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DraftKings DK Dollars Strategy

Discussion in 'The Sports Book' started by macfisto, Sep 28, 2021.

  1. macfisto

    macfisto Low-Roller

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    I recently used my DraftKings account as a hedge when taking advantage of the Caesars Sportsbook $5,000 risk-free bet promotion for my wife and I. Of course I won both Caesars bets so didn't get to take advantage of the risk-free bets, but now I've got a VIP "host" from DraftKings (where I lost over $9k) contacting me with bonus offers. The one I'm planning to take advantage of is a 25% deposit match in DK Dollars (essentially site credit) up to a max of 5,000 DK Dollars (assuming a $20,000 deposit). These DK Dollars only have to be played through 1x before turning into real cash. My question for you folks is...how would you play this? Hedge it at another sportsbook on a -110 bet, thus ensuring a $2,100+ profit? Or something else? I currently have DraftKings, FanDuel, and Caesars and am betting in the Indiana market, so I suppose there are a bunch of other sportsbook accounts I could open to coincide with this strategy.

    Any advice would be awesome. You guys are great!
     
  2. TXactuarial

    TXactuarial High-Roller

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    DK dollars are not free bets, they are 1x playthrough credits. You could just find offsetting -110 lines to lock in 4,545.

    Also, in the future, offset your risk free bets to lock in equity. I.e. instead of betting $5,000 risk free on an even money line and then hedging with 5,000 the other way, only hedge with 2500 the other way.
     
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  3. macfisto

    macfisto Low-Roller

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    Thanks for the reply. I guess I don't fully understand DK Dollars. Let's say I deposit $20,000 cash into my DraftKings account and then get the 5,000 DK Dollars. I place a $5,000 wager on a -110 game and win. Do I now have $24,545 cash in my account or $29,545 cash in my account?
     
  4. The Rumor

    The Rumor VIP Whale

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    It clears ratably. You'd have your $20k, the $4,545 winner, and (assuming a 1x playthrough requirement) $5k of bonus would convert to cash, so $29,545. I would make sure you read the terms right on the playthrough requirement.

    I would do a lot less hedging than you are doing, personally.
     
  5. The Rumor

    The Rumor VIP Whale

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    Agree, but also if OP really did it for two people at caesars, why not just hedge those against each other. Why pay DK the vig?
     
  6. macfisto

    macfisto Low-Roller

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    Well, I just got confirmation from this DraftKings host that I would need to play through the entire amount of my deposit and the bonus (so $25,000) before being able to withdraw. This changes things a bit for me.
     
  7. The Rumor

    The Rumor VIP Whale

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    that makes more sense. So effectively a 5x requirement. Still good value, though.
     
  8. TXactuarial

    TXactuarial High-Roller

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    Look into a line aggregator like oddsboom. Main lines are 4.5% vig, but finding the best line across all books gets you closer to 1%.
     
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  9. tearfromred

    tearfromred Low-Roller

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    If you’re in a pointsbet state, sign up there. They have no juice nfl spreads and it’s not uncommon to get a +105 or +110 on one side there that you can get even money with a -105 or -110 on DK. Really, if you’re diligent and use the other platforms it’s pretty easy to find a game that washes as even when you’re checking multiple platforms. I’m using DK, FanDuel, Pointsbet, William Hill, and Sugarhouse.
     
  10. macfisto

    macfisto Low-Roller

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    This is where I'm not quite up to speed. I know that I could lock in a $2,725 profit betting $5k on both sides of five different -110 games between DraftKings and let's say Caesars. Doing this would satisfy my $25,000 play-through requirement with DraftKings to release the 5,000 DK Dollars, but I'd be giving up $2,275 in vig. I guess that's where a line aggregator like Oddsboom would come in handy?
     
  11. sterlingcooper05

    sterlingcooper05 Tourist

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    Does pointsbet cap the bet on no juice spreads?
     
  12. TXactuarial

    TXactuarial High-Roller

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    If they do I haven't found it. I've put $5k down on a single bet, and that was on a Friday afternoon.
     
