When someone decides to bet on sports, they first need to establish how much they are willing to risk. Since most sports books, or bookmakers, offer various betting options and games, the risk usually depends on the amount of money that is being wagered. Let’s take a look at the risks associated with various sports and betting propositions and how they compare to one another.
Risk of Malicious Interference
When a person bet on sports, there is always the risk of malicious interference. This type of risk is the chance that someone will tamper with the outcome of the game, either through foul play or through hacking the sports book’s software. In 2019, the MIT Center for Risk Analysis of Sports Events ranked the FIFA Women’s World Cup™ as the sport with the greatest chance of being hacked, followed by boxing and American football. The researchers noted that, due to the large number of people who have access to the games, it would be relatively easy for an outsider to interfere with the sport’s results. The following are examples of the types of hacks that can occur:
- Illegal betting;
- Tainted results;
- Hacking accounts;
- Fraudulent scores being displayed; and
- Disappearing betting odds.
The risk of a hack on a sporting event is one of the main concerns for anyone who bets on sports. Since betting exchanges allow people to trade bets and create markets for games where the money is protected, this type of risk is somewhat mitigated. However, even though the exchanges make it easier for people to stay in the game and have their winnings protected, they can’t help with the harm that can come from a hack.
Fraudulent Results
One of the other big risks associated with betting on sports is the possibility of fraudulent results. Since humans are unpredictable and mistakes can happen, it’s always a possibility that the results of a game will be faked. It’s a lot easier to manipulate the results of a game when there are numerous cameras in the stadium and the world is watching, but it can still happen. Even now, with sophisticated software and the Internet, it’s possible for someone to manipulate the outcome of a sports match and get away with it. Due to the large number of people betting on sports, it would be quite the feat for someone to try and orchestrate a fake outcome, but it’s not impossible. As in the case of a hack, there is no way to totally eliminate this risk. However, the more people who are aware of the danger, the more likely it is that an attempt will be made to defraud the bookmaker. This means that the risk of fraudulent results is often mitigated by education. For example, people who bet on sports should be made aware of the risks that are associated with this type of betting, and they should be educated on how to minimize these risks, such as by verifying the results with multiple sources and being aware of possible foul play. In most cases, the results of a game are settled after the whistle, so it’s not possible to predict or prevent fraudulent results during a game. Once the whistle has blown, the bet is over and the result is assured. However, it is sometimes possible to discover and prevent fraud after the game has been played. This is where vigilant sports fans and betting enthusiasts come in. They can watch the game and quickly report any suspicious behavior that might indicate someone is trying to defraud the bookmaker. Vigilant sports fans and betting enthusiasts also have the advantage of being able to monitor the results of a game as it’s happening, so they can flag irregularities as soon as they occur. This reduces the chances of a game being manipulated, but it doesn’t completely eliminate the risk.
Tainted Results
One of the other big risks associated with betting on sports is the possibility of tainted results. This risk is the chance that someone, either through foul play or through hacking the sports book’s software, will alter the results of a game in a way that benefits the bettor. In 2019, the MIT Center for Risk Analysis of Sports Events ranked the NBA Draft (with the Lakers having the highest pick) as the sport with the greatest chance of having results altered through foul play or hacking. This is followed by horse racing, baseball, and American football.
The risk of having the results of a game contaminated by foul play or hacking is another big concern for anyone who bets on sports. This is because most sportsbooks employ computer software to generate their odds, which means that any tampering could alter the outcomes of games. Since most bookmakers offer various betting options and games, it would be relatively easy for an outsider to interfere with the sport’s results. The more people who are aware of this danger, the more likely it is that an attempt will be made to manipulate the results of a game. This is why it’s important to educate people on how to minimize this risk. In most cases, this entails being aware of possible foul play or hacking and reporting it to the proper authorities. As in the case of a hack, the more people who are aware of the threat and have the resources to deal with it, the more likely it is that the results of a game will be untainted.
Hacking Accounts
Another big risk associated with betting on sports is the possibility of hacking accounts. This risk is the chance that someone will gain access to your personal account information and use it to their advantage, either to steal your winnings or to submit fraudulent results on your behalf. Since most bookmakers offer various betting options and games, it would be relatively easy for someone to gain access to your account and use your information to place bets. Even now, with sophisticated software and the Internet, it’s possible for someone to gain access to your personal information and use it to make bets or commit fraud. This is why it’s important to be aware of the risks that are associated with this type of betting and to take the necessary precautions. In most cases, the risk of hacking accounts is mitigated by keeping your personal information private, using strong and unique passwords, and being vigilant about security. Since most bookmakers offer various betting options and games, it would be relatively easy for someone to gain access to your account and use your information to make bets. The more people who are aware of this danger and the more they do to reduce the risk, the more likely it is that your accounts will remain safe.
Fraudulent Scores
One of the other big risks associated with betting on sports is the possibility of displaying fraudulent scores. This risk is the chance that someone, either through foul play or through hacking the sportsbook’s software, will alter the score or total of a game in a way that benefits the bettor. Since most sportsbooks employ computer software to generate their odds, it would be relatively easy for an outsider to interfere with the score or total of a game. The more people who are aware of this danger and the more they do to reduce it, the more likely it is that the scores of sports games will remain honest.
The risk of fraudulent scores is yet another big concern for anyone who bets on sports. This is because most sportsbooks employ computer software to generate their odds, which makes it easier for someone to interfere with the score or total of a game in a way that benefits the bettor. This is why it’s important to be aware of the risks that are associated with this type of betting and to take the necessary precautions. In most cases, the risk is mitigated by being vigilant about the scores of games and by trusting the initial results. However, it’s still possible for someone to manipulate the scores of a game and get away with it. As in the cases of foul play and hacking accounts, the more people who are aware of this danger and the more they do to prevent it, the more likely it is that the scores of sports games will remain honest. This means that the risk of fraudulent scores is often mitigated by education.
Disappearing Odds
One of the other big risks associated with betting on sports is the possibility that the betting odds for a particular game will disappear. This risk is the chance that someone, either through foul play or through hacking the sportsbook’s software, will alter the odds of a game in a way that benefits the bettor. Since most sportsbooks offer various betting options and games, it would be relatively easy for someone to interfere with the odds of a game. The more people who are aware of this danger and the more they do to prevent it, the more likely it is that the odds of a sports game will remain visible.
The risk of the odds of a game disappearing is yet another big concern for anyone who bets on sports. This is because most sportsbooks employ computer software to generate their odds, which makes it easier for someone to interfere with the odds of a game in a way that benefits the bettor. If someone is aware of this danger and takes the necessary precautions, they can minimize the risk of disappearing odds. This means that the risk is often mitigated by education.