Sports betting became a lot more accessible in 2018 when the Supreme Court struck down PASPA, the 1992 federal ban on sports gambling. Suddenly, it’s possible to place a bet on your phone while watching a game from the comfort of your futon in your underwear while eating buffalo chicken dip, and still have a shot at winning real money.
Legalization of sports betting has been good for the NBA, NHL, and NFL in terms of increased viewership and revenue. The leagues have also struck partnerships with gaming entities and sportsbooks, and are working to open up their data to third parties for further revenue streams.
The downside is that gambling can be addictive and lead to financial ruin. It’s not just the poor who get into trouble; even people with secure jobs and middle-class incomes can become enamored of the rush of winning a bet or hitting the jackpot on a parlay.
Fortunately, there are many resources available to help people stay responsible and avoid getting carried away with the thrill of making a bet. Educating yourself about the sport you’re betting on is critical, as is keeping track of your bets (a simple spreadsheet works fine). Also, never bet more than you can afford to lose. This approach will allow you to minimize your risk and potentially increase your profits.
To make money in sports betting, it’s crucial to have a mathematically proven profitable strategy. This is known as value betting, and it involves evaluating teams to find out whether their odds are too high or too low based on historical performance. The best way to do this is by using an analytical tool called Sharp, which analyzes teams for their profitability on the moneyline, against the spread, and when betting totals (over/unders).
Another important factor in winning as a sports bettor is discipline and money management. You should always bet a percentage of your bankroll on every wager, and you should never keep increasing your bet size after a loss. This is known as the sunk cost fallacy, and it’s a common mistake that leads to big losses.
Finally, it’s essential to be patient and understand that winning in sports betting is a long-term journey. It takes time to build a strong foundation of knowledge and confidence in your abilities, and it’s not uncommon for beginners to experience frustrating losing streaks. But with the right approach, it’s possible to win a lot of money on sports betting and enjoy a long, successful career as a professional sports bettor. Several well-known sports bettors like Billy Walters and Haralabos Voulgaris have attested to the fact that it’s not as hard as it looks. With a little luck and plenty of knowledge, you can join the ranks of sports betting pros who are pulling in solid profits year after year.