The Circa Sportsbook is on track for a record-breaking year with its NFL handicapping contests, but faces a significant challenge. As of September 6, 2023, the sportsbook is dealing with a $7.5 million overlay, which refers to the amount Circa must contribute to the prize pool beyond the collected entry fees. The entry fee for participants is $1,000.
The Circa Survivor contest is poised to surpass last year’s record prize pool of $14.2 million. As of Monday morning, there were 10,223 entries, but the contest requires 15,000 entries to meet its $15 million guarantee. Despite recent sign-ups being 40 percent ahead of last year’s pace, Mike Palm, vice president of operations for Circa, noted that the current trajectory may not sustain that growth.
Palm pointed out that at this time last year, the Survivor contest had 7,400 entries, meaning this year’s entries are up by just over 2,800, which represents a 38 percent increase. If this trend continues, the prize pool could reach around $19.6 million. Contestants in Survivor must predict one straight-up NFL winner each week without point spreads, but they can use each team only once throughout the season, which includes 20 legs from NFL Weeks 1 through 18, plus Thanksgiving/Black Friday and Christmas.
In the past four years, Circa has paid approximately $4 million to cover contest overlays, including $183,000 last year to fulfill the $6 million guarantee for the Circa Million contest. This contest, where participants make five weekly NFL picks against the spread, is also currently ahead of last year’s entry numbers with 3,235 entries. It requires 6,000 entries to meet its guarantee, and Palm believes it will be close, projecting around 5,970 entries.
The new Grandissimo contest, which features a $100,000 entry fee and serves as an ultra-high-roller version of Survivor, has already exceeded its $1.5 million guarantee with 22 entries so far. Palm anticipates that the number of participants will rise, possibly reaching around 35 to 40 entries. Some entries have been made by groups of friends, while others come from individuals, including newcomers to Circa.
Palm shared an interesting anecdote about a businessman from Miami who, while on vacation in Utah, learned about the Grandissimo contest online, flew to Las Vegas to sign up, and then returned to his vacation. This reflects the growing interest and participation in Circa’s contests.
Other competitions are also gaining traction. The Westgate SuperBook recently reported 745 entries in its new $500-entry SuperContest College, which has a prize pool of $372,500. The registration deadline is set for 15:00 on Friday, and participants must submit their Week 1 picks by 17:00 on the same day. There are expectations for a late surge in entries, potentially reaching around 900.
Additionally, the $1,500-entry SuperContest, which involves five weekly NFL picks against the spread, has recorded 460 entries, resulting in a prize pool of $690,000. The $5,000-entry SuperContest Gold, a winner-take-all contest, currently has 36 entries for a prize pool of $180,000. Furthermore, the $5,000-entry SuperContest Survivor has 56 entries, leading to a prize pool of $280,000.
As the entry deadline approaches, all eyes will be on Circa Sports and its ability to attract enough participants to ensure the viability of its contests while managing the significant overlay.
