Sports books in Las Vegas are not going after the fantasy players. Watch sports TV for more than 10 minutes and you’re a favorite to see at least one ad for FanDuel or DraftKings so the customers are obviously there yet no sports book in Nevada has really made a solid effort at cashing in on the DFS market. CG had a Nevada-only product a few years back but it’s long gone and no one since has tried offering anything similar.
Question is, what are they waiting for? According to non-stop TV, radio and print ads it’s easy money for all.
Station casinos has made an attempt to at least be involved and offer something. Their Fan Draft Weekly Card allows bettors to make 4 – 8 choices from various player groups and score payouts from 14-1 for a 4 entry card up to 299-1 for an 8 entry card. Big problem is that you have to pick the winner from among a group of four evenly matched players which makes your odds of getting one right approx 25%. Multiply that out for the 4 teamer and the no-capping odds of going 4 for 4 and collecting on the 14-1 payoff are 1 in 256. That’s a raw house edge of over 94%. Allow for handicapping and the possible scratch of a player after the card is issued and maybe a diehard crackerjack fantasy buff can get the house edge down to 50%. This is an unbeatable offering and it only gets worse the more legs you add to the card. On the high end, the 8 teamer pays 300 FOR 1 or 299-1. The raw odds for hitting 8 of 8 are 1 in 65,536. That’s over a 99% house edge to start. No matter how good you are you won’t get the house edge down under 70%. Don’t waste your time trying one of these. Someone either miscalculated the odds of hitting a parlay where each leg has a 4-way line, or worse, they do know the odds and decided on this horrendous pay scale.
Either way, this card won’t last very long. The house edge is too high to get any repeat business so it will die a deservedly quick and natural death. Hopefully the next try by Stations or another book is at least a reasonable one. The opportunity is certainly there for the taking.