Phil Hudson, Acquisitions Manager at Pinnacle Sports, discusses his firm’s decision to open up the World Cup Final to $1million bets.
Do you anticipate the World Cup Final to be your biggest ever betting market?
Yes, we fully anticipated volume to exceed both Euro 2012 and World Cup in 2010 combined, with live and mobile components of that making significant contributions.
How has business been during this tournament?
The volume received is living up to our expectation, and with $1million limits for the final, we hope to end the tournament on a real high. Not only are we accepting $1million bets, but our customers also have ave the option to rebet at that stake as well.
Can you envisage rolling out the higher betting limits to other events?
Well our limits for the 2014 Super Bowl were $250k, NBA hit $100K and we regularly go to $500k for the Champions League so we are certainly looking to push the boundaries on limits across all our major sports.
Why persevere with the $1 minimum bet size? Isn’t this almost costing you money?
Though we have a wholesale model we are keen to acquire customers from right across the betting spectrum, as we believe all bettors should seek to maximize value. Given we don’t have specific sign up incentives this is cost effective, and our message is about educating bettors – especially those who are new to gambling – rather than just preaching to the converted.
Why do you think other bookmakers run scared of hefty bets? Is the art of balancing books a lost one? Or just out of fashion in favour of risk taking?
I cannot comment on the reasoning behind it, but bookmaking has certainly become homogenized with the risk-management aspects in many cases outsourced. Pinnacle Sports do all risk-management in-house, and it is the strength of this expertise that enables us to provide a low margin, high limits model, where winners are welcome back, unrestricted.