What happens when you combine sports with gambling? You get live betting in hockey, a sport where fans can place bets while their favourite players are performing in front of them! We look at the theory behind supporting or resisting certain outcomes in this unique and exciting environment.
Live Betting In Hockey – A Brief History
Live betting in hockey has been around for as long as there have been rules, regulations, and collection agencies. The first iteration of live betting in hockey was during the 2006 Stanley Cup Finals, when a small group of Nevada sportsbooks opened up shop at the time and offered betting on the game. When the Ottawa Senators faced off against the San Jose Sharks, fans were able to bet on the outcome of the game.
The following season, the Nevada sportsbooks took over the entire betting market in hockey, establishing weekly lines, posting live odds, and giving birth to the practice of fans chanting “shoot, shoot” during the games.
While this was a significant step toward mass consumer adoption of wagering, the NHL didn’t exactly embrace it. The league banned online and mobile sports betting in 2013, going so far as to prosecute a number of bookmakers for violating that clause.
That being said, fans have been able to place bets on games ever since. The proliferation of online and mobile platforms has made it easier for people to place wagers wherever they choose, whether that’s a bar, a restaurant, or even the comfort of their own homes. Hockey and casinos probably aren’t meant to mix, but the sport and the casino industry have found a way to coexist, and it’s all because of live betting in hockey!
To this day, live betting in hockey is mostly found in Nevada and New York, where gambling is legal. However, as of 2022, the situation could be changing. The repeal of PASPA, the Professional and Amateur Sports Protection Act, in 2018 made it legal for states to legalize sports gambling, and several have taken advantage of this new found freedom. This could open up the world of sports gambling, and in particular, the world of live betting in hockey, to new markets.
Why Are Sports Gambling Channels Worth Watching?
While legal in most states, sports gambling is still considered a banned activity by the NCAA and the NHL. However, that could be about to change. New Jersey sportsbooks have reported a 400% increase in revenue since sports gambling was legalized in that state. Similar scenes could play out in several other states where sports gambling is now legal.
This is a significant development, as until now, the only people able to place wagers were those who lived in states where gambling was legal. Since the inception of sports gambling, a significant gap has existed in the middle of the betting action. There has always been someone watching the game, placing bets, and communicating them to the other bettors. Now, that gap could be filled with live betting!
Live betting in hockey has been around for a while. It started as a novelty, as fans would place bets while the action was happening. However, over the years, fans have started to realize the advantages of live betting and its ability to increase the excitement of the sport. The novelty of placing bets while the action is happening has given way to strategic wagering, as fans are now able to place wagers on events as they happen, enhancing the overall experience for themselves and for future viewers who may be checking out the game!
The Upside to Live Betting In Hockey
The upside to live betting in hockey is almost too big to list. For starters, it provides a unique insight into the action, giving viewers a taste of what it’s like to be a part of the action. Moreover, betting on sports has been proven to increase wagering volume, as fans are more likely to place a wager when there’s actual sport and action to watch. Additionally, legal and regulated sports betting could lead to increased liquidity in the market, reducing the impact of stale prices and creating a more efficient, accurate betting exchange.
All these things combined could lead to bigger revenues for the sportsbooks and ultimately, the franchisees operating the sportsbooks.
The Downside to Live Betting In Hockey
While there are a number of advantages to live betting in hockey, there are also a few disadvantages. First, as with any activity involving gambling, there is always the risk of losing money. Second, live betting in hockey is an unregulated activity. This means that bookmakers have the freedom to set their own odds, which can sometimes be manipulated for marketing purposes or to simply get a leg up on the competition.
As a result, the second and third decimal points attached to the odds can vary significantly from bookmaker to bookmaker. This means that even if you meticulously follow the odds given to you by the bookmaker, it’s still possible that you will incur unfair odds at another location. Moreover, fans shouldn’t expect to win every time they place a wager. The chances of hitting on a winning combination are not in the favor of the individual bettor. You’re simply playing the odds, not necessarily beating them.
The Odds In Hockey – A Brief Explanation
In sports betting, there is always the need to calculate the odds. This is more important in the world of hockey than in most other sports, as in hockey, there are several outcomes that can occur from one game. This is why, when you bet on sports in general, odds are always listed for the following categories:
- Home team wins
- Away team wins
- Goal difference
- Total goals
- Point spread
- Sabres -vs- Islanders
- Rangers -vs- Penguins
These are just some of the categories that appear regularly in hockey betting, but there are dozens more. Fortunately, all of these are fairly easy to understand. Home team wins are the most obvious – your home team will either win or lose the game, depending on whether or not you have faith in them. The same can be said for the away team. The odds of the home team winning or the away team winning will depend on what state you’re in and whether or not the venue is outdoors or indoors.
The next two categories are slightly more complicated. The goal difference is how many goals the teams are scoring versus how many they are giving away. The total goals category simply adds up all the goals, including the ones that are being scored and the ones that are being given away. The over/under category means that you are either betting that the total number of goals will exceed or will fall short of the posted total. For instance, if the total is set at 5 goals, and you think that there will be at least 6 goals, you’d bet on over (to win). If you think that there will be less than 6 goals, you’d bet on under (to win).
The point spread allows you to bet on whether or not one team will outscore another by a certain margin. For example, you can bet on the New York Islanders +7 vs Arizona Coyotes – in this case, the Islanders would score 7 or more goals and you’d win your bet. If you’re betting on the under, you lose your bet, as the Coyotes will outscore the Islanders by that exact number.
Sabres -vs- Islanders and Rangers -vs- Penguins are the two most popular betting categories in hockey. The first two items on this list are fairly self-explanatory. The Sabres are the red-hot team on the rise, while the Islanders are in the middle of an impressive playoff run. On the other hand, the Penguins and the Rangers are the defending champs and the team to beat. These two teams always go head-to-head in the playoffs, with the winner usually going on to win the Stanley Cup. This year is no different, and with the NHL returning from its all-star break next week, the rivalry between these two teams is bound to continue until the end of the 2019 Stanley Cup Finals.
The Final Takeaway
The bottom line is that sports gambling in hockey is here to stay. It’s already been established that Nevada sportsbooks saw a 400% increase in revenue since New Jersey legalized sports gambling. Similar trends could be seen in other states where sports gambling is legal, proving that fans want to place wagers and they want to do it legally. The game has definitely changed, and while it initially started as a novelty, the world of live betting in hockey is here to stay.