What Tennessee's 10% Hold Means for Sports Bettors
What Tennessee's 10% Hold Means for Sports Bettors
What Tennessee's 10% Hold Means for Sports Bettorshttps://www.actionnetwork.com/legal-online-sports-betting/tennessee-sports-betting-10-percent-hold-what-it-means What Tennessees 10% Hold Means for Sports Bettors Silas Walker/Getty Images. Pictured: Jarrett Guarantano Tennessee is the next state to join the legal sports betting market going live Sunday November 1. Four sportsbooks DraftKings FanDuel BetMGM and Action 247 will offer wagers from Day 1 with others assuredly coming soon. Those who have followed the legal landscape closely over the last two years since the U.S. Supreme Court struck down PASPA in 2018 are aware that sports betting in the states is not a once-size-fits-all proposition. Each state gets to make its own rules and regulations and some states are quite different. Tennessees rules arent the worst in the country but are definitely not the best for bettors either. Whats Different About Tennessee: The 10% Hold The Volunteer States legislation requires that sportsbooks generate at least a 10% hold the percentage of money books hold after all bets have been settled. In financial terms its gross revenue divided by the amount of dollars wagered. For contrast Nevada the oldest state with legal betting has holds in the 5-7% range. New Jersey one of the first states to legalize betting in 2018 and one of the best examples of a well-run state in this regard is right in the same range. That difference might seem small but itll actually mean a huge change in listed odds for bettors. The 110 lines you commonly see at sportsbooks or quoted on social media those will likely be in the -120 to -125 range for either side of a bet in Tennessee due to the hold. Or if books are able to keep odds down for common bets like spreads and over/unders theyll almost certainly have to increase the juice on other wager types and likely on bet types that are harder to quickly spot the increase like parlays futures and teasers. What the 10% Hold Means for Bettors Again paying an extra $10 to $15 may not seem like much on one bet but it can really add up over time. For bettors who wager $100 on a game that will translate to an extra $1000 to $1500 wagered across just 100 bets. It will obviously make it much more difficult to make a long-term profit. For reference heres the breakeven point on odds in other words the percentage of bets youd need to win long-term to just not lose money. American Odds Break Even Percentage -105 51.20% -110 52.38% -120 54.55% -125 55.56% As you can see even a small increase in odds drastically affects the needed win rate and most bettors are likely right around 50%. What complicates things even further is that illegal offshore betting is already quite popular in the U.S. Will bettors be willing to pay -120 to -125 odds or will they just not participate in the legal Tennessee market? Well see what Tennessee does in the future: The state does have the flexibility to reevaluate the hold rule down the road. In order to have a healthy long-term market theyll likely have to change. via Action Network https://www.actionnetwork.com https://sv88.com
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November 01, 2020 at 11:29AM
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What Tennessee's 10% Hold Means for Sports Bettorshttps://www.actionnetwork.com/legal-online-sports-betting/tennessee-sports-betting-10-percent-hold-what-it-means What Tennessees 10% Hold Means for Sports Bettors Silas Walker/Getty Images. Pictured: Jarrett Guarantano Tennessee is the next state to join the legal sports betting market going live Sunday November 1. Four sportsbooks DraftKings FanDuel BetMGM and Action 247 will offer wagers from Day 1 with others assuredly coming soon. Those who have followed the legal landscape closely over the last two years since the U.S. Supreme Court struck down PASPA in 2018 are aware that sports betting in the states is not a once-size-fits-all proposition. Each state gets to make its own rules and regulations and some states are quite different. Tennessees rules arent the worst in the country but are definitely not the best for bettors either. Whats Different About Tennessee: The 10% Hold The Volunteer States legislation requires that sportsbooks generate at least a 10% hold the percentage of money books hold after all bets have been settled. In financial terms its gross revenue divided by the amount of dollars wagered. For contrast Nevada the oldest state with legal betting has holds in the 5-7% range. New Jersey one of the first states to legalize betting in 2018 and one of the best examples of a well-run state in this regard is right in the same range. That difference might seem small but itll actually mean a huge change in listed odds for bettors. The 110 lines you commonly see at sportsbooks or quoted on social media those will likely be in the -120 to -125 range for either side of a bet in Tennessee due to the hold. Or if books are able to keep odds down for common bets like spreads and over/unders theyll almost certainly have to increase the juice on other wager types and likely on bet types that are harder to quickly spot the increase like parlays futures and teasers. What the 10% Hold Means for Bettors Again paying an extra $10 to $15 may not seem like much on one bet but it can really add up over time. For bettors who wager $100 on a game that will translate to an extra $1000 to $1500 wagered across just 100 bets. It will obviously make it much more difficult to make a long-term profit. For reference heres the breakeven point on odds in other words the percentage of bets youd need to win long-term to just not lose money. American Odds Break Even Percentage -105 51.20% -110 52.38% -120 54.55% -125 55.56% As you can see even a small increase in odds drastically affects the needed win rate and most bettors are likely right around 50%. What complicates things even further is that illegal offshore betting is already quite popular in the U.S. Will bettors be willing to pay -120 to -125 odds or will they just not participate in the legal Tennessee market? Well see what Tennessee does in the future: The state does have the flexibility to reevaluate the hold rule down the road. In order to have a healthy long-term market theyll likely have to change. via Action Network https://www.actionnetwork.com https://sv88.com
Tags: #tylebongda, #soikeobongda, #soikeobongdahomnay, #tylebongdahomnay, #soikeonhacaibongda, #nhacaibongdasv88, #sv88, #tylesoikeonhacai, #nhacaisv88, #nhacaibongdachauau
November 01, 2020 at 11:29AM
Open in Evernote
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