You’ve probably heard of the phrase’sports betting’. Maybe you place a few bets here and there, but you certainly don’t take it seriously. You think to yourself, ‘It’s not something I’m going to get involved in. It’s just some people’s hobby. Not my kind of thing.’
So why is it that the majority of people can’t see beyond the thrill of making a quick bet and hoping for the best?
Even if you don’t follow sports, you probably know what sports betting is all about. You see big differences in the odds between different bookmakers, and you think to yourself, ‘I’ve got an opportunity to make some money.’ You put in some quick research and come up with a betting strategy, focusing on certain matches or races. You make your picks and place your bets. Then, once the races are over, you check the results and either win or lose.
It’s a very simple strategy, but it can be extremely profitable. There are plenty of examples of people making a living off of sports betting, and quite often those people aren’t even that into sports. They just know how to put the odds in favor of themselves.
The thing is, it’s not that simple. In reality, things aren’t that straightforward, and that’s what’s making it so hard for the average person to win at sports betting. This article is going to tell you exactly why it’s so hard to win at sports betting, and what you can do to change that.
The first and most crucial part of understanding why winning at sports betting is so hard is that there are usually only a few options when it comes to betting on sport. If you want to bet on the NFL, for example, you have a handful of bookmakers you can choose from. In the UK, you have William Hill, Bet365, Paddy Power, and Ladbrokes. In the US, you have the same four bookmakers plus you have the option of making online sportsbooks bets. Depending on where you are and what jurisdiction you fall under, you might have more or less betting options. But mostly, it’s going to be a very limited selection.
If you compare this to other types of gambling, like the slot machines at a casino or the poker tables at a poker club, you’re going to see a huge difference. With those other types of gambling, there may be hundreds or even thousands of options available, giving you the opportunity to make a diverse income. But when it comes to sports betting, the options are often limited to a couple of teams or athletes you might consider supporting.
This means that if you want to make a living off of sports betting, you’re going to have to narrow your choices significantly. You don’t want to spread your money across too many different sports because there aren’t that many options to bet on. And you certainly don’t want to spread your money across too many different teams or athletes because you won’t have enough to bet on all of them. So you’re either going to have to settle for whatever options are left, or you’re going to need to find a way to get more options.
High Risk, High Reward
The second crucial factor behind why it’s hard to win at sports betting is the high reward potential. You get a massive payout if you win, and it’s not that common for people to actually back the opposite team or player. Most people are going to be taking the easy way out and going with the default option, which is usually going to be the favourite team or player.
This means you’re going to be getting paid a lot if you can correctly identify the winner of a game. The key to making money at sports betting is to get your picks right, which is usually very easy to do. You just have to follow the correct procedures, and you’re going to start seeing big dividends from your winning predictions. The higher the risk, the higher the potential reward, which means more people are going to be attracted to this form of gambling, even if they don’t follow sports closely.
The final reason why it’s so hard to win at sports betting is the unpredictable outcomes. You’re not always going to see a clear winner when a game or event is over. Even if one team clearly outperformed the other, there could be multiple reasons why this happened, and you’re not going to have an easy time explaining it. This is why it’s best to avoid betting on sporting events you don’t follow closely.
Sometimes, a team or player you didn’t foresee losing is going to come back and surprise you. This can happen in multiple ways. In the case of the San Francisco 49ers and Chicago Bears game earlier this year, the Bears had one more touchdown than the 49ers. As exciting as this was, it wasn’t necessarily something the betting public saw coming. The point is that even if you go with the odds, you might end up losing because the unexpected happened. This is why it’s better to avoid betting on games or series you aren’t following closely. Otherwise, you might get burned by an unexpected result.
Lack Of Education
The good news for you as a potential sports bettor is that all of this is going to change. It’s high time for the industry to step up their game, and provide better services to their customers. Especially since 95% of people who try betting on sports are losing, according to one of the largest survey studies on the subject.
Simply put, the industry isn’t doing anything to educate people on how to bet right. Most of the time, it’s simply a case of following the default option and expecting to win. But this isn’t good enough anymore. You need to do your research and find the best possible option for your own specific needs and goals, without being tricked by fraudulent practices or expecting unrealistic odds.
While it’s good that the industry is seeing the light and wanting to provide better services to customers, only time will tell whether or not they can make a real difference. But until then, it’s up to you to learn as much as possible and make the right choice for your situation.