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Patrons at the main event in Plainview, New York on February 10, 2022, just days before the Super Bowl. Alejandra Villa Loarca/Newsday RM via Getty Image

Join The Excitement Of Live Sports Betting With Pokerstars Sports India

I’m not much of an athlete. I am definitely not a gambler. And yet, on a Thursday night in mid-January, I was really looking forward to betting on the Milwaukee Bucks to win

Washington, D.c. Sports Betting

Giannis Antetokounmpo would score a triple-double that paid off. I basically randomly turned $11 into $130 – had to ask a friend what a triple-double was – with a handful of taps on my phone. “Is Sports Betting Really Good?” I was wondering. More selfishly, I thought, “Am I a secret genius in this?”

The answer to the last question was definitely no – my early luck ran out about a week later when I started losing money. The answer to the first question is more difficult to assess. Sure, sports betting is fun. But is it good for society? Probably not that much. It’s clear that there’s a huge amount of money going into it, with sportsbooks — meaning sports betting companies like DraftKings — spending billions of dollars trying to rip people off. Competitions, media companies and teams recognize even the opportunity to make money. (Disclosure: Sports network SB Nation, which is owned by parent company Media, has a partnership with DraftKings.)

“You’re talking about an industry in a hurry where there are more competitors than there will be winners,” said Chris Grove, CEO of American Affiliate, a company that recruits new customers for sports books. “We’re in an absolutely ramped-up marketing environment right now.”

Sports betting is everywhere. That and crypto were basically the themes of this year’s Super Bowl ads. In New York, where online sports betting became legal January 8, it seems inevitable – I saw part of a one-hour DraftKings commercial twice the other weekend. In the first 10 days since sports betting was allowed in the country, 1.2 million new accounts were created, most of which were created by people completely new to the space.

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New York surpassed $1 billion in total wagers in just over two weeks, and the state reached nearly $2 billion in wagers in the first 30 days, generating $70 million in tax revenue. New York is hardly an anomaly. As of mid-February, full online and mobile sports betting is legal in 13 states, including Louisiana, Pennsylvania and Arizona, and in-person sports betting or limited mobile betting options are available in several other states, according to Action Network. A sports law expert told me he thinks it will become legal basically everywhere but Utah at some point.

The purpose of sportsbooks and casinos, the marketers say, is to separate people from their money. The pressure from the companies suggests that they believe there is a lot of money to be made here and that it is worth the effort to win customers – including the risk of ultimately losing the turf war. The more customers they get, the bigger they get and the better they are at figuring out exactly who to target and how. The goal is to catch their hooks and then create more offers and opportunities for money.

“Hovering over all of this, it’s not about what value will I get from sports betting customers, but what will I be able to sell to that user base three, five, ten years from now?” Grove said. “There is an ever-expanding universe of ways to spend money on uncertain outcomes and the most optimistic sports betting operators believe that at some point in the future they will be able to offer customers a buffet.”

You can imagine a world where a sportsbook also offers cryptocurrency trading, or sports stadiums that offer betting and online poker. Gambling, long banned in sports, is now riding the money train. With dollar signs, the moral calculus has changed.

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In recent years, the relationship between gambling and sports has shifted in the United States. The rise of DraftKings and FanDuel has made daily fantasy sports, where people build composite teams of real players, more common. Instead of people picking their fantasy teams at the beginning of the season, they can stick with them throughout the season. Although technically not

Considered sports gambling (it is after all a game of skill), it kind of is. However, in 2018 the Supreme Court struck down a federal law banning sports gambling, opening the door for states to legalize it.

Companies like FanDuel, DraftKings, Caesars, and MGM are spending huge amounts of money to establish themselves as leaders in the space. Given the profit margins, it may be a bit questionable as a business venture. As Sahil Patel at Information notes, betting services typically keep $6 for every $100 bet, but after taxes and marketing, that can drop to as little as $1.

But apparently these companies have calculated that low margins are worth it and that it will all pay off.

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Take Caesars, for example, the casino and hotel company whose sports betting commercials have been inescapable lately. I see the face of actor JB Smoov, who plays Caesar in the company’s ads, more than almost any member of my family or friends. If I could choose “I understand” to avoid watching Caesar’s stuff at this point, I would. Not only does Caesars give money on marketing, but they also give big bonuses that at least makes sports betting extremely attractive. For a while he capped deposits up to $3,000 and gave a $300 bonus and other offers to get people to sign up.

Eric Hession, co-president of Caesars Digital, told me that the company hopes to differentiate itself by integrating with its rewards program tied to casino brands. Sports betting gives Caesars a new line to its existing customers, such as a New Yorker who frequents Las Vegas casinos start betting on NFL games with the app. But it also serves as a pipeline to get new customers into their wider ecosystem – customers who are often from a different demographic than usual. Caesars current database tends to skew older and more female, with slots among the most popular games. Sports bettors skew younger and male.

“One thing I know about this from people in the gaming industry is that they’re all looking for a younger audience,” said Andrew Brandt, former Green Bay Packers executive and director of the Moorad Center for the Study of Sports Law at Villanova University. “Everyone wants to attract young people because those sports fans are older, especially in a sport like baseball, and that casino engagement tends to be older. This is why these new sports bets are the best way to attract young fans.”

Caesars hope that once people get into sports betting, they will stick with them, continue to play after the bonuses wear off, and maybe start to conquer their casino. Although the bonus may seem like a lot, casinos have a lot of experience with the mechanism of giving away things to earn more later.

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Of course, not everyone will do this. After betting through the $300 bonus at Caesars, I took about $400 in my account (thanks to that Giannis bet) and cash out. Some people put in $3000, got a match, and when they bet through it, they cash out, sometimes making a few thousand free dollars. When I presented this option to Hession, he admitted that it was not ideal.

“We assume that there’s a certain percentage of people who will do that, and it’s unfortunate that that’s the reality,” he said.

It’s hard to feel bad for Caesars. After all, this is a business, and if they want to get people’s money, it’s only fair that people also have a chance to try to get their money. Just as gamblers accept risk when they place a bet, Caesars is taking some risk that its sports betting spending will pay off – it believes it will be profitable in sports betting through the 2023 football season.

“Sports betting has traditionally been more of a casino experience, but now that it can be mobile, it will become a much larger part of the business in the future,” said Hession. Before the decision of the Supreme Court, it was allowed in Nevada, where mobile and in-person sports betting was available, although everyone had to register in person at the casino first (still does). Delaware also offered parlay bets on the NFL.

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In sports betting land grabs, there will be

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