In Game Sports Betting

Eddie Tomasek

In today’s world you can literally bet on every type of sporting event. Sports betting have consumed the lives of many people and it is even people’s main source of income. The only problem with sports betting is once the event starts the bets are closed. Computers are not fast enough to calculate in game betting. That is until now. Cantor Gaming, and affiliate of Cantor Fitzgerald, has developed a system that allows for in game betting. It has taken the technology used in the stock market and incorporated it into live in game betting in Nevada.

This has allowed people to bet on plays mid game. In game betting can be a great source of income for in the gambling business. Casino’s can implement this technology to attract many more customers. It allows gamblers to make more calculated risks. Gamblers during the Chicago Bears win over the Green Bay Packers were able to place bets on each play. The gamblers were allowed to bet on every play as the odds changed. Since people can bet on every play it increases the number of bets significantly which means more money coming in to the casino.

If every casino implemented this technology there revenues would increase exponentially. Amaitis, the CEO of Cantor Gaming, has claimed 15% of the sports betting market. According to the Gaming Control Board says the system has, “…totaled $1.4 billion in the first 7 months of 2010.” With that kind of revenue casinos would be swimming in money. The advantage of the system is its speed. The, “bookmakers can post odds on new situations as they arise, take in bets, and change the odds to balance its book—that is, ensure that it won't lose much money regardless of the outcome.” For casinos this would be a great investment to generate more revenue especially in these harsh economic times.

Casinos are not the benefactors from this faster bookmaking technology. The actual betters can make more calculated bets. Betting on a play by play basis allows people to read each situation and place bets on how the game has played out. The success or lack of success throughout at game can increase the odds because people see what has worked and what has not.

One problem this possesses is people will be placing more bets. The more bets that are placed mean the higher chance of losing money. If people are constantly betting the more at risk they are of leaving in the negative. The addiction rate of gambling has the potential to sky rocket. Also people may think since you can bet on a play by play basis they will win every time. This kind of mentality can lead to lots of money lost and not a lot gained.

Overall I think this a good idea in a business sense. It increases revenue for a struggling tourism industry in Vegas. It will attract more people to come to casinos and make bets. Morally I think it is a little risky. It is taking advantage of people who want to gamble on everything. It can cause lots of downfalls and ruin the lives on many people.

http://www.businessweek.com/magazine/content/10_41/b4198041715162.html