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Different Sides of the Sports Betting World
Bob Dylan said it back in the 60’s…“The times they are a changin’”. Well, the same can be said for sports betting in the year 2018. If you haven’t heard, back in May, the Supreme Court cleared the way for states to legalize sports betting. With that in mind, let’s get more familiar with this huge industry and look at three different sides of the sports betting world.
According to Statista.com, the global gambling market, which also includes lotteries, casinos, poker and other gaming, grosses more than 400 billion US dollars per year. Of that $400B, sports betting makes up anywhere from 30-40% of it. The same site conducted a survey, and came up with the fact that almost 50% of people in the Unites States 18 years and older have placed a bet on a sporting event at least once in their life. So it is evident that sports betting is a HUGE business.
While you may know the basics of this global industry, what do you know about Pay Per Head services? How about pick services? What about if you are new to betting, but want to place a wager, do you know what to look for when choosing the right online sportsbook? Read on, and I will help educate you on these three topics.
You might ask, what the heck is a Pay Per Head service? Let me explain it for you. PPH is an online service for someone who takes bets, better known as a bookie, or an “agent” as they are called in the biz. This service will help an agent run their business in a coordinated manner, at the same time giving their clients a vast array of betting options.
Gone are the days when a bookie writes everything on paper and has to do his own accounting. A PPH service takes care of all that. The bookie will get the security, technology and software, including lines and odds without having to open up their own sportsbook, which obviously is a huge in devour.
The Pay Per Head comes into play because the agent is charged a set fee for every bettor that places a bet that week; they are charged a “per head” fee for the service.
There is a lot to know about these services, as there are a lot of them available, but I won’t go into the in’s and out’s and/or the pro’s and con’s in this article. However, a while back I wrote a piece titled, Taking Your Bookie Business Offshore | PPH Pros and Cons. Go take a look.
For one reason or another you may consider using a sports betting pick service. Bettors use these services to gain an edge, in turn putting more W’s in the win/loss column. You may choose to use these because you’re a beginner or because you’re sick of losing. Whatever the case, you have to be very careful when choosing one.
A pick service is a handicapper or a group of handicappers that sell their picks, and let me tell you, there are A LOT of them. I put them in the same category as a stockbroker, except they aid you in betting on a sporting event rather than providing information where you should put your money in the stock market.
Like stockbrokers, some of these guys are scammers. I went deeper into this when I wrote about how to find a trustworthy pick service, but to summarize, some handicappers don’t know their head from their a$$, while others will try to move a line to benefit themselves.
Some things to watch out for is a site that verifies their winning percentage, large marketing budgets and cost, but you can read more about those in the aforementioned article.
If you do want to start wagering on sports or simply want a different avenue to place bets, the first step is to find the right sportsbook for you. Like PPH and pick services, the options are a plenty. While most are legit, there are also a lot that are not, and you have to be very careful before sending money their way.
There is a lot of information to be found on this subject around the web, including multiple sportsbook review sites, but be aware that some of these sites are run by actual sportsbooks, and can have a biased opinion. For me, the best way to choose a sportsbook is to talk to people that have actually used them, and get first-hand information.
Of course, one of the most important things to consider when choosing a book is do they pay. We all want to get paid when we win, and when you struggle to get paid, it’s not something you want to be a part of.
A couple other considerations include the betting options available. For example, do they offer teasers, first and second half lines and live betting? Do they have an online casino and racebook? How about a great mobile interface? All these things must be considered. Like the other two topics, I also went in-depth on Things to Look For When Choosing an Online Sportsbook that you might want to take a look at.
So that does it for today. I hope this was a good introduction into a few different facets of the sports betting industry. There is a lot more to know and learn, and be sure to watch out for more interesting articles on these topics and more in the near future. Good luck with your bets!