If you live in the United States and you’re looking to make some extra money from home, you’ve probably considered the lucrative world of sports betting. The industry in the US is valued at around $14 billion annually and is projected to nearly double in size by 2024.
While many people are attracted to the idea of getting rich quick, most sports bettors are there for the challenge of beating the odds. If you’re looking to join the thriving world of American sports betting, here’s what you need to know.
The Legal Side
Before you begin your sports betting career, it’s imperative that you understand the legal constraints of the industry. In most states in the US, it’s illegal to wager on sporting events. However, the law in Colorado and Nevada specifically allows for sports betting. Additionally, employees of the sportsbook or casino can wager on sporting events as long as the activity is declared legal. This means you can potentially work at a legal bookmaker or sports casino as long as you follow the rules and regulations.
The Gambling Side
If you choose to work in a legal sportsbook or casino, you’ll need to familiarize yourself with the types of bets available and the terms used within the industry. Some of the more popular bets include:
- The spread: The spread is the difference in point-spread or line-spread between two teams. For example, if the New England Patriots are -3.5 point favorites over the Buffalo Bills, the spread would be -3.5.
- Over/under: The over/under is the amount of points you’ll need to score for your sports team to win. For example, if you bet on the New England Patriots and you need 10 points to win, the over/under would be 10.
- Total Wins: The total wins is the total amount of games your team wins. For instance, if the New England Patriots have won 12 games so far this season, their total wins would be 12.
- Total Losses: The total losses is the total amount of games your team loses. For example, if the New England Patriots have lost 6 games this season, their total losses would be 6.
- Yield: The yield is the percentage of losing tickets you’ll need to sell to break even. For example, if you bet $100 on the New England Patriots and they lose, your yield would be 5 percent (or 50 cents).
As you can see, most sportsbooks and casinos are looking for experienced bettors who are willing to wager large amounts of money on games. Additionally, many places of work offer sign-up bonuses and free money to attract new customers. If you meet the minimum requirements, you can look forward to winning big and frequent rewards.
The Community Side
If you work in a sportsbook or casino, you’ll have the opportunity to interact with customers on a daily basis. This will give you a chance to demonstrate your customer service skills and gain valuable experience dealing with impatient people who have a need to place bets.
The Money Side
The money side of sports betting refers to the aspect of the industry that is paid out. If you work in a bookmaker or casino, you’ll have the opportunity to earn large amounts of money very quickly. You’ll simply need to understand how to make the right bets and learn to control your emotions when things go wrong. If you can do these things, you’ll be able to tap into a potentially profitable market and enjoy the benefits of a steady income.
The Education Side
Aside from understanding the legal and financial aspects of sports betting, you’ll need to get educated on the game of football itself. Most people who enter the industry have either a college degree or a professional sports franchise. Those who don’t have either may find it difficult to break into the industry and make a success of themselves. This may require some time off work to learn the ropes of coaching and/or evaluating talent. However, the opportunity to educate yourself and learn the game is certainly there, as more and more people are turning to online sources to get all the information they need.
Where to Start
If you’re looking to enter the US sports betting industry, your first stop should be the websites of the major sports leagues. By becoming a member of these leagues, you’ll gain access to a wealth of online content and tools that will make your transition into sports betting much easier. Some of the major sports leagues include:
- National Football League (NFL)
- Major League Baseball (MLB)
- National Basketball Association (NBA)
- National Hockey League (NHL)
- Poker (not recommended for beginners!)
Additionally, you can sign up for a free account on sites like OddsShark or ArcaneSports and get access to even more betting options. Take the time to explore the content available on these sites and decide which ones you’ll use most frequently. Also, don’t be afraid to sign up for more than one account so you can keep track of your wagers and gain more betting options.
As you can see, there are many ways to make money online. However, before you begin making any serious money, be sure to learn the ropes and understand the odds. Additionally, it’s imperative that you learn to control your emotions when things go wrong. This will help you prevent costly mistakes and protect your money from the scammers who aim to prey on the inexperience of the unwary.