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Betting With An Edge

boeconvulpe1987 2021. 8. 8. 05:48


By Noah Holman

Look at the game of Roulette. You will see that the house edge is 5.26% for the double zero game. This is how we figure the edge. In the game, there are 36 numbers plus the 0 and 00. The odds of you winning is one in 38 or 37 to 1. If you win the casino pays you 35 for your dollar bet. An edge is the reason that you make money from sports betting. A simple example of an edge that is well documented and used by many is matched betting and arbitrage. Matched betting involves using. One of the quickest and easiest ways to gain a betting edge is to shop around for the best odds. You might find that bet365 has the odds of 1.36 and 1.57 for a double bet you want to place whereas. “Gambling With An Edge” is a unique cyber-hub where some of most-respected minds in professional gambling collectively share their expertise, advanced-strategy tips, insights, and opinions via the GWAE “SuperBlog” and weekly GWAE radio show. Don’t bet on your favorite teams. You will enjoy betting on your favorite team when they win, but it is.

Sports betting has at long last been introduced to the Commonwealth, as nationwide fervent for the industry that was taboo not too long ago has reached a tipping point.[1] The bills to legalize sports betting were approved in April of last year; the Virginia Lottery then accepted applications from 25 sportsbook operators in October.[2] As the DraftKings and FanDuels of the world roll on the momentum, those interested in the sports betting space noticed something somewhat peculiar about the Virginia market in its inception roughly a month ago. FanDuel was granted a license from the Virginia Lottery, the state-appointed gatekeepers of the industry, before anyone else.[3] Although other companies like DraftKings, BetMGM, BetRivers, and others were not far behind in joining the competition,[4] the head start that FanDuel was fortunately granted is an advantage that will likely benefit the sportsbook for years to come. With a huge market of eager-to-wager individuals in Virginia,[5] exerting a monopoly over the opportunity to vie for their business, albeit for a short window, is tremendously valuable even if only a fraction of people downloading the app in its debuting days remain loyal to FanDuel and FanDuel alone.

So, how was FanDuel able to hit the market before anyone else? It all stems from their partnership with the Washington Football Team who has their team facilities and front office in the Commonwealth of Virginia, despite playing games in Landover, Maryland.[6] That relationship gave FanDuel the edge over its competition because the Virginia statute grants “substantial and preferred consideration” to sportsbooks that have a partnership with a regional professional sports team.[7]

The Commonwealth has an interest in catering to professional sports franchises operating in Virginia, which all bring in millions of dollars in commerce and taxes.[8] There is an even more particular focus on currying favor with the Washington Football Team which has been openly discussing its plans to build a new stadium in coming years.[9]Virginia is enticing the historic NFL franchise to build that new stadium in the state through its preferred treatment of FanDuel.[10]

There are of course intersecting issues of technology and law that have come with the emerging gaming industry. While there are plans to build physical casinos and sportsbooks going forward,[11] right now all of the sports betting is taking place through the electronic apps like FanDuel and DraftKings.[12] These apps use geotracking location checks to verify their users are in states like Virginia where sports betting is legalized.[13] As many people are familiar, Virtual Private Networks (VPNs) can be used to disguise one’s location and even designate the location to be tunneled to a server in a particular location.[14] While many people use this to access content available in some countries but not others, people could also use the technology for placing bets in states where it is legal from states where it is not.[15] Because the gaming industry is so highly regulated, however, these sportsbooks are employing the most sophisticated software engineers to detect when computers or mobile devices are using such software in an attempt to circumvent the location checks.[16] Of course, as with anything, there will always be people trying to stay one step ahead of the game and find ways around this, a simple Google search or visit to Reddit will show the demand for finding such workarounds,[17] but the sportsbooks are doing what they can to ensure compliance with applicable state law.

