Sports Betting 101
When millions of people watch the Super Bowl on Sunday, they will be placing bets – sometimes thousands of dollars. The amount of money wagered on the game is likely to surpass previous years, thanks in part to legal sports betting. The Supreme Court’s ruling in 2018 made the practice possible, and since then betting has exploded.
Sports betting involves wagering on a team or individual player to win or lose. Bettors can place moneylines, point spreads or parlays to place multiple bets at once. There are also prop bets, or proposition bets, which offer more specialized bets, like how long Reba McEntire will sing the national anthem or how many yards Usher will gain on his first reception. These types of bets can be fun and add another dimension to a game, but they can also lead to more than just financial losses.
Some states, including Texas, California and Florida, remain steadfastly opposed to legalizing sports betting, but the vast majority of U.S. citizens can wager on games in state-regulated and licensed sportsbooks. It is a massive industry, one that generates billions of dollars in revenue for the sports leagues and states. While some fans still wager low-stakes among themselves, most bets are placed in organized online sportsbooks.
The sport-specific rules and nuances of sports betting can make it challenging for newcomers to get started. In addition to learning the basics, be sure to stick with sports you’re familiar with from a rules perspective and research stats and trends to find value bets. Also, it’s wise to keep a record of your bets (a standard spreadsheet works fine) and only wager with money you can afford to lose.
Many people believe they have superior knowledge about athletes and teams, giving them a false sense of confidence and control that encourages them to continue placing bets. This can be especially problematic for those who follow their favorite teams closely and analyze stats and matchups. They may find that their picks are more accurate than the average, but they should be aware that the hit rate for professional handicappers is less than 50%.
Moreover, sports betting isn’t immune to the same kinds of scandals that plague all forms of gambling. From Shoeless Joe Jackson and the Chicago Black Sox to college basketball and hockey, insiders have been accused of leveraging their insider information to cash in on bets.
Despite the risks, it is possible to profit from sports betting if you’re prepared for the long haul and use sound strategy. Remember that hindsight is always 20/20, and be sure to study stats, matchups and coaching strategies to identify potential bets that could pay off. Also, don’t forget that sportsbooks adjust their lines frequently after news breaks, so it’s important to check back often for new opportunities. The most successful bettors are those who know when to stop and walk away, not those who keep betting after each loss. With the right mindset, you can build a profitable sports-betting “career” or business, but it will take time and dedication.