Mobile sports betting is now available in the state of New Jersey.
So is it worth your time to make the trek across the bridge for mobile betting?
Most experts will tell you no. DraftKings is taking advantage of being the only mobile show in town.
Crash course on how sports betting works
It’s known amongst professional bettors that you have to win a minimum of 52.34 percent of your bets in order to make a profit. This is because sportsbooks in Vegas will typically take 10 percent in an effort to guarantee profit if a game has an even money bet on each team. Heavy hitters, or “sharps,” will view a 55 percent hit rate as a huge success and it’s extremely rare that the average bettor reaches that number over the long-term — no matter how many of your friends tell you they’re hitting 65 percent.
How DraftKings mobile betting works compared to Vegas
DraftKings is the most recent company to enter the world of mobile sports betting. However, you won’t be getting the best value betting on their mobile app.
For a traditional NFL game, there is a point spread. Let’s take the Eagles’ regular season opener. The defending World Champs are four-point favorites over the Falcons with the odds being -110 to bet either side. What this means is you need to bet $110 to win $100 and the house keeps $10. That $10 of interest is known as “juice” or “vig.”
The vig alters however if you bet the outright winner (the moneyline). The Eagles are currently -185 and the Falcons are +160. This is because the Eagles are a sizable favorite. You would have to bet $185 to win $100 betting the Eagles on the moneyline. You’ll notice there is a “25 cent” difference between the two moneylines. This is referred to as a “dime line.” The lower the “dime line” is, the more advantageous it is to the bettor.
In baseball, this also goes for betting the run line, which is like a football betting line. Run lines will be -1.5 and +1.5 runs. If you bet on the team at -1.5, that team has to win by two runs. If you bet on the team at +1.5 runs, they need to either lose by one run or win the game outright.
MLB is where we see lack-of-value on DraftKings’ mobile betting. On the image below, you can see (as of this morning) the dime line for the run line is 40 cents in the Astros/Giants game. Most all of the dime lines for that game is 20 cents in Vegas sportsbooks. The DraftKings’ moneyline dime line for tonight’s Phillies/Diamondbacks game is 30 cents. Vegas ranges from 10 cents to 20 cents.
Is it worth it?
The playing field will level as more sportsbooks become mobile but you get far better value at a live sportsbook for the time being. The question for the consumer is how much are they willing to pay for the convenience of mobile sports betting? If it is value the consumer is looking for, then it’s best to make the trip to Atlantic City or Delaware to have some action on a game.
WARNING PENNSYLVANIA RESIDENTS: if you even attempt to place a bet while in your home state, you’ll get a pretty mean and scary message: