Tag: Monopoly

NASCAR Could Turn Virtual Monopoly In Betting Gains

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As managing director of gaming for NASCAR, Scott Warfield is charged with devising ways to draft the stock car racing series out of the “other” category and into greater relevance as a sports betting market.

Warfield never expected it to happen this way: a global pandemic shutting down actual sports — and racing emerging as the best-equipped to fill the void with virtual contests featuring actual competitors.

After one week of eNASCAR being offered as a bettable market in Nevada and West Virginia, the returns have been modest, but not in line with the television audience the series has commanded. The benefit from this moment, Warfield hopes, could come when sports begin again post-COVID-19.

“Life’s funny, right? You go from having to scratch and claw your way on a lot of this stuff, the underdog a little bit,” Warfield pondered, “not as well-established handle and in my opinion, not a ton of creativity and innovation around the sport from a sports betting point of view, where it’s just basically been race winner and champion.

“And my argument all along has been it’s a chicken and egg and if there’s more creativity and more bet types and more innovation on that front, that the sport lends itself nicely. But between the state by state rollout and the opening of having to open new books and new states and all the other leagues, finding your spot is a challenge in this early inning of what I believe is going to be a long, a long game.

““Is it going to drive crazy handle? Probably not. But I think it’s helped with our relationship-build if nothing else.”

Momentum for eNASCAR

While the handle for the eNASCAR Pro Invitational Series race from Bristol Motor Speedway last week was sparse at William Hill in Nevada, director of trading Nick Bogdanovich called the performance for the first weekend “very successful.”

“We took around 500 bets on eNASCAR this weekend and we’re really happy with that number since some were from bettors who traditionally bet NASCAR,” he told PlayUSA. “Handle, of course, doesn’t compare to traditional NASCAR.”

Adding to the sense of legal-market momentum, on Wednesday, Sugarhouse announced that it planned to offer eNASCAR betting in New Jersey, signaling a change of regulation in that state. New Jersey had just once allowed wagering on eSports before.

In-race markets key to NASCAR plan

The game, Warfield said, should change in this moment, saying he “100 percent” believes this virtual realm represents a laboratory moment for operators to develop interesting betting markets when actual racing returns, perhaps as early as the end of May, according to a report in The Athletic.

Warfield particularly wants to see the expansion of in-race and driver-vs-driver markets. The Nevada Gaming Control Board does not currently allow in-race markets, but in-play has become the understood future of America’s nascent sports betting market.

“This is the product there hasn’t been enough of outside of the [Daytona] 500,” he said. Kyle Busch vs. Kevin Harvick … This is an engaged fanbase, but they’re smart and they want a product that is interesting. So yes, it can be a testing ground that would help us a year from now around the Cup series. That’s the win for me.”

Warfield said the series updated its rulebook last week to exclude competitors and series employees from wagering on eNASCAR as well as real competitions.

Penn National Gaming, NASCAR re-boot fantasy game

Last week, NASCAR also relaunched a series of new fantasy and prop betting markets for the eNASCAR iRacing.com Pro Invitational Series through Penn Interactive. The Penn National Gaming subsidiary had already launched a free-play mobile game called NASCAR Finish Line after announcing a multi-year partnership with the stock car series in February.

The eNASCAR Fine Line app will serve as the entitlement brand for the May 3 race from virtual Dover International Speedway. Personalities from Barstool Sports, which sold a 36-percent stake to PNG earlier this year, are expected to be integrated into the presentation but details have not been revealed.

Finish Line players can win a $5,000 jackpot “by accurately predicting the top two finishers and the highest finishers across six different groupings of four drivers,” according to a release.

“I think the thought on putting the NASCAR Finish Line as the race entitlement for the Dover race, given [Penn National Gaming’s] recent purchase into Barstool and our marketing partnership with Barstool is how could we lean into the Barstool relationship a little bit when just like everyone else, [founder] Dave [Portnoy] and the boys are thirsting for some sports betting, whether it’s free-to-play or daily fantasy,” Warfield said. “So, we took the concept to our friends at Penn, as they were in the process of rebuilding the app and got Dover involved in a lot of those details.

SugarHouse debuts enascar betting on April 19

New Jersey Division of Gaming Enforcement spokesperson Kerry Langan confirmed that the eNASCAR Pro Invitational Series had been added to the list of legal betting markets in that state as of Monday. The 2019 League of Legends World Championship Finals was the only other permissible eSports event as of Wednesday.

“We are happy to be able to offer such an exciting and competitive entertainment event,” Rush Street Interactive chief operating officer Mattias Stetz said in a release. “It’s also fun to see how these talented drivers will compare in the virtual world of competitive racing.”

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Sports Betting Revolution – Unlock the Spread Monopoly and Collusion

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What If the betting line or spread was established by four sports advisory companies without collusion or previous knowledge of each others numbers!

Lets face some facts about this number or point spread that usually comes from one Sports Advisory Group. This number is sold or distributed to the sports betting outlets online and the legal Sports Books in Nevada. These outlets put their little tweak on the line by 1/2 point or 1 point or an extra $5 on the money odds. However, everybody will post their number which is the same or within a point of each other. This is the equivalent of price fixing and collusion in any other industry.

How come the Sports Betting Industry has the same price or spread on their betting board? WHY – because nobody wants to rock the boat!

What if this process of establishing a betting line was not a monopoly but was provided by at least four sports consulting groups that were independent of each other. Each group would then post their calculated number for the worldwide sports betting outlets to buy and use for their operation.

This new mode of operation would unlock the monopoly that exists when the line is established. Now what happens? Would some books dare to post numbers that are different from others by 4 or 5 points either way. I doubt it since nobody wants to rock that boat. Is this collusion by the sports books so they can keep their share of the market and not create a price or point spread war.

The process of constructing the point spread number is probably done through a software program with all the statistics and other information to get a base number. Then the actual number is refined to include public perception as to where the public will place their money. It is no secret that Sports Books speculate or predict at what number the public will be evenly divided.

There are a number of times when the line is not even close to the final score. They do come close about 65% of the time. However, when the spread is minus 7 and the favorite wins by 21 points or the underdog wins outright, their number is way off.

If that minus 7 point favorite is listed at minus 11 points at another outlet would there be a Revolution among Sports Book operators. Would this difference of opinion cause a lot of anxiety with casino management. I am sure they would question each others actions after doing the same thing together all these years.

For a true and balanced market to emerge in any industry, there should be some options and competition among the players involved. A Betting Exchange is very close to a more balanced betting market since the competition is against other bettors. The spread is the same but the money odds are much better with more options.

If the Sports Books in Nevada and online books decide to re-arrange their Sports Book operations to include some alternatives to the spread, they will increase their handle and be more competitive. I would install some form of Spread Betting that is big in Europe. Allow more options with alternative lines and charge a little more vigorish. Some online books have alternative run lines on baseball. They post the run line at minus 1.5 runs on the favorite and underdog in the same game.

The Sports Betting outlets need to become more innovative to maintain a market share. We know they probably will not “rock that boat” unless one or more sports betting venues develops a rogue or maverick mentality. This would be a big gamble that could payoff and increase market share. However, it is ironical that sports books do not want to be in the gambling business. They just want to collect their commission and avoid too much risk. They are more concerned about the heavy hitters than the small average recreational bettors who lose more often.

Promoting or seeing changes in any financial markets is similar to getting people to stop smoking or obese people to lose weight. Change is difficult for a lot of people and businesses. As they say “talk is cheap”. However, I feel technology is becoming more prevalent in Sport Betting industry. Hopefully, it will create a more vibrant market with better options and more competition within the sports betting community.

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Source by Bruce J Fraser