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New form of sports wagering coming to Nevada

Forum: Sports Lottery
Author: [Sports Lottery] Topic: New form of sports wagering coming to Nevada
petek PM petek
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petek
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Posted: 10/20/2012 9:26:48 AM

Hi. Pete Korner here, owner of The Sports Club, Nevada’s largest Oddsmaking Firm.

Just want to throw an idea that’s possibly coming down the road and see what the general feeling would be with bettors. After three years, I just received my US Patent for a new way for Nevadans (or those visiting Nevada) to bet on sports. It’s a take-off of what’s known as exchange wagering but in this version, players (bettors) can only make offers while my clients (the licensed sportsbooks in Nevada) are the only ones who can accept an offer.

I think it’s a win-win-win situation but would like your take. This came out of situations my clients face every week. There are three elements that I think everyone will be satisfied.

First, sportsbooks sometimes need another option, besides the walk-up traffic, to generate more handle. A separate pool of offers on both sides of a game can create a safe way for books to balance action and take the risk out of a game or day. Also, they can cherry pick offers on both sides of a game and cut a profit with zero risk. The books will also have the ability to lay off to other sportsbooks, something they’ve never had the ability to do.

Second, this is great for bettors of all kinds. Think of it, you can now get the line you want at odds you want without shopping around. Create middles for yourself with offers that will be seen not by one sportsbook, but pretty much the entire family of Nevada sportsbooks. Nevada will be “the place” to plunk down a million-dollar bet as close to 20 hubs can take part or all of the offer.  And let’s be real, if you’re a bookie in any city, wouldn’t you jump at something like this where you can lay off your money and balance the action as well? (get a friend in Nevada quick).

I can tell you right now after talking to many of the directors here in the state, some will be pretty aggressive in snatching up offers if they’re anywhere close to their current lines at their books.

Thirdly, this will be a boon for the state with handle rising possible two, three or four times in the near future. Revenues will be much higher and I’m sure the state of Nevada will like that to tax.

Investigations, approvals, security systems, all of that stuff is being handled right now. You will have to be in Nevada to do this but you don’t have to be a resident, just within the borders when placing an offer.

Comments good and bad are welcome!

 

Pete Korner

petek PM petek
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Posted: 10/20/2012 12:59:37 PM

I reposted this in the football forum. With more exposure there, please use that forum for any questions. Thanks.

 

Pete

nd1 PM nd1
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Posted: 1/1/2016 10:23:57 PM
Good info...
Posted using a mobile device.
Mobcasinos PM Mobcasinos
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Posted: 3/18/2017 12:08:46 PM
If anything new then I might get interested playing it. If the so called new is just the same of the old one then I would lost interest playing it. I would rather stick with the old one.
Indigo999 PM Indigo999
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Posted: 4/29/2017 8:51:15 AM
What stage in the development of an exchange  in Las Vegas at the moment?

Why would a sportsbook that is an exchange want to lay off anything?   

They have equal action on all bets, so they have zero risk or exposure.  Do you mean other books would lay off their open exposure by betting into open offers with an exchange?  That seems to be already happening with matchbook now.

Matchbook should be the model that Las Vegas copies in the future.  The Suits would like it because there  is a guaranteed profit every week....obviously now, sometimes the public can go on a winning streak which brings uncertainty of profits for the sportsbooks.......corporate would seem to prefer something guaranteed, rather than taking a side.

Matchbook when you look at their matched betting generates about 20,000 dollars of commissions on a single baseball betting day alone.  You wouldn't starve on those kinds of commissions

The only issue with this kind of model is that you will get other sportsbooks using the old model to sabotage your efforts to get this off the ground.....they have unlimited money to bribe the powers-that-be to keep it from happening.  it's the new-kid-on-the-block syndrome.  It's been 8 years since the article first appeared, which would have plenty of time to implement what would be needed to get this off the ground.  Make you wonder if it already has been subverted.
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