PointsBet U.S. Announces New Sports Betting Policy to Attract Sharps, Seeks to Expand
Posted on: April 11, 2019, 06:02h.
Last updated on: April 11, 2019, 06:02h.
PointsBet U.S. announced on Wednesday it would enforce a new policy aimed at attracting professional and other high dollar bettors to make their sports betting wagers in an American market.
Effective immediately, the New Jersey online sportsbook said it will accept bets to win on games where the “minimum bet-to-win amount” is $10,000 from any customer. The policy covers all Major League Baseball and National Football League contests, as well as National Hockey League and National Basketball League playoff games.
The sportsbook said it would guarantee the $10,000 amount on wagers made after 10 a.m. ET on game days.
The announcement came as welcome news for some professional sports gamblers.
“No matter how sharp you are, you can wager at least $10k,” posted New Jersey-based bettor Jack Andrews on his Twitter account, @capjack2000.
Johnny Aitken, PointsBet’s U.S. chief executive officer, told Casino.org on Wednesday that he knows of situations where bettors have been either prohibited from making bets or seen their action restricted to minimal amounts. As a result, that’s leading some bettors to use offshore sportsbooks for large bets.
We want to give all our bettors a chance to have a really good size bet, to win $10,000 on the major U.S. sports on gameday, and we think that’s one step in the right direction for the industry as a whole,” said Aitken, a former professional gambler in his native Australia.
Aitken added that the book still exercises its right to take higher amount bets.
Eyeing U.S. Expansion
Based in Australia, PointsBet came to America late last year when it received a sportsbook license in New Jersey. It started taking bets in January and has nearly 20,000 clients with registered accounts.
It garnered attention in January when it refunded bets made on the New Orleans Saints in the NFL playoffs after a controversial decision kept them from possibly winning the game late in regulation. Since then, the “Karma Kommittee” has refunded other bets on losing teams. Most recently, the sportsbook refunded wagers on Auburn last weekend in the Final Four.
PointsBet employs 60 people in New Jersey, including an analytics team and traders. The sportsbook also has promotional agreements in place with such former athletes as Allen Iverson and Darrelle Revis.
Aitken told Casino.org the company has an eye to set up in other American markets as well.
“We have a national footprint goal, and our fast start in New Jersey is allowing us to enter different conversations,” he said.
One thing that makes it a challenge is the lack of a national regulatory framework after the Supreme Court overturned the Professional and Amateur Sports Protection Act last year. Each state considering sports betting now can establish its own rules.
“It’s not a sort of country market like you see in Australia or Britain,” he said. “It’s 50 countries. Each state is pretty much its own country with its own rules.”
Unique Bets Offered
While PointsBet offers traditional point spread and moneyline bets, it also offers a concept it calls “PointsBetting,” which features an array of high-risk, high-reward opportunities that veer from traditional fixed-odds propositions.
For example, someone wagering $10 on a 10-point favorite in a game can bet a multiplier. If the favorite wins by 11, the bettor wins $10. If they win by 15, the bettor wins $50. Conversely, if the favorite wins by only 5, the bettor loses $50.
It can also be offered on prop bets, such as how quickly will either team score the first goal.
Aitken said PointsBetting allows his company to offer more selections for bettors. He believes that strategy will help them gain more sports betting customers as they expand.
“It’s very highly engaged betting,” he said. “It’s more risky, more rewarding. From a sports-watching experience, it completely changes the way you watch an event.”
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