For novice sports bettors who want to dip their toes in the gaming pool, but don’t have a good understanding of odds, moneylines or spreads, DraftKings has a new product that essentially dumbs down sports betting to the office-pool level.
The Boston-based company rolled out the new product on Thursday, the company’s “DraftKings Sportsbook Pools,” a simplified way to bet that mimics those NCAA office pools that blanket the nation in March. The product was made available to New Jersey bettors this morning. According to a company press release, the Sportsbook Pools games will allow less experienced bettors an opportunity to play without having to understand the intricacies of sports betting.
“Millions of Americans have been playing in sports pools for years with their friends and coworkers, and now one of the most popular ways that fans can get ‘skin in the game’ is live on DraftKings Sportsbook,” said Matt Kalish, Chief Revenue Officer and co-founder of DraftKings. “DraftKings Sportsbook Pools features simple predictions, such as picking the winner of each NFL game weekly, combined with the potential to win jackpot-style prizes.”
Less than five months after New Jersey won the Supreme Court battle that allowed its casinos to offer sports betting, taxes are going up. According to the Press of Atlantic City, Governor Phil Murphy signed off on a 1.25 percent sports betting tax increase last week to benefit the state’s ailing Casino Reinvestment Development Agency. That brings the tax on net sports betting revenue to 9.75 percent at brick-and-mortar sports books and 13 percent on mobile and online sports betting.
For comparison, Nevada taxes its sports betting revenue at 6.75 percent, West Virginia at 10 percent and Mississippi at 12 percent. Sportsbooks haven’t opened in Pennsylvania yet, but the rate there will be 36 percent, while Delaware and Rhode Island (which expects to open for sports betting next month) effectively pay more a more than 50 percent tax rate under partnership programs with their state governments.
The CRDA will earmark the funds for “marketing and promotion.” According to the Press of Atlantic City, the additional tax from casino sportsbooks will be used to market Atlantic City specifically while the additional tax revenue generated from Monmouth Park and the Meadowlands Racetrack will be funneled directly to the towns in which the tracks are located.
New Jersey Division of Gaming Enforcement Director (DGE) David Rebuck on Tuesday offered his blunt assessment of the NFL’s characterization of the state of sports betting in the U.S.: “Nonsense.”
The NFL’s stance, voiced again at House of Representatives hearing on Sept. 27, was that states legalizing sports wagering are now engaging in a “regulatory race to the bottom,” which Rebuck called “fear mongering” and “nonsense.”
Rebuck’s remarks came during a Global Gaming Expo (G2E) panel in Las Vegas alongside Pennsylvania’s Susan Hensel, Director of Licensing for the state’s gaming control board, and Matthew Morgan, Director of Gaming Affairs for the Chickasaw Nation. Rebuck’s criticism focused in part on the “integrity fee” as well as Major League Baseball and NBA’s efforts at compelling lawmakers to require state-licensed sportsbooks to use “official league data” for grading wagers, which he framed as fundamentally anti-business, and a mandate that New Jersey unequivocally will not implement.
According to an Associated Press report, FanDuel will pay out more than $82,000 on an erroneous sports betting ticket. New Jersey’s Anthony Prince on Tuesday shared his story with local media, saying he placed an in-game wager on the Denver Broncos to beat the Oakland Raiders when the Broncos were down with 1 minute, 10 seconds to play. He placed his bet at the FanDuel Sportsbook at the Meadowlands, and the printed ticket showed +75000, when it should have showed -600. The cashier did not catch the error and after the Broncos won by a point on a last-second field goal, Prince tried to collect.
Initially, FanDuel declined to pay Prince, but after investigating, on Thursday announced that it would make good on not only Prince’s bet, but on several others made during the same time span.
The company reportedly decided to pay because it said “sports betting is supposed to be fun.”
According to FanDuel, the ticket that should have been generated would have shown that Prince had to bet $600 to win $100. Instead, his $110 bet is now good for a total payout of $82,610. On Sunday, when FanDuel declined to pay on the ticket, it reportedly offered Prince $500 and tickets to several NFL New York Giants games, but he declined. The company then opened an investigation, though its rules clearly state that erroneous tickets will be paid out at the “correct odds.”
The post Examining The FanDuel Sportsbook Ticketing Snafu Through The Eyes of Nevada appeared first on SportsHandle.
Sports bettors in emerging markets are continuing to discover some of the vagaries of sporting wagering. Among them are situations when an “accepted” bet may not always be a bet, and what happens to a “wins/losses” totals bet if a team ends up with a postponed game that’s not rescheduled.
FanDuel Sportsbook, operating at The Meadowlands Racetrack, has refused to honor a $110 live betting ticket on the Broncos to defeat the Raiders on Sunday — a wager that would have paid more than $82,000. The company says the extremely large odds on the bet were caused by an error in the oddsmaking process. “The wager in question involved an obvious pricing error inadvertently generated by our in-game pricing system,” a FanDuel spokesperson said in a statement.
The bettor, who identified himself to News 12 New Jersey as Anthony Prince, made his wager over the counter at the sportsbook at the Meadowlands with Denver trailing the Raiders 19-17 late in the fourth quarter. The Broncos then arrived comfortably in field goal range, especially given the high altitude in Denver, when Broncos QB Case Keenum completed a pass down to Oakland 18-yard line. However, as FanDuel updated the live betting odds to reflect Denver as a -600 favorite the company says an error in the live-odds feed caused the Broncos to be posted as 750-1 (+75,000) underdogs to win the game.
The post NJ Man Says FanDuel Won’t Pay; Company Investigating appeared first on SportsHandle.
A New Jersey man says he made a wager on Sunday at the FanDuel SportsBook at the Meadowlands Racetrack and that FanDuel won’t pay up. The bet, an in-game wager, would have paid $82,610 on a $110 wager and was made with 1 minute, 10 seconds remaining in the Denver Broncos-Oakland Raiders contest.
According to a report from News12 in New Jersey, FanDuel says the ticket was a glitch and is looking into the matter. But the bettor, Anthony Prince, is all but demanding FanDuel pay out immediately.
“They said their system had a glitch in it and they’re not obligated to pay for glitches,” Prince told News12. “The other guy said, ‘You should take what we give you because we don’t have to give you [anything] at all.’ I said, ‘Wow, for real?’”
The post New Jersey Sports Betting Generates $9.2M Revenue on $95.6 Handle In August appeared first on SportsHandle.
The New Jersey Division of Gaming Enforcement on Wednesday released its monthly revenue figures, reporting a total handle of $95.6 million and gross revenue of $9.18 million for the sportsbooks across the seven licensed NJ sportsbooks that reported on the month’s operations.
That’s a hold or win percentage of 9.6. The August report includes for the first time dollars connected to online sports betting, which produced a total of $2.97 million on a $21.7 million handle, or an online hold (win percentage) of roughly 15 percent. The vast majority of both figures are attributable to the DraftKings Sportsbook — meaning DraftKings alone accounted for almost exactly one-third of the monthly revenue.