OT: Legalized Sports Betting | Page 2 | The Boneyard

OT: Legalized Sports Betting

whaler11 said:
The state got $325k. I’m sure will go way up during football season... but it’s nice money not shifting anyone’s paradigm.
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Yeah, doesn't seem like much in the grand scheme but the amounts waged is quite a bit.
 
noeynox said:
Yeah, doesn't seem like much in the grand scheme but the amounts waged is quite a bit.
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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.
 
methodology said:
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
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Yep.

That wager's not being paid out anywhere.

Flip side - not a good look to have such an error even be possible.
 
methodology said:
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
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Do they refund the money for ALL bets with the inaccurate line?
 
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methodology said:
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
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Oh I know. But when they essentially reserve the right to cancel and any bet and are allowed how did the paradigm shift?
 
whaler11 said:
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.
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I think you may be underestimating how large that market is.
 
whaler11 said:
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
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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.
 
Jarhead_1775 said:
I think you may be underestimating how large that market is.
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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.
 
Jarhead_1775 said:
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.
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The actual statute says they can’t void the bet without NJ gaming weighing in - but of course they did.
 
whaler11 said:
The actual statute says they can’t void the bet without NJ gaming weighing in - but of course they did.
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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?
 
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Jarhead_1775 said:
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?
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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.
 
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.
 
Alum86 said:
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.
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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.
 
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whaler11 said:
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.
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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
 
methodology said:
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
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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.
 
whaler11 said:
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.
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The OLG is exactly the model they should follow.

It's customer-friendly, is at least outwardly responsible in terms of addressing problem gambling and it's competently overseen by the government.

Of course, there's little chance of any of those things being true if Connecticut tried it.
 
Have any of you been to the new Bobby V's in Stamford? It's very impressive and having been to a number of sportsbooks in Vegas (Aria, Cosmo, and Wynn) I think they go toe to toe as far as experience and quality.....they just don't have sports betting yet. Positioned extremely well if this ever gets off the ground in CT. If you are ever in Stamford I highly recommend checking it out. 2 Floors of the biggest TVs around. Golf simulator and for now just OTB.

https://www.bobbyvsrestaurant.com/stamford
 
SirHypeAlot said:
Have any of you been to the new Bobby V's in Stamford? It's very impressive and having been to a number of sportsbooks in Vegas (Aria, Cosmo, and Wynn) I think they go toe to toe as far as experience and quality.....they just don't have sports betting yet. Positioned extremely well if this ever gets off the ground in CT. If you are ever in Stamford I highly recommend checking it out. 2 Floors of the biggest TVs around. Golf simulator and for now just OTB.

https://www.bobbyvsrestaurant.com/stamford
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The one in Windsor Locks is very similar and would be pretty cool. It looks like this might take a while here because the casinos are going to claim they have exclusive rights.
 
whaler11 said:
The one in Windsor Locks is very similar and would be pretty cool. It looks like this might take a while here because the casinos are going to claim they have exclusive rights.
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Yup... SportsHaven in New Haven would/could be another viable location but I heard they may be relocating out of the tavernous building.
 
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whaler11 said:
This is a great read:

European-Style Sportsbooks: Bad for Everyone
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I'm lucky enough to still have a pinnacle account even after they closed it to US players. Also have an Asian agent I use occasionally for certain lines.

Still use bookmaker and 5dimes. No need to stoop to the forgery called sportsbook popping up all over the US. Only the losers who have no idea will use those places
 
methodology said:
I'm lucky enough to still have a pinnacle account even after they closed it to US players. Also have an Asian agent I use occasionally for certain lines.

Still use bookmaker and 5dimes. No need to stoop to the forgery called sportsbook popping up all over the US. Only the losers who have no idea will use those places
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5dimes reduced juice with bitcoin transfers - probably not a better deal than that.
 
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