Sports betting is a way for fans to increase their excitement and involvement with a game by adding some extra cash to the mix. But it’s not without risk, and many bettors struggle to find consistent profitability. This week on FRESH AIR, we’re joined by Eric Lipton, the investigative reporter who led a team of Times reporters that published a series of articles examining the booming industry.
Lipton joins us to talk slot thailand about the ways in which professional sports leagues and other entities benefit from the legalization of sports betting. He points out that, while they argue in court that sports betting threatens the integrity of their games, these same organizations partner with FanDuel and DraftKings. And he says that, even before the Supreme Court case was decided, it became clear to these professional sports organizations that they could make a lot of money from sports betting.
He also talks about how the proliferation of media coverage of sports has helped encourage sports bettors to keep placing wagers, even when they’re losing. He points out that the variety of information services available gives bettors a sense of superior knowledge about players and teams, which often leads them to believe they can consistently beat the oddsmakers. And, he says, the sports betting industry’s marketing is based on this false assumption that gamblers can win every bet they place.
Lastly, Lipton discusses the way that sports betting companies promote parlay bets, which combine multiple outcomes in a single wager. He explains that, while they may provide larger payouts than a standalone bet, the odds of winning are much lower. He adds that it’s important for bettors to determine a realistic amount of money they are willing, in the worst-case scenario, to lose and then to stick to that number.
Finally, he points out that a successful sports betting strategy is all about finding value and spotting inefficiencies in the markets. He cites an example from baseball, in which bettors have used statistics like a player’s ability to hit left-handed pitching or a team’s tendency to commit errors at home to beat the sportsbooks. He points out that, just as with stocks, sports betting prices are always changing, and it’s important to constantly assess the odds of a bet in order to see if it still offers good value.
