If you watch TV for 20 minutes these days, odds are good that you’ll see an advertisement for sports betting. These companies are rolling in the dough. They have advertising budgets that make your retirement account look like chump change. And it’s not just the money, it’s the time people are spending on these stupid games that is destroying their lives.
There’s something inherently addictive about gambling and the ease of accessing betting apps has helped to make a lot of folks broke and miserable. Add to that the fact that it’s easy to be influenced by your friends and peers who are equally obsessed with sports and you have a recipe for disaster.
One of the most important things to remember when betting on sports is that it’s not about winning or losing but surviving and making small profits over time. A big part of success is keeping your emotions in check and making bets with a clear head rather than going on tilt.
This is why it’s important to have a separate bank account for placing sports bets, so you can keep your betting activities and your financials completely separated. It’s also a good idea to write down the size of your base bet, so you can stick to that and not go over it.
The goal of most pro bettors is to find advantages that can make the line a book offers vulnerable and then place bets that are mathematically profitable. This takes a lot of math and it’s why most long-term successful bettors are such numbers freaks.
It’s also important to understand the basics of the break-even principle. For example, let’s say you bet on the Cowboys to win and they cover the spread. Your total return on the bet is $110. But the book has them listed at -7.5, so you should resist the temptation to bet them and shop for a better number. This is the basic principle of value betting, which is a strategy that can yield a profit over the long term.
Another thing that can help you stay in control is to bet for fun and not with emotion. It’s easy to get carried away with your emotions after a great win or a horrible loss. It’s also important to be aware of the dangers of gambling addiction and to never gamble with money you can’t afford to lose.
Path to Legalization
Ohio became the first state in the country (including Washington, DC) to launch sports betting after PASPA was struck down and it’s a good sign that other states are following suit. However, as more jurisdictions adopt sports betting, the landscape is sure to get messy as turf wars between existing casinos, lawmakers, state lotteries, tribes/tribal casinos, leagues, sportsbook operators and vendors are likely to ensue. Ultimately, these turf wars should be good for consumers as they provide more choice and competition. This is especially true if all stakeholders are focused on maximizing taxable revenue.