Time ticking away
With Saturday afternoon’s entry deadlines fast approaching, Circa Sports is still a long way off getting enough entries for two of its pro football betting competitions. The sportsbook operator needs more entrants to cover $12m worth of guaranteed prize money, but it looks likely that Circa will have to foot a lengthy bill.
need 6,000 entrants each to cover the bill
Both competitions need 6,000 entrants each to cover the bill. At the time of publication, there are 3,297 entries to the $1,000 Circa Million IV competition, while the Circa Survivor pro football competition has secured 4,505 entrants.
Currently, the Las Vegas operator has to pay $2.7m to cover the shortfall for the Circa Million IV and $1.7m to cover the Circa Survivor deficit, combining to a $4.4m bill.
Big prizes up for grabs
Circa Sports decided to increase the total guaranteed sum in its two main competitions this year from $4m to $6m.
Speaking with the Las Vegas Review-Journal, Circa Sports operations manager Jeff Benson said he believes a miracle is needed to reach the 6,000 entry mark by Saturday. He added, however, that the predicament presents a “huge positive expected-value opportunity” to entrants. Fewer entrants mean more chances of winning the prize.
First place in the Circa Million IV competition will win $1m, while the last people standing in the Circa Survivor competition will split the $6m main prize.
Other major overlays
It is not just Circa Sports offering football competitions in advance of the new NFL and college seasons. William Hill currently has a six-figure overlay for one of its main football competitions, College Pick’em. As a result of its $548,000 overlay last year, William Hill dropped the guaranteed prize from $1m to $500,000.
total guaranteed prize money of $1.1m
The Westgate SuperBook is offering total guaranteed prize money of $1.1m across its 11 in-season football contests through its SuperContest. Unlike Circa Sports, the operator has already secured enough entrants to avoid paying any overlay.
As well as Circa Sports’ two main pro football competitions, owner Derek Stevens has contributed $25,000 for a new event called the Circa Friday Football Invitational. In this, 16 people will take part in a season-long contest without entry fees. They make picks each week from college and NFL games.