How to beat the gambling apps at their own game
With a little planning and research, you can make money from sports betting sites' relentless promotions
The Charlotte Ledger is an e-newsletter with local business-y news and insights for Charlotte, N.C.
Sports betting promotions can be turned into actual cash, free of risk; How I made $628.17 from FanDuel and DraftKings in 3 days
by Tony Mecia
What if I told you that with the launch of sports gambling in North Carolina that the major sportsbooks are basically giving away free money?
By now, you’ve seen the ads — the billboards, TV and radio spots, direct mail, social media posts and email blasts. The hype and marketing budgets are off the charts.
The premise is that sports can now be more fully enjoyed, the scourge of illegal gambling can be brought out of the shadows, and North Carolina can reap the benefits of new tax revenue. The dream of hitting it big lies within each of us, sure. Most of us, however, know gambling is a losing proposition. As the saying goes, “The house always wins.”
There’s an exception, though. The online gambling operators don’t win if you use their sign-up promotions in a strategic way, then have the self-discipline to cash out and call it quits.
You can accept the sportsbooks’ introductory offers, and instead of pitting yourself against the online casino — a scenario in which you are likely to lose — you can pit them against each other and walk away with a tidy sum.
Between Monday and Wednesday of this week, I turned their promotions into more than $600 by placing bets that literally couldn’t lose. On Monday and Tuesday, I put a total of $80 of my money into these sportsbooks, and on Thursday, I withdrew $708.17. Unlike with actual gambling, I watched the games stress-free.
To be clear, I’m uncomfortable encouraging people to use these sports gambling apps, because the risks and dangers of gambling addiction are very real.
But this isn’t some “system” I have devised, or a shady get-rich-quick scheme. It’s accepting incentives these multi-billion-dollar companies have offered, following their rules and betting both sides of a sporting event using the casinos’ own promotional money, which converts to actual money when you win.
It’s like dabbling in credit card rewards: You sign up for an introductory offer, fulfill the terms and reap the frequent flier miles, which are typically translated into flights worth hundreds of dollars. The credit card companies hope you keep using the credit card, but you’re free to cancel it. Same with North Carolina’s new online gambling sites.
I’m going to tell you what exactly I did this week and how the money and promotional bets work. And I’ll share what I’ve learned, in case you decide this is something you want to try, too. It worked for me, a casual sports fan who is familiar with sports betting basics but is by no means sophisticated. Maybe it’s for you and maybe it’s not — you can decide.