There’s another online sportsbook available to Ohio bettors.
Prime Sports launched an online sportsbook on Wednesday afternoon, available in the Buckeye State. The company partnered with SPIRE Institute Prep Academy in Geneva, allowing it to operate in the state.
State regulators also gave Prime the go-ahead to operate a brick-and-mortar sportsbook. However, the company is focusing on its online operations first. A retail location could appear down the road, but there is no date or location for it yet.
Sports betting in Ohio launched at the start of 2023. With Prime’s entry into the market, Ohioans have 20 online sportsbooks to choose from.
Prime Sportsbook looks to attract the ‘sharp’ bettors
Unlike other operators, Prime is marketing itself towards the serious bettors.
“We provide our members with a premium sports betting experience,” the company wrote on its website. “All our members are guaranteed the right to wager up to the maximum amount on every betting market, so you never have to settle for less.”
It’s a common practice for sportsbook operators to limit the size of wagers placed by bettors they deem “sharp.” The term is sports betting slang for someone who is a good bettor. It’s a gambler who wins more often than they lose.
The tactic is similar to how casinos combat card counters at their blackjack tables. Depending on the regulations in their state, casino executives will either ban them from the tables entirely, deny them the ability to change their wager or keep them on a much smaller limit than listed on the table.
But Prime is allowing everyone the opportunity to bet the max. In other words, they won’t limit someone with an edge on the sportsbook. On X, formerly known as Twitter, the site calls itself “America’s sharpest sportsbook.”
Not only is Ohio already more than eight months into its sports betting history. But it’s a large and crowded market, putting Prime at a disadvantage in gaining market share. The unique marketing angle could help pull customers away from other operators.
Additionally, there are numerous Ohio sportsbook promos available to attract new customers. Prime hasn’t announced any yet, but they will likely come soon.
Sharp bettors will increase volatility for operators
The strategy doesn’t come without risk for its parent company, Out The Gate Inc.
By implementing this model, Prime is operating on lower margins. Thus, they need a higher volume of bets to minimize the volatility of a smaller return on investment percentage.
Stated differently, the company’s profit and loss statements will have larger-than-normal swings. A larger volume of bets will help mitigate this.
The recent start of the 2023 NFL season should help them handle more wagers. The fall’s sporting events calendar makes it one of the busiest times of the year for sportsbooks.
More states are coming soon
Ohio is the first state Prime operates in, meaning Ohioans are the first bettors to engage with the platform.
But the company’s website notes that a New Jersey sportsbook is “Coming Soon.” Additionally, it says that “More States” are on the way, but the Garden State is the only other state that Prime has concrete future plans for.
