The Thrill of Betting Without The Risk
Most people would agree that the fun of sports betting comes from the ability to connect your fate with the game's fate. That is, you stand to personally benefit if a specific outcome occurs. However, the problem arises with the other side of the coin. If your outcome doesn't pan out, you end up worse off.
One of our theories at WagerLab is that a lot more people would be interested in sports betting if they didn't stand to lose anything. That's pretty obvious, right? Who wouldn't want to stand to essentially either win or push every bet they made. The net value of such a situation will always be positive! The problem with creating the situation is that the person offering and paying out the bet must accept a negative net value.
However, if you could curb the downside to a predictable maximum amount, it wouldn't be so bad, right. That's just what we've done. On the WagerLab app, you can now earn a currency called Tickets by using the app. You can do two things with your Tickets at any time:
Bet with them to try to earn more Tickets
Submit them to weekly cash prize drawings
By keeping the drawings regularly scheduled and maintaining a relatively high probability of winning a prize for each Ticket entered, we've essentially created a risk-free betting experience.
By setting a fixed prize pool, we've kept our own risk low and predictable. On the flip side, since betting is one way to earn Tickets and each Ticket submitted to a contest increases one's odds of winning, a Ticket-bet's outcome is somewhat correlated to their chances to win cash and therefore, they have obtained a risk-free bet.
To celebrate the launch of this new feature as well as the start of the 2020 (COVID) NFL and NCAA Football seasons, we're running an additional giveaway to bring the total number of available prizes this weekend to 41. You can find more info about our new free betting system and start earning & submitting Tickets in the WagerLab app for iOS or the WagerLab app for Android.