What is a sports betting myth and what is not?
Key Points
– There are several myths surrounding sports betting.
– Not everything you hear about gambling is true.
Sports Betting Myth Busters
There are many commonly held beliefs about sports betting. Not all of them are true. Sometimes things are believed just because they are repeated often enough.
For example, there are plenty of people that say it simply isn’t possible to win money from betting on sports. That doesn’t mean it’s true. While it is difficult, there are those who gamble on sports professionally.
You shouldn’t just dismiss all of these beliefs. Some of them are indeed true. For example, it’s quite common to believe that the bookmakers have an advantage over their customers. They do, and successful sports betting is all about learning how to overcome that advantage.
In this post, we examine some commonly held beliefs about sports betting. Are they true or not?
EDITOR’S CHOICE: HOW TO BET AN ALTERNATE POINT SPREAD
The Bookmakers Always Win
This is true, with one important caveat. The bookmakers always win in the long run, but not necessarily on each and every betting market they offer. They don’t always get their books as perfectly balanced as they would like, which can cost them money. It’s possible for bookies to have losing days.
Although the bookmakers do win money over time, it’s important to recognize the reasons why. A lot of people think it’s because they have an advantage that can’t be overcome. This is just not true.
Sportsbooks certainly set odds in their favor, but it is entirely possible to overcome this advantage if you know what you’re doing.
The real reason why the bookmakers always win is simply because of the habits of losing sports bettors. They just don’t know what they’re doing. A lot of people bet for fun and don’t put a huge amount of thought into the bets they place. In the end, most of those bets lose.
It is definitely possible for anyone to make money out of sports betting. However, the fact is that there are very few people who put in the required time and effort to do so. This is why the bookmakers win.
You Never See A Poor Bookie
Most bettors have heard this one. It has largely been true in the past, but it has become less so for a variety of reasons. Even when winning money from their customers, some bookmakers are struggling to cover all their operational costs.
The bookmaking industry is very competitive, Marketing costs are high, and margins are low. Bettors have also, on the whole, become a lot more knowledgeable about sports betting in recent years. Most of them still lose overall, but they tend to lose more slowly and are more educated about things such as shopping around for the best odds and lines.
These things all combine to make it hard for bookmakers to turn an overall profit, particularly the small ones. The big bookmakers are still making money. Smaller ones might be making money, but they might be losing as well.
It’s pretty safe to say that the idea that all bookies are “rolling in the dough” is just not true.
Sports Betting Is All Luck
The idea that betting is all luck is nonsense. Playing the lottery, as well as some other forms of gambling, are all based on luck. Sports betting is not though. Luck can certainly play a part, and it often does. However, there is a great deal of skill involved in betting on sports.
The best sports bettors in the world don’t consistently win money because they are lucky. They win because they make the right wagers, at the right times, for the right reasons. They develop strategies that work for them and put in the time and effort to analyze their bets. Smart bettors manage their bankrolls, control their emotions, and stay disciplined. Smart bettors also use two or three sportsbooks. That is why they win.
Sportsbooks Limit Winning Accounts
Bookmakers are, of course, in business to make money. They have no obligation to take bets from anyone, and they are quite within their rights to limit the bets they take from proven winners.
Obviously, this can be very frustrating if it happens to you, but you should take it as a compliment. If your betting account is restricted or limited it means you are doing something right.
Sportsbooks are not as quick to limit accounts as people think. They will typically only place restrictions on your account if you are winning very consistently or if they think you are engaging in arbitrage. Bookies don’t limit accounts just because a bettor has a couple big wins.
Sports Betting Odds Reflect Value
The odds of any given bet do reflect its value, so this statement is true. However, it’s important to recognize that odds are not the only thing that determines value. Too often, bettors will believe that a selection is a good value simply because the odds are high. That is not true. Equally, it is not true that a bet is a poor value just because the odds are low.
Think about it this way. If you were offered odds of +10000 that the moon would be purple tomorrow, you wouldn’t waste your money. It’s simply not happening. Just because you can win $10K on a $1 bet doesn’t make it a good value.
On the same note, if you were offered -2500 odds of the moon not turning purple tomorrow, you might think about taking that bet. For every $25 wagered, you win $1. There is value because it’s a bet you feel confident in winning.
In summary, odds do reflect value, but only in combination with other factors.
Value Is Everything In Betting
This is a tough one, as value is very important in betting. If you only ever place good value wagers, then you should win money in the long run. However, that might not always be true. This is because value is ultimately subjective in sports betting.
When playing roulette, you know that you have exactly a 1 in 37 chance of winning a bet on a single number (1 in 38 on an American wheel). The bet pays 36 to 1, so you know there is no value. If it paid 40 to 1, there would be some value. In sports betting, it’s impossible to determine the exact probability of any particular outcome.
Therefore, it’s not right to say that value is everything in betting. Its importance is without question, but there are other factors to consider as well.
