Thursday, January 20, 2022

How a Draymond Green decision cost sportsbook millions: report

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Draymond Green left Sunday’s Golden State Warriors win over the Cleveland Cavaliers after playing just seven seconds. The reason for the early exit was a calf injury that is still sidelining the Warriors star. Green only started the game because he wanted to be on the floor when star Klay Thompson returned. According to a story from ESPN, the injury wasn’t just costly for the Warriors.

“At 8:31 p.m. ET,” the website wrote, “the Warriors’ official PR Twitter feed posted that Green would be on court for a tip but would not be participating in the rest of the game due to the calf issue.”

This excerpt from ESPN may not sound overly controversial, but this news was announced nine minutes before the game started at 8:40 p.m. That nine-minute window proved costly for the sportsbook.

As ESPN reported, “Betters rushed to place bets on the underside, such as greens total (7.5), rebounds (8.5) and assists (8.5), before sportsbooks could wipe the markets off the table.

Green finished the game with zeros across the board, of course in terms of points, rebounds and assists. This stat line allowed bettors to clean up. Some books paid off those bets quickly, while others took a break.

“Several books including FanDuel, Caesars, BetMGM and PointsBet all paid out the green sub-bets as instant winners. However, DraftKings held off on paying while it reviewed the situation and attempted to determine if bets placed after news of Green’s game time resulted from a “known event” that would be against house rules,” the reported site.

DraftKings originally investigated the green bets and did not pay out.

Following this announcement, punters were furious and took to social media to vent their frustration. Apparently, DraftKings heard the outrage and announced that they would count the sub-bets as winners. The company also announced that it will give refunds to anyone who wagered on Green’s props.

In a statement, DraftKings said: “DraftKings will declare all Draymond Green under markets as winners and issue cash refunds for all bets on Draymond Green over markets. Customers will see the statement and credit by the end (Tuesday)”

How expensive were those nine minutes?

From ESPN again: “Industry sources estimated that DraftKings paid out more than $1 million for the green props, with payouts across the entire sportsbook being in the several millions. The bulk of liability comes from bets placed within the last 10 minutes of play.”

Sports betting is now legal in 30 states, according to Forbes more than 100 million Americans can now bet where they live. With the growing popularity of sports betting, stories like this are likely to become more common. It will be interesting to see how sportsbooks deal with such scenarios in the future.

In today’s social media-driven world, an early report like this is sure to happen again. With the growing popularity of sports betting, it also means that it will cost sports betting more and more when reports like this appear. Since these costly costs are likely to recur in the future, it will be interesting to see how books deal with situations like this in the future.

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