New NJ sports betting licensees continue to pop up in the Garden State. One of the next potential new operators is the Vigtory Sportsbook.
As the name suggests, the main differentiator for this company is its industry-low vig. It intends to use that to attract a certain segment of NJ bettors.
The details on Vigtory Sportsbook
Vigtory is based in Chicago but plans to make New Jersey its first market. Co-CEO Scott Butera, who most recently worked for MGM Interactive before joining Vigtory, told Play NJ the regulatory approval is done.
Although he is not disclosing the company’s land-based partner yet, Butera says he hopes to start taking bets in NJ sometime in November 2020. He says the app will be available for both Android and iOS devices.
The product will include more than just sports betting. In addition to live dealer games, poker, slots and other online table games, Vigtory has a deal with Sportradar to offer live data and streaming of certain events.
Perhaps the biggest draw for bettors to the app, however, will be its low vig. Vig is the term in the sports betting industry that refers to the interest a sportsbook has in your wager.
Think of it as the price that a sportsbook charges you for providing the entertainment. Vigtory plans to cut that cost to entice higher-end bettors.
Vigtory’s take on NJ sports betting market
Butera lays out the strategy quite clearly. He hopes the lower vig will pull in higher-end bettors and make regular customers out of them.
“What we’re looking to do is create a sports betting experience for the true sports bettor,” said Butera.
“DraftKings and FanDuel have done a great job of developing very strong databases through fantasy sports then converting those players to sports bettors. We think there’s an underserved market for folks that are sports bettors of a higher dollar amount. Whereas a fantasy player might be betting $30, $40, $50 a bet on average, our bettors will be betting, you know, high hundreds to the low thousands.”
Butera went on to explain that the app will also offer specialty content and customized analytics for users. The company plans to offer high-end perks for loyal customers, like event tickets, fan experiences and merchandise.
Additionally, Butera is bullish on the book building out a robust offering of live and prop wagers. That’s another way he thinks Vigtory can differentiate itself.
A plethora of props and lots of live bets
Butera believes offering the markets high-end bettors want is key to Vigtory’s success. He draws upon his Las Vegas experience for his insight.
“The idea is to have enough product offerings so that you can make up it for if somebody happens to be sharp,” Butera explained. “The Super Bowl last year is a pretty interesting example of what I’m talking about.
“For the Super Bowl, Vegas ended up winning like $15 to $20 million. New Jersey ended up losing, I think $6 million. The betting could have been different. What was different was the number of props that were offered.”
Butera also sees the analytics and content as a way to drive in-game wagering.
“You’re sitting there and a Patriots fan and you see an opportunity to bet on Cam Newton getting 200 yards passing. The odds just went from 4:1 to 6:1. They transact on that, whereas if they never saw it, they wouldn’t even think of it.”
Whether Vigtory’s unique approach will prove successful in New Jersey remains to be seen. What seems more certain, however, is that the experiment will begin soon.