CAESAR'S SPORTSBOOK ????

Gambling Problem? Call 1-800-522-4700

World's. Worst. Slogan.

I know it's not their preferred tag line, but it does seem to appear on their marketing more than any other slogan they may have!

My co-host of the Just Ideas podcast, Professor Andy Urich, has always been described as a "character." He has his own ideas, his own way of talking, and his own approach to life. Looking back on my time in college, I've realized that he was one of many characters at Oklahoma State that I came to know. There was the self-proclaimed entrepreneur who was never not working on a side hustle. There was the gal who went to every sporting event, and always wearing some variety of OSU gear. And, there was the guy who only ever had one idea, "Dude, what if we did [insert ordinary activity here] but drunk!" Drunk bowling, drunk trivia, drunk frisbee golf, drunk karaoke. When you're in college, adding a few drinks to an otherwise simple activity always seemed like a surefire way to make an average evening, a memorable one. This is how I have been thinking about sports betting during this year's March Madness tournament. Want to make bowling fun? Add a half dozen margaritas! Want to enjoy watching Kansas play against Texas Southern? Place a $500 bet that Texas Southern will pull off the upset! The notion is ridiculous. If you need to get drunk to enjoy bowling then maybe bowling isn't for you. If you need to bet on a game to make it worth watching, then maybe you don't need to watch basketball that day.

You tell me whether or not you like this idea: Your old college buddy is thinking about opening a brand new bar on the downtown strip in your college town. They're nervous that it'll be hard to compete with the legacy bars that have been on that street for the last 40 years, but they end up deciding to pull the trigger and announce online that their bar is called, Free Shot. Their competitive advantage being that they will give everyone that comes in, two free shots of tequila. They tell you it just makes sense. "People will come for the free booze and stay longer because we help them get drunk quicker which will lead to more and more sales!"

Of course no bar actually does this. It's far too reckless. Alcohol can be destructive for people that drink too much of it and a bar would cross over that fine line they walk of offering a fun place to drink casually versus being a place that enables people to drink to excess. But, if your name happens to be Caesar, my bet is that you'd be all-in on your friend's idea.

Legalized, regulated, online, sports betting is relatively new on the scene but has attracted millions of Americans. It is estimated that over 3 billion dollars will be wagered on this year's college basketball tournament. What's more staggering than those numbers, however, are the sportsbooks' ability to clear the 1,800,522,4700 foot hurdle standing in the way of building their business. Caesar's is of course required to add the disclaimer that gambling is addictive. It's recited in their commercials, it's printed on their billboards, and it's even their Instagram bio. You'd think that would deter people from downloading the app, but it doesn't. How does Caesar's overcome such a glaring wart? Easy. You give everyone two free tequila shots.

Caesar's has a marketing silver bullet. With the right promo code, first time users can get up to $1,500 in a match. Meaning, when you sign up for the app and deposit at least $50, Caesar’s will match your deposit amount dollar for dollar so you can gamble more than you’d otherwise be able to. It helps introduce not a service, but a vice, to thrill seekers. These people are likely to overestimate their ability to predict something as random as college basketball, and underestimate how addictive or problematic gambling can actually be. If not for anything else, sports betting is a clear mark of a Strawhead. This term, coined by Dr. Andy Urich, refers to a person who has had a straw stuck in their head by businesses, who then suck all the person's money out. We discussed these people and the tricks they fall for in the latest episodes of our podcast. Celebrity endorsers smile and hand you free money as Caesar sneaks up from behind, straw in hand, and jams it deep into the back of your head.?

...

The views expressed here are my own and do not necessarily reflect the views of my employer

This newsletter comes out on opposite weeks of the?Just Ideas?podcast?so, while there won't be a newsletter next Thursday, there?will?be a brand new episode available!

Also, check out my book at?Barnes & Noble???