- The Indianapolis Colts beat the Kansas City Chiefs on Sunday Night Football.
- So far, this has been the largest upset of the NFL season, as the Chiefs were -10.5 points.
- DraftKings launched their sportsbook in Indiana and an odds boost hurt their bottom line.
TALLAHASSEE, Fla. – After Week 5 of the NFL, some bettors are already looking into Week 6 to better their numbers.
While the weekend was filled with “upsets” giving many teams their first win or their first lost, none impacted the sports betting world more than the Kansas City Chiefs and Indianapolis Colts game.
This game, which is titled as the largest upset of the NFL season thus far, saw 69% of the public money in favor of the Chiefs -8.5 and an additional 62% took the Chiefs on the moneyline. While these percentages aren’t an outstanding number, the impact came from sportsbooks offering promotions at the worst time possible.
Indiana saw the launch of a mobile DraftKings sportsbook product associated with the French Lick Resort Casino late last week. To get the ball rolling, the company offered one of their odds boosts which moved the Colts +440 to +1000.
DraftKings only allowed bettors to risk a maximum of $10 (profiting $100) and bettors also had to be located in Indiana to take advantage of this benefit.
Hey Indiana, since we're so excited to be in the Crossroads of America, we have an exclusive odds boost for you!
— DraftKings Sportsbook (@DKSportsbook) October 4, 2019
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Promotions like these are designed more so to increase the number of bettors on the platform. With many Indiana bettors ready to get started betting from their phone, the promotion was widely played despite the Colts being large underdogs.
DraftKings ended up losing $300,000 on the Colts, as 38% of Indiana bettors took advantage of this promotion. But it is a near guarantee that those bettors will be back to risk their $100.
The Cleveland Browns and San Francisco 49ers also were responsible for a major sports betting news story; however, this Monday Night Football game went on the side of the sportsbooks.
Almost 90% of the moneyline action was taken on the Browns and those who bet on the Browns +4 accounted for just under 80% of the action. The Browns ended up losing 31-3 and the sportsbooks were happily keeping the money they left behind on Sunday.
One of the US online sportsbooks, PointsBet, offers a method of wagering that allows bettors to risk a certain amount of money per point the spread is covered. The negative? If the team fails to cover the spread, the bettor must pay that risked amount per point that spread wasn’t covered.
One bettor, who took the Browns +4 risked $500 per point and ended up losing $10,000 on the game. The bettor was smart enough to cap the winnings or losses at 20-times the amount, otherwise, the bettor would have owed another few grand on the night.
Michael spends most of his time betting on over/unders and analyzing algorithms in attempts to beat the book. His focus on statistics comes from an early understanding of mathematics as well as knowledge of opportunity costs. Michael enjoys playing basketball and reading about the NBA whenever he has the free time. When he is not writing, he can be found in Mississippi hitting the sportsbooks and enjoying a margarita… on the rocks, no salt.