Delaware Futures Prices Differ Significantly From Other Sportsbooks

John Mehaffey June 8, 2018 1456 Reads
Delaware Futures

Delaware became the first state to launch full-scale sports betting after PASPA was found unconstitutional. The first look at futures odds shows some regional bias and high vig.

Being the nit that I am, I decided to dig into the numbers to see just how badly Delaware players are getting the shaft. I used the Sports Futures Calculator at Wizard of Odds for the math.

Regional bias obvious in NFL futures

Are you near Delaware and want to make a futures wager on a regional team? You may want to take a trip to Nevada to do it. The same can be said for some West Coast teams having better prices in Delaware.

The price that stuck out the most was the Philadelphia Eagles winning the Super Bowl. At Delaware sportsbooks, that only pays +450. William Hill offers this bet at +800 in Nevada. BetOnline, an unlicensed sportsbook that accepts bets from Delaware players, also has the Eagles as an 8/1 payout. Westgate pays +1000 on an Eagles repeat. That’s quite a discrepancy.

The Baltimore Ravens are offered at +6000 to win the Super Bowl in Nevada. Delaware sportsbooks posted that number at +3500. The Washington Redskins are +10000 at Nevada William Hill sportsbooks, but +7500 in Delaware. The Steelers see a slashed price in Delaware at +1000 when compared to Nevada’s +1200.

Meanwhile, Los Angeles Rams bettors may not want to buy a futures bet in Nevada, where it only pays +800. It’s +1200 in Delaware. The soon-to-be Las Vegas Raiders are +1200 in Nevada and +1800 in Delaware. The Chargers pay +2500 in Delaware betting shops, but Willian Hill in Nevada hangs +2000 for the same bet.

One price that made no sense between the states is the Atlanta Falcons. In Nevada, Will Hill bettors only get +1200. In Delaware, it’s +2200. This was the only instance I found where a city significantly closer to Delaware than Nevada saw a much better price in Delaware. William Hill may need a geography lesson, or perhaps Delaware bettors know better than Nevada ones that the Atlanta Falcons are overhyped trash.

Major League Baseball pennant races

The regional bias was not as noticeable in Major League Baseball. However, there were still some clear differences. The Philadelphia Phillies are +650 in Delaware. That same bet gets +3000 at William Hill in Nevada. The Braves, a team with legacy fans in the region from the days of TBS broadcasts, only pay +800 in Delaware. That same bet is +4000 at William Hill in Nevada.

The longshots paid at least double in Delaware when compared to Nevada. This may be related to a state lottery’s hopes in enticing players to make sucker bets. There is not a major difference in betting the lowly 22-41 Cincinnati Reds at 50-1 or 999-1, especially when the price of favorites is slashed to make up for it.

Comparing Delaware futures vig to other markets

The vig on futures bets in Delaware is high. The markets I evaluated fell just short of 30%. They were only marginally worse than the William Hill Nevada holds. On the other hand, they were 5-10 basis points above the benchmark Westgate sportsbook in Las Vegas and the offshore sportsbook BetOnline. Here’s a full breakdown of 2018 NFL futures at the four sportsbooks as of June 7.

Team
Delaware
William Hill LV
Westgate LV
BetOnline
Patriots
+500+600+600+625
Eagles+450+850+1000+800
Steelers+1000+1200+1000+1200
Vikings+1100+1000+1000+1000
Falcons+2200+1200+1600+2200
Packers+1000+1000
+1400
+1400
Rams
+1200
+800
+1000
+1200
Saints
+1600
+1700
+1800
+1600
Jaguars
+2000
+2000
+1600
+2000
Cowboys
+2500
+2800
+3000
+3300
49ers
+1200
+1000
+2000
+2000
Raiders
+1800
+1200
+1800
+3300
Panthers
+4000
+4500+4000+4000
Seahawks
+6000
+6000
+5000
+5000
Texans
+2200
+2200
+1600
+2000
Chiefs
+2200
+2500
+2000
+3300
Chargers
+2500
+2000
+1600
+2000
Lions
+3500
+4000
+4000
+5000
Titans
+2800
+2800
+2500
+5000
Ravens
+3500
+6000
+5000
+4000
Bucs
+10000
+10000
+10000
+6600
Broncos
+4000
+4000
+4000
+3300
Cardinals
+7500
+10000
+10000
+7500
Giants
+3000
+4000
+4000
+2800
Bills
+12500
+10000
+8000
+8000
Dolphins
+10000
+10000
+8000
+10000
Redskins
+7500
+10000
+10000
+7500
Colts
+7500
+10000
+6000
+5000
Bengals
+10000+12500
+8000
+10000
Bears
+12500
+7500
+6000
+10000
Jets
+10000
+10000
+8000
+10000
Browns
+12500
+7500
+8000
+6600
Vig29.37%
28.35%
25.41%
19.40%

Consensus

There probably is not a reason to drive to Delaware to make a sports futures bet. It could only be a matter of days before New Jersey becomes an option with a competitive market that may be worth the drive for some in the region.