The popularity of betting on sports has grown substantially over the last few decades. According to some reports, up to $90 billion is bet on sports annually, with the largest sums being placed on football and basketball. Even though online betting is commonplace and new markets like virtual esports are emerging, the practice still attracts a lot of controversies. Here’s our quick guide to unravelling the science of sports betting.
The role of probability in betting
The main advantage of betting on sports is the ability to exploit probability. In almost every sporting event, two competing factors determine the outcome: skill and luck. Skill is the ability of a team to play the game correctly using tactics and skill sets.
On the other hand, luck is a minor factor that does not fall under the team’s control, such as injuries and the weather. Most of the time, betting on the outcome of sports is an exercise in assessing which team or athlete is more likely to make the necessary plays to win the game.
The key is identifying which factor (skill or luck) is more likely to occur. For example, in a basketball game between the Houston Rockets and the Golden State Warriors, the Rockets will likely have a better chance of winning if their star player, James Harden, plays well. However, if an injury hinders Harden, the Warriors will have a better chance of winning because their skill is higher.
Types of bets available for sports.
There are many types of bets players can make on sports, with the general rule being that the more specific the bet, the higher the potential payoff. But with specific bets comes the risk of losing money.
Therefore, players have to be familiar with their choices to ensure their portfolio keeps heading in the right direction. Captaingambling.com has an interesting catalog of sports betting and casino deals for new players to choose from. The following are the most common types of sports bets available to players:
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- Straight up bet
- Handicap
- Scoring points
- Props
- Parlay
- Teaser
The Bottom Line
The bottom line is that sports betting is a game of probability and statistics. If players can find a way to identify which factors have the highest probability of occurring, they can increase their chance of making a profit. The best way to do this is to do extensive research. Finally, it is possible to make a profit from betting on sports if a player win more money than they lose. So it is only proper to have a credible money management strategy in place and a will of iron.