Most business school instructors would likely concur that seizing opportunities to recover previous investments is a prudent approach. However, the utilization of such an opportunity was lacking, even though there was a perfect chance for two sponsors of the WNBA Commissioner’s Cup to capitalize on it.
Both BetMGM Sportsbook and PointsBet Sportsbook, having paid undisclosed sums to the WNBA for trademarks and other assets, chose to wait until the last minute to launch their markets for the title game between the Connecticut Sun and Seattle Storm.
Considering the full extent of the details, the situation possessed all the ingredients necessary for a significant missed opportunity.
WNBA Commissioner’s Cup betting almost didn’t happen at all
The Commissioner’s Cup is a newly introduced tournament by the WNBA for fans who are not familiar with it. It takes place during the regular season and runs parallel to the league’s games. The standings for the Cup are determined based on the intraconference games played by teams before the Olympic break.
The Sun and Storm emerged as the top teams in the East and West standings this year, earning them a spot in Thursday night’s championship game. Along with the coveted trophy, the players also shared a prize pool of half a million dollars.
The league made an announcement about the format before the start of the 2021 regular season. Several weeks later, they revealed the date for the championship game. The public had known about the specific teams competing in the game for weeks in advance.
However, the response from Virginia sports betting apps was far from satisfactory.
BetMGM’s markets were not available until 10:30 a.m. ET on Thursday, just 10 and a half hours before the start of the event. Caesars Sportsbook managed to release their lines around the same time, beating PointsBet to the punch. PointsBet’s markets were launched around 11:30 a.m. ET, followed by DraftKings Sportsbook at the same time.
Following them, FanDuel Sportsbook and WynnBet Sportsbook went live with their markets at approximately noon ET. BetRivers Sportsbook, on the other hand, joined the festivities later in the day.
Therefore, if these sportsbooks failed to recognize the significance of offering bets on the competition, they should reflect on themselves. Considering the growing awareness of the value of women’s sports as profitable assets, these oversights appear to lack foresight.
Burning money at both ends
PointsBet’s optic is particularly disappointing in this regard. Not only did it miss a chance to recover its investment in the league, but it also received a stark reminder of the immense interest bettors have in women’s sports.
In a recent article by Emily Caron of Sportico, it was revealed that wagering on women’s events at PointsBet during the Tokyo Olympics was not merely a small portion of the company’s handle and tickets. Surprisingly, it accounted for the largest share of both money and wagers.
Looking back, this should have been a straightforward victory in terms of marketing for US legal sportsbooks. The fact that both Breanna Stewart and Jonquel Jones, the top two MVP futures contenders of BetMGM, participated in the Commissioner’s Cup game on Thursday night made it even more promising. Additionally, the US women’s basketball team had just achieved a remarkable feat by securing their seventh consecutive Olympic gold medal, adding to the excitement surrounding the sport.
In the game, there were several players from Team USA, including Sue Bird, who is one of only two basketball players to have won five Olympic gold medals. This game marked the return of WNBA action after a few weeks. Although FanDuel promoted the event, they did not specifically focus on the betting markets for the contest.
Several important questions arise from the route that most operators chose to take over the past few weeks, which involved completely ignoring the event and only offering the standard moneyline, spread, and totals markets for the game at the last minute.
Questions arising from this series of events
To be fair, the championship game coincided with MLB’s Field of Dreams game and several NFL preseason matches, making it a busy day for sportsbooks. The WNBA has not been proactive in promoting betting on its events, so it’s difficult to solely blame its partners for not taking the lead in that aspect.
However, it appears to be an odd decision for BetMGM and PointsBet considering they had ample time to plan. They recently invested in the WNBA as a betting asset, so why not take advantage of an opportunity related to that asset while it’s still present?
A hypothetical scenario sheds light on a major issue faced by all VA sportsbooks, irrespective of their affiliation with the league.
Would these sportsbooks have delayed the launch of any live markets until 11 a.m. on the day of the championship game, considering it involved NBA players who had recently won Olympic gold medals and featured the top two MVP candidates of the league?
In the given hypothetical situation, would they have solely provided standard betting options without any proposition bets? Additionally, would they not have prepared any promotional offers or conducted any advertising for their betting markets on the game? Those familiar with US-regulated sports betting are well aware of the response.
The approaches taken in Thursday’s game, whether intentional or unintentional, ultimately resulted in a missed chance. Speaking of missed opportunities, bettors might find some potential action worth considering with the Washington Mystics at the moment.
Could it be time to buy on Mystics futures right now?
Earlier this week, it was reported that Elena Delle Donne, a forward for the Mystics, has resumed practicing. Although the exact timing of her comeback to games for Washington is uncertain, as well as the number of minutes she will play, the Mystics have a promising potential.
If Delle Donne can log considerable playing time, it would have a tremendous impact on the WNBA championship race. Even if she is operating at 85% capacity, when combined with Washington center Tina Charles, who currently holds the highest scoring average in the league, the Mystics would become a formidable contender at the top level.
There is a level of uncertainty regarding her participation in the game, thus sportsbooks have refrained from adjusting the odds on Washington. Consequently, the Mystics retain their +1600 odds to win the championship this year at BetMGM.
Taking risks is an inherent aspect of gambling as certainty is seldom guaranteed.
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