Sports betting is a massive industry. And it’s also a lucrative one for states that embrace it and allow it. But it’s not without its problems. And some of those problems have been raised by FRESH AIR contributor Eric Lipton who has written an important series on this topic for the New York Times.
The legalisation of sports betting has led to some very strange situations. For example, sports leagues have become partners in the marketing of it by giving out – in some cases thousands of dollars – in promotional free bets to people who place wagers on their games. And that’s all tax-free. This is a problem because it incentivises people to bet on teams that they think are going to win, not cover the spread. And it’s a very dangerous thing to do.
One of the most common mistakes that amateur sports bettors make is to simply look at the results from the previous week and assume that those are likely to repeat themselves in the future. But this is a flawed assumption because sports outcomes are highly unpredictable. Instead, smart bettors look at context – things like the type of scoring that occurred, the types of players on both teams, the opponent’s style of play, and home field advantage – to make informed decisions about which team is the better choice.
Developing a sense of betting value is an important skill that takes time to learn. To improve your chances of making a profit, start by focusing on the sport or league that you know best. This will help you develop a deeper understanding of the teams and their histories, which is essential for finding betting value. You can then apply the knowledge that you have gained to other leagues and sports.
Another mistake that many casual bettors make is to back heavy favourites, often without looking at the odds. This is a risky move because the odds are set by the market and have little to do with the likelihood of a particular outcome. In fact, backing heavy favourites can even backfire in some sports, such as tennis and boxing, where the odds are typically very high.
Finally, sports bettors should not make their decisions based on fandom or other emotional factors. Ultimately, the objective is to predict what will happen and not what the customer wants to see. This is why it’s so important to take the time to review, assess and analyse each match and its odds before placing a bet.
A solid understanding of Expected Value (EV) is vital for any bettor, especially one who wishes to thrive in the world of sports betting. By understanding the relationship between odds, implied probability and payouts, bettors can find valuable betting opportunities and increase their chances of long-term success. This is why it’s so important for sports bettors to invest in educational resources and software that can help them understand the complexities of odds and payouts.
