Circa Sports is poised to confront a significant financial challenge as it approaches the entry deadline for its NFL handicapping contests. With the deadline set for September 6, 2023, Circa is currently facing a $7.5 million overlay—an amount the sportsbook must contribute to its prize pool on top of the entry fees collected. The Circa Survivor contest, a popular betting event, is on track to surpass last year’s record prize pool of $14.2 million.
As of Monday morning, there were 10,223 entries in the Survivor contest, which requires 15,000 entries to reach its guaranteed prize money of $15 million. Despite recent sign-up rates being 40 percent ahead of the previous year, projections suggest the pool may fall short of expectations. According to Mike Palm, Vice President of Operations for Circa and its affiliated properties in Las Vegas, the current trajectory indicates a possible prize pool of just under $20 million.
The Survivor contest challenges participants to select one winning NFL team each week, without point spreads, using each team only once throughout the season. The contest spans 20 weeks, covering NFL Weeks 1 through 18, along with Thanksgiving, Black Friday, and Christmas. Palm noted that the current entry count is up by over 2,800 compared to last year, representing a 38 percent increase.
In addition to the Survivor contest, Circa’s other flagship event, the Circa Million VII, is also witnessing a healthy increase in entries, slightly outpacing last year with 3,235 entries. This contest, in which participants make five weekly NFL picks against the spread, requires 6,000 entries to meet its guarantee. Palm estimates they will come close, projecting approximately 5,970 entries.
Circa recently introduced the Grandissimo contest, an ultra-high-roller version of Survivor, which has already exceeded its $1.5 million guarantee with 22 entries and more expected. Palm expressed excitement over the diverse participation in Grandissimo, noting that some entries are being made by groups of friends while others are from individual players.
The Westgate SuperBook is also active in the NFL betting scene, with its new $500-entry SuperContest College attracting 745 entries for a prize pool of $372,500. The registration deadline is set for 3 p.m. on Friday, and participants must submit their Week 1 picks by 5 p.m. on the same day. John Murray, Vice President of Race and Sports at Westgate, hopes for a surge in entries to reach around 900 for the college contest.
In the traditional SuperContest, which features $1,500 entry fees for five weekly NFL picks, there are currently 460 entries, collectively creating a prize pool of $690,000. Additionally, the $5,000 SuperContest Gold has 36 entries for a prize pool of $180,000, and the $5,000 SuperContest Survivor has 56 entries, leading to a prize pool of $280,000.
As the NFL season approaches, Circa Sports and its competitors are preparing for what promises to be an exciting and lucrative period for sports betting enthusiasts. With the potential for record-breaking participation and significant prize pools, the stakes are high for both the sportsbooks and the contestants alike.
