Community gaming has a new twist. DraftKings Sportsbook unfurled its first-ever crowd-funded promo offer for Monday’s Denver Nuggets-Los Angeles Lakers matchup.
Crowd-funded, you say? What do you mean?
It’s simple: The more people bet, the more everybody wins a bigger free bet.
Any bet of $1 or more will receive a free bet that then grows by a dollar for every thousand bettors who wager on the game. For example, if 100,000 people make bets of $1, they will each get back $100 in free bets.
As of this writing, the free bet amount stands at $50 at DraftKings, but it won’t stay there for long.
$50 FREE BET AND RISING FAST 📈
— DraftKings Sportsbook (@DKSportsbook) August 10, 2020
How the DraftKings crowd-funded free bet offer works
The special offer is only available for the Lakers-Nuggets game on Monday night and there are no minimum odds. You must be in New Jersey to bet and opt-in on the crowd-funded free bet.
Other rules of play include:
- A minimum $1 bet is required.
- Offer excludes live bets, parlays, free bets, cash out bets, voided bets, and odds boosts.
- All users will receive the same free bet.
- Free bet will be credited on Aug. 11.
Most importantly, the free bet is handed out regardless of the outcome of the game. Lakers or Nuggets, you get a free bet.
Lakers vs. Nuggets attracting big handle at DraftKings
DraftKings Sportsbook selected a strong matchup to debut the crowd-funded free bet offer. A beneficial seesaw effect looks to be in play with the Lakers and Nuggets, as passionate betting interest rotates between the two sides.
Lakers bettors couldn’t wait to jump on them at -1.5 on Sunday with a moneyline of -121. They had 68% of the spread handle according to DraftKings.
By Monday, that line had shot up to five and varied sportsbooks across the country reported heavy betting on the Nuggets. On Monday afternoon, a DraftKings official told PlayNJ that the Lakers were now receiving 51% of the handle and 54% of the bets with the new line.
This swing hints at late Lakers’ money pouring in if the line comes back down before tipoff.
The under sentiment was dominant in the 221 total-points line at 61%. Bettors were keenly aware that injuries impact both teams, with Kentavious Caldwell Pope out for LA and Will Barton, Gary Harris, and Vlatko Cancar sitting out for Denver.
The DraftKings Sportsbook official added that nearly 50,000 gamblers had participated in the promotion, with seven hours still remaining before tipoff.
Lakers: Current and futures gold
Any special offer involving the Lakers has a strong chance to succeed. They are the darlings of the betting public, including the NBA betting futures market. The Lakers have generated far more handle at DraftKings than any other team (33%) to win the NBA championship at odds of +250.
The Philadelphia 76ers are still second with 16% of the handle at +2500. But their percentage is likely to slip in the wake of a season-ending injury to Ben Simmons.
The Los Angeles Clippers are third at 13% of the handle with odds of +340. The Nuggets have obtained 4% of the futures betting handle.
NJ sports betting + NBA promos
The NBA restart brought out perhaps the most collective and creative industry courting of gamblers in the legal sports betting age.
FanDuel Sportsbook unfurled Spread the Love for the Lakers’ first return game against the Clippers on July 30. For every 2,500 backers, the spread moved by a full point, with a maximum bet of $50. The line had opened with the Lakers -4.
News stories accompanied periodic upticks. Gamblers then notified each other, jumped on the bandwagon, and propelled the spread higher. After the spread reached Lakers + 36 (and it went much higher) the final number didn’t matter. What did was that at least 100,000 Lakers backers had taken advantage of the offer and moved the line at least 40 points.
PointsBet NJ delivered an offer to remove the vig for the entire eight-game regular-season period. That gave bettors a 10% edge right off the bat for a continuous period of time. The tradeoff: Books give away their built-in edge during a recruitment drive likely to generate more customers.
Fox Bet delivered a promotion for new customers of the 76ers for the team’s opening game back against the Indiana Pacers.
Throughout the industry, these promotions have been win-win. They are victories for players because it loads up a free-bets platform. And one of those free bets could yield nice payday.
It’s also a win for the books because the offers generate a captive audience for future considerations.
Add DraftKings’ crowd-funded free bet to this list, yet another win for NJ sports betting fans.