Betting With An Edge By Mike Maloney

Regardless of how you feel about sports betting, some things are for sure. It is here and it is not going anywhere. Demand for it is perhaps higher than ever before with so many people isolated in their homes because of the ongoing COVID pandemic. It is undeniable that this new industry is creating new jobs in both technology and legal sectors. Rising young attorneys should look at this as an opportunity not to be overlooked as firms are racing to establish practices in the booming industry and without any precedent in this new industry, more senior and established attorneys do not have the same advantage they would typically have over young attorneys fresh out of law school. Life is too short to bet the under, but I would be reluctant to take the over on the average age of attorneys that will come to dominate this new area of law in the next decade.

[1]See Matt Bonesteel, Sports Betting Kicks Off in Virginia After State Awards Permit to FanDuel, Wash. Post. (Jan. 21, 2021, 2:56 PM), https://www.washingtonpost.com/sports/2021/01/21/fanduel-virginia-sports-betting/.

[2] SportsHandle, Virginia Sports Betting – Where to Play, Online Sportsbooks and Bonus Offers, https://sportshandle.com/virginia/.

[3]See, e.g., Matthew Water, Secretive Virginia Sports Betting Rollout Trickles on With BetMGM Launch, Legal Sports Report (Jan. 26, 2021), https://www.legalsportsreport.com/47571/virginia-sports-betting-betmgm-launch/.

[4]See SportsHandle, Virginia Sports Betting – Where to Play, Online Sportsbooks and Bonus Offers, https://sportshandle.com/virginia/.

Betting With An Edge Mike Maloney

[5] Bonesteel, supra note 1 (“With the 12th-largest population in the United States, Virginia is seen as a lucrative market for sports gambling . . . .”).

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[6]See, e.g., Adam Candee, Surprise: Virginia Sports Betting Live After Thursday Launch, Legal Sports Report (Jan. 21, 2021), https://www.legalsportsreport.com/47387/virginia-sports-betting-launch-date/; Dann Stupp, FanDuel Sportsbook Live and Taking Wagers in Virginia, Play Virginia (Jan. 21, 2021), https://www.playvirginia.com/fanduel-sportsbook-jan-21-launch/.

[7]See, e.g., Candee, supra note 6; Stupp, supra note 6; Bonesteel, supra note 1.

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[8]See Michael Phillips, FanDuel Launches Virginia Sports Betting in Partnership with Washington Football Team; Move Is Seen as Enticement for a New Stadium, Richmond Times Dispatch (Jan. 21, 2021), https://richmond.com/news/state-and-regional/fanduel-launches-virginia-sports-betting-in-partnership-with-washington-football-team-move-is-seen-as/article_acef416b-76ea-56c1-a752-7cee9eb2e156.html.

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[9]Id.

Gamble with an edgeBetting With An Edge

[10]Id.

[11] Matthew Waters, New Virginia Sports Betting Bill Adds Items It Meant to Add Last Year, Legal Sports Report (Jan. 19, 2021), https://www.legalsportsreport.com/47278/new-virginia-sports-betting-bill-licenses/.

[12] Phillips, supra note 8.

Betting With An Edge Mike Maloney

[13] Jill R. Dorson, The Total Dummy’s Guide to Sports Betting Geolocation Technology, SportsHandle (Apr. 1, 2019), https://sportshandle.com/geolocation-mobile-sports-betting/.

[14] Aimee O’Driscoll, Best VPNs for Gambling: How to Access Betting Websites Abroad, Comparitech (Nov. 27, 2020), https://www.comparitech.com/blog/vpn-privacy/vpn-betting-gambling-abroad/.

[15]Id.

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[16]Id.

[17]See, e.g., u/throwawayyyy9828, [Serious] VPN for betting without letting betting sites know, Reddit (Dec. 14, 2020, 6:45 PM), https://www.reddit.com/r/sportsbook/comments/kd9q54/serious_vpn_for_betting_without_letting_betting/; u/Peepsalicious, Using FanDuel w/ a VPN, Reddit (Aug. 13, 2018, 5:47 PM), https://www.reddit.com/r/dfsports/comments/972io0/using_fanduel_w_a_vpn/.

Image Source: https://novacapsfans.com/2021/01/21/report-sports-betting-to-launch-in-virginia-on-thursday/.