Existing customers can now make deposits and withdrawals at a specially designated window inside the Meadowlands Racetrack.
This is as of today. The day before March Madness betting resumes with the Sweet 16. And the day before Major League Baseball regular season hits, too.
Of course, FanDuel Sportsbook still handles all of the North Jersey retail betting action. But the move allows PointsBet to add to its customer-friendly approach. The special betting window is open 11 a.m. to 6 p.m. daily.
“One of the big things with our app is we want to make things easier,” said Ron Shell, vice president of customers and insights at PointsBet NJ. “You can bet easy, deposit easy, and withdraw easy. It’s in and out.”
Call it an easy way of doing business. That’s a reasonable thing to focus on considering one of the biggest sports events (and sports betting events) is in full swing: the 2019 NCAA Tournament.
All in on March Madness? Well, of course
Shell said he couldn’t be happier with the way March Madness betting is going. Besides being “really, really pleased,” the early numbers show some positive signs of what’s still to come over the next two weeks.
Three games, over the first four days alone, produced handles of at least $80,000 each.
The second-round game between Maryland and LSU tops the list with a $90,000 handle. Wofford vs. Kentucky ($85,000) and Florida vs. Michigan ($80,000) also drew strong betting interest.
Opening the banking window at Meadowlands could help drum up interest during the Sweet 16, Elite Eight, and Final Four.
In terms of NJ sports betting revenue, Meadowlands is No. 1 in the state when it comes to retail. But that foot traffic alone could lead new customers to download the PointsBet Sportsbook app.
Keep in mind PointsBet Sportsbook is still one of the newer apps on the NJ betting market. The soft launch took place Dec. 11, but many customers did not have access to it until the NFL playoffs came around.
It did get into the Super Bowl craze, considered the biggest standalone sports betting event. But football season was just the start of what the company is trying to build in America.
“For us, we are still in an incredible growth phase,” Shell said. “For the Final Four, we expect to see a steady increase there.”
Make It Rain promos at PointsBet
Customers can say PointsBet is making it rain with March Madness specific promotional offers. It also happens to be the name of one of the current deals.
Make It Rain is available for NCAA Tournament games; point spread cash bets only. The premise is simple: Customers receive a $3 bonus bet for every three-pointer the selected team scores. There is a $100 minimum bet.
Shell said the offer is “super, super popular.” Even though there is a higher minimum bet, the free bets are available to use in other sports.
Like many of its competitors, PointsBet rolled out a Bracket Challenge. The final results are still pending, but there are more than 1,000 entries. PointsBet did not share the amount of busted brackets following the first weekend.
The other big promotion has been the Four Leg Parlay Insurance in which customers can receive up to $100 in bonus bets.
Duke, the favorite to win it all, also is getting special attention with what PointsBet is billing as “best in market odds” of +320.
The Blue Devils, who experienced a close call against Central Florida, still need to win four games before the payout comes into play. Shell explained a little about how the number comes about.
“We run our own hypotheticals where and what we think the odds should be and roughly what the price should be. We want to have as many eyeballs as possible.”
NBA betting is a big deal Down Under
Back in Australia, March Madness betting is not nearly as popular.
Shell said college sports don’t have the same level of popularity over there as they do in the US. Aussie Rules Football and Rugby Union tend to get more action in the Land Down Under.
Both sports are available for betting via the app in New Jersey.
But believe it or not, the most popular betting market in Australia tends to be NBA games, according to Shell. West Coast games that start at 10:30 p.m. on the East Coast actually tip at 2:30 p.m. in Australia. Sort of like the first two days of the NCAA Tournament.
Then in the evening, the more local sporting events take over the betting scene.
While NBA betting is popular in America, too, it doesn’t quite reach the wagering levels of the Big Dance in March.
PointsBet is just getting started in the US
Just like with the Super Bowl, this is the first time around with the NCAA Tournament for PointsBet in NJ. Overall, at least through the first four days, PointsBet has said March Madness is living up to the hype.
The specifics in terms of handle and overall revenue will be made public by the New Jersey Division of Gaming Enforcement sometime in April. Shortly after bettors find out whether or not Zion Williamson and Duke live up to the betting hype.
At the same time, the company is gearing up for baseball season. PointsBets is taking a unique approach by offering bettors the chance to wager on every single at-bat using its innovative Batter’s Box.
Talk about madness.