Sports betting is huge in the US, and it is growing exponentially. Last year alone, the sports betting market doubled and hit an all-time high, with over $52.7 billion being wagered within the year.
Many sport-enthusiasts bet simply for the love of sports, while others with sophisticated sports betting strategies up their sleeves do it for the stellar profits they’re able to make. In short, millions of people across the US spend insane amounts betting on their preferred sports day in and day out.
However, despite this being one of America’s favorite hobbies, the clouds of skepticism surrounding it are incomparable. Naturally, this longstanding skepticism has given birth to several—often baseless—myths.
Here are a few of these sports betting myths that we’ve busted for you.
Bookmakers Can’t Get It Wrong, Ever
Bookmakers may be experts, but they’re not magicians or robots. This essentially means that they can’t know the outcome of any event before it actually happens, so there is always room for them to make mistakes. They can’t always get it right with their odds.
That being said, most bookmakers are actually excellent at offering odds at a value that’s lower than what’s fair, which may enhance winning chances at times. But they’re also just relying on past and current trends, just like everyone else who’s betting.
It’s All Luck When It Comes To Sports Betting
Well, you’re predicting the outcome of an event that is yet to happen, so of course, luck does have a role to play. But think of it as a supporting role rather than the lead role.
Keep in mind that bookmakers create the odds; they’re imperfect humans, not robots or machines, i.e., there is always a chance for human errors. And as a sports bettor, it’s up to you to be proactive and take advantage of these mistakes to increase your chances of making profits.
Games Are Fixed Often
One of the biggest misconceptions about sports betting is that it’s rigged, but that’s not entirely true. While, of course, sports betting has its fair share of scandals, they’re all in the past, and it still doesn’t apply to the vast majority of sports betting people are investing in.
This can’t be true for many reasons. For starters, pro athletes like NFL players, for instance, are earning incredible amounts every season. In order to fix a game by bribing them, it would require fortunes—who has that kind of money to risk?
Moreover, buying one player is hardly going to be enough. A single player won’t determine the game’s outcome, and buying the entire team isn’t exactly a profitable strategy for anyone. Plus, no matter how much money one offers, with high salaries and even higher risks of being suspended, most players will never agree to it.
Sportsbooks Have Inside Information
Well, they sure wish they did, but they don’t. As a hobbyist bettor, you may not have the time to constantly watch every game's incoming news and data—why? Probably because you have a day job to focus on.
However, for those compiling sportsbooks, this is their day job. They have to spend hours sifting and compiling data for every single match. No wonder they’re more accurate and faster.
Risk-Free Betting Doesn’t Exist
If you thought risk-free betting doesn’t exist, you simply haven’t looked hard enough. Risk-free betting techniques definitely exist, and many people are making the most of these opportunities.
One of these risk-free techniques is matched betting. This is when free bets and bookmaker promotions are converted to make a profit. Another technique is arbitrage betting, in which you earn profits via the differences in odds at betting exchanges and bookmakers.
Odds Don’t Matter; Picking Winners Does
Believe it or not, odds matter greatly when it comes to sports betting. Regular winners don’t always win the game; sometimes, the underdogs take the win instead.
In general, keep in mind the golden rule, i.e., a bet with low odds is a bad bet. The higher the odds, the more you gain. It’s just important to understand and accept that with sports betting, you can’t always win, but sometimes, the odds could be in your favor, and that’s a great feeling!
Always Listen to Sports Betting Experts
Anyone can claim to be a professional sports bettor. With so much information online, it is easy to get misled by so-called experts, Be careful with the winning record they display to try to reel you in. Chances are they are failing to disclose all their losses.
Most sharps will rarely disclose which side they are putting their money on because they want to stay out of the spotlight and continue making money.
Betting Against The Streak Is A Good Idea
Logically, it’s simply impossible for this to be a good idea. This is because it stems from the idea that if a team has been winning for a while, it could be about time that they lose. But this isn’t a slot in Vegas racking up money for a jackpot (which, by the way, is a myth in itself).
There is simply no explanation that could support this idea. However, if you look at past trends, you’ll notice that there are players that have won several times in a row before breaking their streak—nobody could’ve predicted the moment they finally lost.
To Bet Successfully, You Need To Be A Stats Genius
While knowing your numbers well does give you a competitive edge in sports betting—it’s not the only thing that matters. Moreover, there are ways around this—you could let someone else do the calculations for you.
For instance, you can use Odds Jam, which is one of the best sports arbitrage betting software in the market right now. The software covers over 35 sportsbooks and processes more than a million odds per minute.
We’ve teamed up with Odds Jam which has designed arbitrage software to ensure you win any sports bet! It's the fool-proof road to success-check it out!
Learn more about the sports betting arbitrage software and start betting!