N.J. bettor banks $600K on $30K bet with unique PointsBet wager

The Baltimore Ravens’ 59-10 win over the Miami Dolphins led one New Jersey bettor to a $600,000 score. (Photo credit: Steve Mitchell-USA TODAY Sports)

As the Baltimore Ravens piled on the points against the Miami Dolphins, leading to a 59-10 victory in Week 1 of the 2019 NFL season, most Ravens backers were counting their money early with such a large lead in place.

One New Jersey-based bettor, however, was keeping a much closer eye on the margin of victory. By placing a wager with PointBet’s exclusive PointsBetting option, that bettor turned a $30,000 bet into $600,000.

When placing a PointsBetting bet, bettors choose how much to wager per point on the team they think is going to cover the point spread. The wager works both ways – meaning bettors are also at the risk of losing a set dollar amount per point if their selected team fails to cover the spread. The bet maxes out in either direction at 50 points.

The Ravens (-6) won by 49 points, so the payout could have reached $1.29 million based on the 43-point margin over the spread. Prior to placing the wager, the player chose to implement a stop-loss at 20 – which is why the winnings were capped at $600,000. The bettor earned $30,000 for every point the Ravens covered by up until 20 points.

Had the Ravens failed to cover, the bettor would have owed $30,000 for each point the Ravens fell short of the spread.

Another PointsBet user placed a similar PointsBetting wager Sunday on the Kansas City Chiefs’ 40-26 win over the Jacksonville Jaguars without a stop-loss implemented. The bettor had the Chiefs (-4.5) at $17,800 per point – leading to a $169,100 payout for the remaining 9.5 points over the spread.

When Jaguars quarterback Gardner Minshew connected with wide receiver Chris Conley for a touchdown with 1:55 remaining in the fourth quarter, the seemingly meaningless score cost the bettor an additional $124,600.

PointsBet paid out over $1 million on PointsBetting wagers over the course of the first Sunday on the NFL season, according to the sportsbook.