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  13. TXactuarial

    TXactuarial High-Roller

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    So let's say you want to completely offset $25,000 in bets at the lowest cost to guarantee yourself money. For simplicity lets say your starting point is betting $25,000 on DK and $25,000 on Caesars on even money lines. You will win $22,727 and lose $25,000 for net profit of $2,725 like in your example.

    Now head over to https://www.oddsboom.com/football/nfl/, flip over to your state and look at the hold percentages between multiple books. At the time I'm writing this you can find offsetting bets of Cardinals/Rams, Titans/Jets, and Panthers/Cowboys all around 1% hold. Lets say you pick Titans/Jets which right now has DK Titans -310, Jets +290. If threw $25,000 on the Titans at DK and $8,480.77 on the Jets at Barstool (https://www.pinnacle.com/en/betting-resources/betting-tools/arbitrage-calculator), you would clear the $25,000 rollover at a cost basis of -$405.77.

    Obviously you are most likely not going to do this in one bet, but you should be able to do it in a week. The lower the number on oddsboom (and technically the shorter the odds on DK but that's a complication), the better the result. In fact, if you had a decent amount of time to monitor the lines, you could roll over the entire $25k at no cost.

    Also a word of advice, bet on NFL moneylines exclusively. Baseball has different rules about action on Listed Pitcher changes, and an offset can wind up costing you big if you don't know the house rules.
     
    Last edited: Sep 29, 2021
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  14. macfisto

    macfisto Low-Roller

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    This is all extraordinarily helpful...thanks so much!!
     
  15. tringlomane

    tringlomane STP Addicted Beer Snob

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    They can reserve the right to limit amounts in the fine print. But $5k is certainly large enough for most people.
     
  16. tearfromred

    tearfromred Low-Roller

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    I’ve also found success using no juice points spreads that are slightly different from other sites (for example -8 versus -7.5 elsewhere) and then betting an alternate spread on the non pointsbet site to make it an even money bet. I consider +110 and -110 an even bet as the money washes , just with slightly different bet amounts.

    100 bet at -110 is a profit of 90.91
    90.91 bet at +110 pays 100

    Washes either way. Doesn’t need to be even money bets (or even close), just needs to be an even amount (plus and minus) on both sides from even money. —220 and +220 works just as well as two even money bets if you calculate the right amount to wager.
     
  17. 98green

    98green Tourist

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    If DK has casino games in Indiana, you can wash the DK dollars for ~1.25% theoretical loss on baccarat by playing a bunch of hands with bets on both banker and player (5% commission on half the hands for half the total hand bet size).
     
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  18. macfisto

    macfisto Low-Roller

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    Does anybody have any experience or knowledge of online sportsbooks (DraftKings in particular) limiting bet sizes if arbitrage is suspected? Like would a $10,000 bet be scrutinized?
     
  19. The Rumor

    The Rumor VIP Whale

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    Any book can limit bets. it's going to be driven by a couple of things:

    1. What market are you betting into? I don't bet at these stakes, but a reasonable starting point is if you're trying to bet $10k into an NFL side on Sunday or some very liquid market like that close to game time, they'll probably take it (subject to #2). If you're trying to bet $10,000 on a WNBA game or an NFL player prop, that may be reviewed before approval. DK's limits for trading review aren't that low, though...I have been surprised at their willingness to take large arb prop bets from me. Things under a grand, no sweat in my experience. Remember, they don't necessarily know you're arbitraging at first. The question is really are you betting enough to trigger a trader review that may get them to move the line. $10k in a small market? That's an awful lot.
    2. Do they think you are a good (i.e. advantage) player? DK will eventually limit good players who are making money from betting anything in any size. Like, good luck betting $20 on an NFL over under even. That's not going to happen to players who win $500, but if you take $20k from them in a hurry, don't be surprised if you're limited pretty fast.
     
  20. macfisto

    macfisto Low-Roller

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    Thanks for the insight. My entire goal here is to run the $25k through DK at the lowest possible cost so my 5,000 DK Dollars become liquid. I just don't want to get caught in a situation where I bet the other side at a different book and then get limited at DK and not be able to properly hedge my bet. So while I'm not technically arb'ing here since I most likely won't be realizing a profit from the odds differences themselves, I will be hedging on NFL money lines using the method described above by TXactuarial (keeping the net vig to a minimum).