yisman Posted November 5, 2014 Report Share Posted November 5, 2014 I was wondering about this. The minimum payout is 2.1 (in most states. I think Massachusetts is 2.2?) so if there's a huge favorite and people place large wagers on the horse to show, the company taking bets could take a loss (they'd have to pay 2.1 when the odds according to parimutuel betting might really be 2.07 or something). So I saw an article about X and Twin booting players who do this too often. http://www.drf.com/news/xpressbet-policy-prompts-review-california In its conditions of service, XpressBet says that it "reserves the right, at its sole discretion, to terminate and close an account for whatever reason and without explanation." Similar language is used by all the other large account-wagering providers in the country. Twinspires.com, the largest account-wagering company in the United States, has a similar policy on winning show wagers, according to Darren Rogers, a spokesman for Churchill Downs Inc., the owner of the company. “Our approach is to engage in discussions with any player who repeatedly contributes to the creation of negative show pools, whether it’s intentional or not, and let them know that this type of wagering isn’t welcome at twinspires.com,†Rogers said. “In the past, we’ve had players who chose to repeatedly abuse the system and had to close some accounts, but we would never do so without discussing the matter with the customer first.†Large show wagers - and in rare circumstances, large win bets and place bets - can cause a minus pool, where more money is distributed to winning bettors than the amount left over after the takeout is deducted, principally because of statutory requirements that wagers must return at least $2.10 for every winning $2 bet. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted November 5, 2014 Report Share Posted November 5, 2014 i've always wondered about this too, they certainly can't like 20 guys each betting $500 into a show pool that had $40 at an obscure track that just so happened to have a 1-9 favorite in a 5 horse field... Quote Link to comment Share on other sites More sharing options...
yisman Posted November 5, 2014 Author Report Share Posted November 5, 2014 i've always wondered about this too, they certainly can't like 20 guys each betting $500 into a show pool that had $40 at an obscure track that just so happened to have a 1-9 favorite in a 5 horse field... I'd guess for smaller wagers they don't care. But if you make a few large wagers into these types of pools they'd probably contact you and say stop or else. The article said it used to be the track had to pay for the losses, but they changed the rules because the tracks were sick of it so they said whatever site was taking the wagers is responsible to pay for it. Quote Link to comment Share on other sites More sharing options...
StayGolden Posted November 6, 2014 Report Share Posted November 6, 2014 Mountaineer pays 2.20 Quote Link to comment Share on other sites More sharing options...
KingRevolver Posted November 7, 2014 Report Share Posted November 7, 2014 I'm still wondering if the clown that came up with that promo a couple of months ago @ Xpressbet got fired or not... They had to have lost money on that one. Quote Link to comment Share on other sites More sharing options...
Bagiant Posted November 7, 2014 Report Share Posted November 7, 2014 Believe me, they make up for it on other races! Quote Link to comment Share on other sites More sharing options...
2w2p2s Posted November 7, 2014 Report Share Posted November 7, 2014 I'm still wondering if the clown that came up with that promo a couple of months ago @ Xpressbet got fired or not... They had to have lost money on that one. Well if they are complaining about bets into negative show pools, they should really fire him for the current promo. They are complaining about having to pay out $2.10 in these situations yet promoting an offer that will return $2.60. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted November 7, 2014 Report Share Posted November 7, 2014 I'm still wondering if the clown that came up with that promo a couple of months ago @ Xpressbet got fired or not... They had to have lost money on that one. What would really be hilarious is if WVU was working for them as a marketing consultant.....that would be classic!! Quote Link to comment Share on other sites More sharing options...
yisman Posted November 7, 2014 Author Report Share Posted November 7, 2014 I'm still wondering if the clown that came up with that promo a couple of months ago @ Xpressbet got fired or not... They had to have lost money on that one. yeah they lost quite a lot I'm sure On average you'd expect someone to lose 15-20%, I guess. So if someone bet 2k, they'd expect to lose $400 on the high end. That's still a $600 profit per account. Could've easily been 300 accounts doing it, for a $180,000 loss for xpressbet right there. Many of the accounts not already signed up (and were thus eligible) were for bonus whoring purposes, and they'd just leave. Quote Link to comment Share on other sites More sharing options...
KingRevolver Posted November 9, 2014 Report Share Posted November 9, 2014 You know they probably hired some hot-shot kid out of college who thinks he knows everything the business. Probably has no clue about sharps out there. He just thought a bunch of degenerates would buy-in for $1k and lose it all, and they'd make a killing. :smiley-laughing001: Quote Link to comment Share on other sites More sharing options...
BigDaddy Posted November 9, 2014 Report Share Posted November 9, 2014 300 accounts? lol wvu did 25% of that amount by himself much much more than 300 Quote Link to comment Share on other sites More sharing options...
KingRevolver Posted November 9, 2014 Report Share Posted November 9, 2014 I think he was just using that as an example, but could be wrong. Of course there were more. Quote Link to comment Share on other sites More sharing options...
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