You may have never heard of PointsBet, but the Australian sports betting company announced yesterday that it is coming to New Jersey and New York through partnerships with Meadowlands Racetrack and Tioga Downs.
PointsBet appears poised to be one of the companies that re-shapes the way we think about betting on sports.
As we’ve written, online sports betting will consist of much more than just betting on lines and over-unders. [I’ve always thought there’s the possibility for a matchmaking system, which allows sportsbooks to match bets on opposite sides of a line, so there’s equal action on both sides (what they want so they can get their 10% vig), much like daily fantasy sites do with head-to-head matchups. This is where the money is made– guaranteed profit regardless of outcome.]
PointsBet, meanwhile, offers a much more high stakes concept, which is best explained int his video from their website:
Rather than just betting the over-under, you win or lose by a multiple of how many units a prop bet lands from its center. For example, if you bet on the over for a quarterback to throw for 300 yards and they throw for 320, you win by a multiple of 20. Downside: if he goes under by 20 yards, you lose by the same multiple.
This adds an escalator to any bet, seemingly without the risk of long-shot odds, but with the risk of losing much more (injuries seem particularly scary here). But there are market caps for how much you can win or lose, so things can’t get too crazy.
PointsBet seems to be aggressively pursuing the US market, and their offering will likely be one of many inventive ways we’ll bet on sports online. We’ll be adding them to our New Jersey sports betting page and our list of sports betting sites.
Another popular trend in online betting they’ll offer is the ability to NAME YOUR OWN PROP. Check this out:
— PointsBet (@PointsBet_AU) May 29, 2018
All of this will reinvent the way most people think about betting, making it much more akin to fantasy than the grimy underworld it was long associated with. If you’re in New Jersey and want to get our updates on where and when you can bet legally, and get our guide for 6 mistakes to avoid, just sign up with your email address here.