there in late July. Even then lines out the wazoo, folks betting moderate amounts.
BTW, Dolphins and Bills 125-1, Jets 90-1 and Vikings 10-1. Pats were close to even money. You do get a bet slip at least. I do not trust offshore to pay up.

 

[huskymedic]

Caved: FanDuel gives in, pays disputed bets from Sunday’s Broncos game

 

[methodology]

Caved: FanDuel gives in, pays disputed bets from Sunday’s Broncos game

Guess they figure this is the play for the long run. Take the loss now get good press that they "pay out" and get more customers

 

[whaler11]

The Sports Book at Ocean in AC is like what Whaler imagines if BWW or OTB were in charge here. 3 terminals inside a bar in the middle of the casino floor. I bet futures SB winners there in late July. Even then lines out the wazoo, folks betting moderate amounts.
BTW, Dolphins and Bills 125-1, Jets 90-1 and Vikings 10-1. Pats were close to even money. You do get a bet slip at least. I do not trust offshore to pay up.

Yeah it’s just like the little terminals the parking lot casinos in Aruba have.

If Connecticut were smart they would do it like Ontario and use the lottery system.

Actually if any state was smart they would create exchanges and just scrape a vig off both sides and not own any of the risk. Essentially you just stand up a marketplace and let gamblers find each other.

 

[methodology]

Yeah it’s just like the little terminals the parking lot casinos in Aruba have.

If Connecticut were smart they would do it like Ontario and use the lottery system.

Actually if any state was smart they would create exchanges and just scrape a vig off both sides and not own any of the risk. Essentially you just stand up a marketplace and let gamblers find each other.

There use to be a website based out of England where they did this. Players would offer lines/odds and other players would buy them or offer different odds and you could buy/ sell like stocks. Can't for the life of me remember the site. I would guess it's still around

 

[whaler11]

There use to be a website based out of England where they did this. Players would offer lines/odds and other players would buy them or offer different odds and you could buy/ sell like stocks. Can't for the life of me remember the site. I would guess it's still around

There are a whole bunch. The challenge is liquidity but I don’t think they would have many problems. Especially if a VPN provider would stand up a CT location.

Take a game like tonight. You put up a market for -2.5, 3, and 3.5 juice them at -120,-110,+100 (or whatever the hook is worth more than ten cents) then let people fill each other’s demand and just take 3% from each side or 6% from the winner (or whatever margin you land on).

You’d have people climbing over each other to play on that exchange and you’d probably end up with some people relocating here like they did to Canada to play online poker.