- PointsBet is a licensed sportsbook under the Meadowlands Racetrack brand.
- Their style of wagering allows bettors to multiply their risk by each point over the spread.
- But if caught on the opposite side, bettors are forced to pay a multiple with each losing point.
EAST RUTHERFORD, N.J. – The Australian bookmaker known as PointsBet had a rough first week of NFL betting action.
With their New Jersey betting app that launched last year, bettors can take a different approach to betting lines.
Instead of betting on a team to cover or beat the given spread, PointsBet allows for “points betting” which is a method for bettors to win or lose much more based on the outcome of the game. Betting per point, bettors are given the ability to wager any given amount that increases by that amount for every point the spread is beaten/lost by.
“Some bettors are OK with doubling their money if they are right about a team winning by a certain margin,” said Johnny Aitken, PointsBet’s CEO to The Action Network. “Our model allows you to make more money depending on how right you are.”
In this case, one bettor in New Jersey, risked $30,000 per point on the Baltimore Ravens to cover the -6 spread over the Miami Dolphins. As the Ravens won by 49 points, the bettor would have walked away with $1.26 million. However, the bettor took the option to cap their winnings/losses at 20 points, so they only ended up making a “measly” $600,000.
This high-stakes system can also be tough for bettors to handle. Anything that happened on the spread in favor of the sportsbook meant that the bettor would have been required to pay $30,000 for every point the Dolphins covered by.
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Bettors don’t have to set a cap, but the sportsbook ensures nobody takes the book for too much or goes too deep into a hole with a 50-point maximum multiplier.
According to The Action Network, another bettor took the Kansas City Chiefs in this format against the Jacksonville Jaguars. This resulted in a much smaller loss for the sportsbook ($169,000), as the bettor made $17,800 for every point over the 4.5 that was in favor of the Chiefs.
With these two bets in addition to a few others, the sportsbook was held liable for over $1 million in betting payouts.
USAOnlineSportsbooks.com thinks while big wins like this seem like a detriment to the sportsbook, the company knows that this type of publicity is the perfect storm for creating more interest. With many wide-eyed bettors willing to take on this challenge, expect to see some big-time losers at Meadowlands Racetrack after the slate of Week 2 games.
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.