Circa Sports Faces $7.5 Million Overlay Ahead of NFL Contest Deadline
The Circa Survivor contest is poised to exceed last year’s record prize pool of $14.2 million, with significant participation expected. However, less than two weeks before the September 6, 2023 entry deadline, the sportsbook is facing a substantial $7.5 million overlay. This figure represents the amount Circa Sports must contribute to the prize pool beyond the entry fees of $1,000 each.
As of Monday morning, there were 10,223 entries in the Survivor contest, which requires 15,000 entries to meet its $15 million guarantee. Sign-ups have surged recently, running 40 percent ahead of last year’s pace, suggesting a projected prize pool of around $20 million. Despite this promising trend, Mike Palm, vice president of operations for Circa, D Las Vegas, and Golden Gate, cautioned that maintaining this momentum could prove challenging.
“This is where the numbers really started picking up last year as well,” Palm noted. At the same time last year, the contest had 7,400 entries, which means this year is seeing an increase of over 2,800 entries, equating to a 38 percent rise. If this rate continues, the estimated prize pool could reach approximately $19.6 million.
Details of the Contests and Participation Trends
In the Survivor contest, participants select one straight-up NFL winner each week, without considering the point spread, but may use each team only once. The contest spans 20 legs, covering NFL Weeks 1 through 18, plus special days such as Thanksgiving, Black Friday, and Christmas.
Circa Sports has previously covered contest overlays totaling about $4 million over the past four years. Last year, the sportsbook contributed $183,000 to fulfill the $6 million guarantee for the Million contest. This year, the Million contest is slightly ahead of last year’s pace with 3,235 entries, needing 6,000 entries to meet its guarantee. Palm projected that the contest would likely meet its target: “If you extrapolate it out, we come in at 5,970. We’re going to be real close. I think we’re going to come in right at that $6 million.”
The introduction of the new Grandissimo contest, a high-stakes version of the Survivor, has already exceeded its $1.5 million guarantee with 22 entries secured. Palm anticipates more participants, estimating the total could reach between 35 to 40 entries. Interestingly, some entries have been made through groups of friends, while others are individual purchases.
“I’m just surprised at the number of people we didn’t know before that hadn’t been customers of Circa in any way who have come out to participate in Grandissimo,” Palm commented. He recounted a recent story of a businessman from Miami who, after learning about the contest online, flew to Las Vegas to enter the Grandissimo and ten Survivor entries before returning to his vacation in Utah.
Competition Among Sportsbooks Intensifies
The competitive landscape among sportsbooks is also evident in other contests. The Westgate SuperBook has launched a new $500-entry SuperContest College, which had 745 entries as of Monday morning, equating to a prize pool of $372,500. The registration deadline for this college contest is set for 3 p.m. on Friday, with Week 1 picks due by 5 p.m. on the same day.
There are currently 460 entries in the regular $1,500-entry SuperContest, which has a prize pool of $690,000, and 36 entries in the $5,000-entry SuperContest Gold, with a winner-take-all prize pool of $180,000. Additionally, the $5,000-entry SuperContest Survivor has 56 entries, culminating in a prize pool of $280,000.
As the entry deadlines loom, the excitement surrounding these contests continues to build, highlighting the increasing popularity of NFL betting and the competitive environment among sportsbooks.
