The fine line between bookies and bookmakers is to your advantage
As the landscape changes with U.S. legalized wagering spreading among many new states this year, one foundation principle and guideline remains in force. Whether onsite or online, no casino willfully provides credit for your sports wagering convenience. Although seemingly a disappointment to those raised in a traditional bookie system, it’s truly a money management advantage for all. Here’s a historical look back and some realistic explanation why:
The Good and Bad Ol’ Days
Until the dawn of offshore sports betting approximately two decades ago, the typical corner bookie was the sole "private source" to wager on sports in the U.S. outside of Nevada. The positive aspect was the unsecured line of credit offered and the guaranteed opportunity to avoid any potential tax payment. Plus, the opportunity of no paper trail to keep all bets private. Ironically, these principles remain to this day the core selling points keeping street bookies (a.k.a. agents) alive.
The downside for the bookie was they were (and are) taking a risk not getting paid offering unsecured credit to customers. They also know any threats of violence enter them into a felony. Therefore, assuming potentially not getting paid is considered part of doing business. A process equal to a bank writing off a percentage of bad loans. The reality difference is there is no government agency to help them out.
Now that legalized sports wagering is increasing in the U.S., the highlight is on convenience. Expedited payment within 24 hours online is an expected feature akin to how horse racing has evolved through major providers like TVG and Twin Spires. Also, more outlets for sports wagering will pop-up, offering a more social and accepted atmosphere to be among other bettors. The shadows will disappear, but the huge void to obtain that enticing credit will always remain.
Need some proof? Why do you think the NBC NFL Sunday Night Game of the Week is television’s highest rated show and by far the nation’s most popular broadcast? Do you believe it’s always because of two great football teams matching-up? Yeah, right.
Either (A) Sports bettors have achieved a great Sunday or weekend betting football and are anxious to close out their good luck with one more wager fix blast before going to sleep. Or (B) A disastrous Sunday that can either be diluted with a big NFL win or wiped out betting much more than anticipated. A very poor decision betting on potential credit often makes either very risky and very foolish.
Our Current Landscape and Online Scape
Extending casino credit for both noteworthy gamblers and those who successfully applied in Nevada and New Jersey casinos has been available for many years. With the proliferation of traditional casino play among other U.S. states, it's also become quite customary among VIP programs as casino gambling has spread throughout the U.S.
However, it’s been most customary projected for table games including craps, blackjack, baccarat, etc. And, also offered for high-roller slot players as well. It seems rare or non-existent that players would seek or obtain credit lines for sole sports wagering. And for good reason.
The profit margins are slim enough for sports wagering, with not enough overall volume to offset a valuable casino return on investment (ROI) margin. To offer credit to those proving not only credit-worthy, but having a track record of sports wagering success, seems like a bad business decision. Research also shows that sports bettors often confine their play to betting on sports only. A casino would not likely have the chance to share any other better profit opportunity involving any other casino category.
If you can’t Bet-em, Join-em
The current rapid push toward legalization for sports wagering among several U.S. states is no happenstance accident. The regular football season is coming very soon and that means the greatest opportunity to hang an open for business flag opportunity. Legislators know it and have been intrigued by the positive headlines in New Jersey eclipsing Nevada’s long-standing hold atop the U.S. sports wagering market. But does jealousy breed potential opportunity for mistakes?
They might want to learn from the long-standing offshore wagering industry. Only in minority situations has it been known possible for very select players to obtain credit opportunity. The top, preferred sportsbooks have often earned their status by managing their business properly and prudently offering credit to certain, select customers. Perhaps those with long-standing accounts or high-level referral status. Offering private credit is not a selling tool, nor a traditional custom compared to a local bookie.
As we get ready to kick-off the NCAA and NFL football seasons, an intriguing question comes forward with the proliferation of states opening their legalized sports wagering windows for the first time. Will we see casinos offering credit lines to customers, comparable to how bookies have been operating for decades? More intriguing, will they be secured by the same banks and credit institutions who have lobbied AGAINST sports wagering before the repeal of PASPA (the Professional and Amateur Sports Protection Act) in May 2018?
The Surest Thing
We will debate different NFL, College Football, NBA, NHL and MLB best bets, locks and bettor advantages throughout the remainder of 2019. But one best bet lock will remain forever covering every sport from the beginning till the end of time. Betting on credit is the absolute worst decision any gambler can make!! Way more severe and beyond shopping on credit, it illogically distorts judgement, money management skills and all reasonable emotional logic. Whether wagering ahead or worse from behind, betting on credit is a fantasy sequence that always works in the advantage of the casino or bookmaker. Every person attending a Gamblers Anonymous meeting will surely back those statements with years of suffering proof.
Here’s hoping that private credit remains the sole advantage of local bookies and doesn't invade either offshore sportsbook wagering or the new expanding world of U.S. legalized sports betting. As a first sign, look for dozens of those extra high-charge credit card machines showing up in every corner of new sportsbooks throughout the U.S. Next likely will be flashing Visa and MasterCard solutions available online.
It’s challenging enough seeking a 56.5% overall winning percentage than also overcoming double-digit interest payments on very unnecessary loans.
Glenn Greene covers the games from a betting angle every week exclusively at OSGA.com. For weekly betting insights, including previews and picks from Glenn, click here.