Should I take the money Draft Kings wants to give me?

In My Humble Opinion
1

For those of you not in the NE USA, recently New Jersey legalized gambling outside of Atlantic City, and sports betting has taken over all over the state.

Draft Kings, formerly the “totally not gambling” host of fantasy football gambling has moved into sports betting in a big way, by paying people to make accounts on their service.

Technically, it’s a $500 risk free bet. You bet $500, if you win you keep it, if you lose they credit you $500 to bet again. You do have to bet again to keep the credit, however.

I’m not a gambler, but it appears to me that if Mrs. Cheesesteak and I each setup accounts, we can each bet $500 on the opposite ends of an over/under, then do it again after one of us gets the site credit, and guarantee taking home a quick $500 profit, minus DK’s take.

So, two questions for the Teeming Millions.

Is my betting strategy as fool proof as I think it is?

Is there any reason I shouldn’t take Draft Kings for $500?

2

Oh. Online betting is a deep deep rabbit hole. I don’t really understand it all. But, I’ll bet they thought of a trick like that. Be careful.

3

Uh, the house always wins?

4

Link? I have to read the fine print to make a ruling.

5

You put up $1000, $500 for you & $500 for the Mrs. She wins & withdrawals her $500. You lose, they credit you $500, but you need to bet again (stated in your own OP). If you can even bet $1 & lose, the best you come out with is $999 (before any fees they charge). How much of that $500 credit do you need to play again, can it be as little as $1?
If you can’t withdrawal their credit & can only use it for further play, well, would you have bet $500 with them w/o this deal?

As DC stated, we need to see the fine print to see if you can only lose a nominal amount or if you end up losing that $500 in the end.

6

Spidey, what I’m thinking is the following, and you have to bet the full $500 credit, I’m sure.

1st round, I bet the over, the Mrs. bets the under, $500 each. The under wins, let’s say you take home $450. Wife has $950 I have $500 credit. Wife cashes out the $450.

2nd round, I bet the over, the Mrs. bets the under, $500 each. The under wins, Wife has $950 I have $0. Wife cashes out the $950. (if the over wins, I have $950, wife has $0 at DK and I have bet the credit and can cash out)

$950 + $450 is $1,400. We then close out the accounts and use our $400 guaranteed profit on something fun.

7

Well, since Cheesesteak is being cagey with the link for some reason, I looked it up myself.

Here’s the “Full Terms” as copied from this web page: DraftKings | Daily Fantasy Sports and Sportsbook

No, it is NOT just a “free” $500 credit.

I’d pass.

8

Don’t ascribe to malice that which can be adequately explained by stupidity.

I, and my bank account, thank you.

Sent from my iPhone using Tapatalk

9

Then there’s this bit:

(Emphasis mine.)
Moot question as of today.