With gaming operators in New Jersey — and around the country — set to begin rolling out sports betting, the state’s casinos and racetracks have their work cut out.
In addition to the administrative work of obtaining the proper licensing, securing oddsmakers and risk managers, and building out sportsbooks (with Monmouth Park the trailblazers in that respect), prospective operators are also undoubtedly engaging in varying degrees of psychographic profiling to gain a better understanding of what is certain to become an expanded customer base in this new legalized landscape. So what types of new bettors can operators expect to begin streaming through their doors?
Following are 6 buyer personas with whom New Jersey bookmakers will soon be transacting.
1. SHARP SAM
Sam is a professional bettor, meaning his plays must always be respected. Oddsmakers would be wise to move lines when he gets down on a game, as his positions are an indicator of the sharp side of a number. On the same token, books need to be cognizant of Sam’s attempts to manipulate lines for his benefit. At times he will place what are essentially bluff bets aimed at tricking books into moving a line in a desired direction so he can take advantage of the adjusted (and preferred) number with much heavier action. Sam is a long-term winner, so the goal can’t be to beat him but rather to minimize the liability of his positions via hard limits or by refusing his action all together when warranted.
2. PUBLIC PETE
A steady bettor, Pete is ecstatic that the time has come when he no longer has to go to Vegas or use a shady offshore book to get his action in. As a recreational gambler or “square,” Pete bets primarily public teams, favorites and overs. He’ll go through periods where he seemingly can’t lose, but he’ll always come back down to earth. Since he possesses no sound bankroll management, the money he makes during one of his heaters never lasts long. In other words, while Pete will cash his fair share of tickets, he’ll always end up giving any profit back to the book multiple times over.
3. FRAT BOY BOBBY
Bobby can be counted on to roll to Atlantic City with his fraternity brothers from Rutgers or one of the Philly schools every so often, usually for big events like football weekends, March Madness and championship bouts. He’s big into parlays, betting 4- and 5-leg parlays at $25-$50 a pop. He knows his stuff and at returns of at least 10/1, his parlays are one of the reasons books are usually sweating out high-profile primetime games like Sunday Night Football. That’s because in addition to the sheer volume of straight bets, most parlays (and teasers) are ultimately tied to the primetime games, creating extra liability for the books. Bobby may not be a long-term winner, but he will certainly make some sizable splashes.
4. LEISURE LEN
Len is not a bettor, but he’s bound to end up in AC on a bachelor party or a weekend getaway with some buddies, and with sports betting suddenly an option he can be expected to throw 10 or 20 bucks on his favorite team to make watching the game a bit more interesting. Except for the physical act of exchanging his money for a betting slip, Len otherwise doesn’t even register on the radar of the book.
5. FANTASY FRANK
Frank may not be one of those quants or day traders moonlighting as Daily Fantasy sharks and making a killing, but he’s nonetheless been a steadily profitable DFS player and has realized that some of his player pricing knowledge can be used to exploit props. He’s willing to lay upwards of a couple hundred bucks apiece on a handful of props and is going to win more than he loses. Frank won’t be putting the books out of business, but when they experience a bad weekend or month, he will surely have a say in it.
6. WILL THE WHALE
Will lives in a $20 million penthouse in Midtown Manhattan and jets to AC for some high stakes blackjack and craps every so often. He loves all the action and isn’t afraid to lose six figs in a night if the Grey Goose is flowing and the ladies are nearby. With the boardwalk’s action platter now expanded to offer sports betting, he’ll definitely want a piece of that too. Books should lift their limits when he rolls to the window. And if he cashes a big ticket, they should just comp him a suite because he’ll invariably double down and give it all back.