While it’s always great to be able to predict the outcome of a sporting event, getting the best possible odds in a casino can be a whole different story. For example, take the NFL (National Football League). Currently, betting odds for regular season games are completely unpredictable. However, if you know how to read the right signs, you can find value in almost all NFL games this year. Here are some of the key differences between the world of sports betting and betting on the roulette table at a casino.
The Money Behind The Games
In most casinos, table games such as craps, roulette and blackjack are the primary source of income. However, sports betting is a lot more sophisticated than throwing a few dollars at a couple of numbers on the roulette table. For one thing, sportsbooks make a lot of money off of big bets. For example, if you’re betting on the Superbowl this year and you think that the odds are in your favor, you might want to consider placing a large bet on the winning team. Doing so could very well earn you a profit bigger than the money you risked.
Moreover, unlike at a traditional casino, where the house edge on most games is greater than 10%, most sportsbooks have built their businesses on betting odds that are more beneficial to the consumer. For instance, NBA (National Basketball Association) games have a house edge of only 4.9%. While that may seem like a lot, consider that the average NBA game has an opening line of -350 and a half-point spread. So, if you bet $100 on the game and it turns out that the total is, in fact, 360.5, you would actually win $50. Of course, the opposite is also true; you could potentially lose $50 even if the game ends in a tie.
The Sportsbooks Are Connected To Bookmakers
When it comes to online sports betting, consumers have a variety of options when it comes to where they place their bets. However, in most situations, they’re going to be connected to a bookmaker. A bookmaker is simply a business that takes bets from individuals and groups of individuals and then processes those bets. For the most part, the bookmakers take a small percentage of each bet and then give you the benefit of the doubt, so to speak, on the remainder. Should the game end in a tie, meaning that the total score is the same but one team wins by less than 10 points, the bookmaker will typically eat the juice (i.e., the difference between what you risked and what you won).
Conversely, if you bet $100 on a game and it ends up being a 10-point win, the bookmaker will typically give you $90 back, plus some profit. In this instance, you would have to wait until the following week to see if your bet earned any profit or loss because the games don’t settle immediately.
The Audience Is Varied
When you watch a game at a sports bar or stadium, you’re usually sitting with a fairly homogeneous group of individuals. However, when you watch a game at home, on your phone or via online stream, you’re usually getting a cross-section of the public, ranging from people who love the game to those who hate it. This creates a completely different atmosphere and, in many instances, can give you a valuable edge in making smart wagers.
For example, if you know that your friends and family don’t like the New York Yankees and you feel that the odds are in favor of the Cleveland Indians, you might want to avoid placing a bet on the Yankees, especially if the game is at home. Doing so could hurt your feelings.
You Can Use Information That Is Not Available To The General Public
In most cases, sportsbooks and betting websites are not-for-profit endeavors that exist solely to generate revenue from wagering. This means that they’re able to keep certain information secret, such as which team is performing the best and which ones are struggling. You, as the consumer, are not usually privy to this information. However, this also means that you have the advantage of being able to make more informed decisions about wagering. In other words, if you know that the LA Clippers are going to beat the Golden State Warriors tonight, you might want to consider laying some wagers on the Warriors.
The list of differences between sports betting and betting at a traditional casino goes on and on. Ultimately, if you know how to read the right signs, you can find value in almost all sporting events this year. Moreover, understanding some of these differences can give you an advantage in the world of sports betting. For example, if you’re a fan of the Cleveland Cavaliers, you might consider placing a bet on them in the upcoming NBA (National Basketball Association) finals. Doing so could very well earn you a profit bigger than the money you risked should your team win.