New Jersey online sportsbook operator PointsBet announced Wednesday that it will honor bet-to-win amounts up to $10,000, no matter who the player betting is, effective immediately. The policy will extend to all point spread and moneyline bets, even on gamedays. The move allows the Australian company to stand in wild contrast with its competitive brethren.
Unlike the poker player, a sports bettor’s profits come at the expense of the house. As a result, many sportsbooks have safeguards in place against sharp bettors.
PointsBet hopes that the move will serve as a concession to sharp bettors who have complained of limit constraints on wagers in the Garden State. In doing so, the hope is to bring some of that sports betting action back from offshore and illegal sports betting operations.
The move also builds goodwill in the sports betting community.
Is banning players for winning really a thing?
The short answer is yes, it is.
Typically, sportsbooks can implement a reduction in limit or odds for bettors identified as consistent winners. In some cases, particularly in the United Kingdom, a sharp bettor could find himself banned outright from his favorite site.
Closer to home, some sports bettors have fallen victim to this kind of behavior. William Hill, for instance, has a reputation as a book that does not suffer sharps gladly.
It’s to the point that some top sports bettors identify the search for action as their top priority.
Spanky goes on to say in another Tweet that sportsbooks don’t really lower limits much anymore. It’s much simpler for them just to ban the player entirely.
Needless to say, many pro sports bettors are becoming increasingly frustrated with the state of affairs. Pro bettor Rufus Peabody said as much recently:
PointsBet continues to signal its differences from other books
So, in some ways, PointsBet’s decision to guarantee action is an attempt to go where the competition isn’t. The site has promised to honor the new promotion at least until the end of the 2020 NFL season.
However, it is likely that few who have followed PointsBet’s actions since its New Jersey debut are surprised by this latest announcement. PointsBet has often gone in directions the other sportsbooks wouldn’t.
For one thing, no other site has been more liberal with issuing refunds in close games. Most recently, PointsBet elected to refund bettors who took Auburn in the NCAA Basketball Tournament, citing the unfairness of the non-call on Virginia’s Ty Jerome.
PointsBet is already a unique site for its signature product alone. Rather than using a traditional spread, PointsBet pays bettors based upon how close to the spread the game finished.
PointsBet is definitely willing to try new things, regardless of how strange they might be. But, its new guarantee once again shows that it is going to be there for customers.
