One of the hardest parts about betting a future is that you have to tie your money up for several months awaiting the outcome. PointsBet doesn’t believe that you have to wait if you bet on Lamar Jackson to win the MVP. The Australia-based sportsbook that entered the New Jersey sports betting market by storm is allowing those holding a Lamar Jackson MVP ticket the opportunity to cash out early.
Jackson, who was listed as high as +7000 before the season, is the only quarterback to beat the New England Patriots this season and has a 13/0 TD/INT ratio over the last five games. He is the favorite at PointsBet at +130. In terms of liability, a Jackson MVP win would hurt PointsBet more than any other player.
The “Cash Out” option is relatively new in the sports betting world. Basically, what happens is that you get an altered price to what the odds were when you placed the bet. If you want to wait it out on Jackson and see if he wins the award at the full odds, you have the right to do that. If you want to cash out now and take your “winnings”, you can do that at PointsBet.
Why would a sportsbook allow that to happen when Jackson is the favorite? It is two-fold. The first is that it creates a lot of good PR in a highly-competitive sports betting environment. The other is that paying out the Jackson tickets now at lower prices makes for a much smaller loss if he eventually wins the award. Imagine this from the sportsbook’s point of view. Would you rather pay out a Lamar Jackson $100 bet at +7000 or allow a holder of that ticket to cash out six weeks before the end of the regular season at much lower odds, say maybe +1000 or +1500? Instead of a $7000 loss, you have a $1500 loss.
As mentioned, the highest liability for PointsBet is on Jackson. If they can pay out a lot of bets at reduced odds, that could be a huge help for them. With a lot of candidates in the MVP market before the season, it might surprise you to hear that Jackson got 13% of the futures tickets, just ahead of Christian McCaffrey.
Why would you cash out early as a bettor? Well, if Lamar Jackson gets hurt in Week 12, your ticket is kindling. It is firewood. It will be useless. Or in Week 13. Or in Week 14. He could go out against the Rams and throw four interceptions and account for just 200 total yards. Would one bad performance ruin the equity in your bet? Probably not, but two or three bad games certainly could, especially with other deserving candidates out there, including Russell Wilson and Deshaun Watson. An injury most certainly would.
As a bettor, you have to weigh the risk and the reward. Getting something for your $100 before the season ends could be a really good idea. Not getting the full amount for your $100 wager could be really disappointing if Jackson is named the MVP. Jackson has a very easy schedule to round out the season and is plenty capable of putting up huge numbers.
PointsBet CEO Johnny Aitken had this to say about the sportsbook’s decision to pay out Jackson futures early, “Considering some of his recent performances and looking ahead at the Ravens’ remaining schedule, it’s pretty clear to us that Lamar is simply a freight train that won’t be stopped. Given that, we think it’s only fair to reward all of our clients who had the foresight to place their bets on the right long shot.”
There you have it. Take your money now or wait, hold onto it, and see if Jackson can fulfill that prophecy.
If nothing else, it is exciting to see the New Jersey sportsbook operators offering these types of cash out promotions. It is one of many reasons why the industry is changing for the better. Sportsbooks in New Jersey, Iowa, Indiana, Pennsylvania, West Virginia, and in other locations across the country are pushing boundaries and are coming up with new ways of enticing customers to sign up.
PointsBet is at the forefront, both with the PointsBetting system and also with this cash out option.