Sports betting is growing in popularity, but can you actually beat the odds and win? If you’re curious, read our guide for all the answers!
Thanks to mobile apps and more mainstream advertising, sports betting has rapidly grown in popularity, especially among younger audiences. Personally, I know I can’t even turn on the game without being blasted with ads for the latest sports betting app.
While the flashy advertisements and paid celebrity sponsorships certainly make it tempting to place a few bets, is it actually possible to beat the odds and win big? Today, I’m going to take a deep dive into sports betting so you can decide if it’s worth your time and money or if it’s just a gimmicky fad.
More importantly, I’m going to hit you with a few tips, as well as a few warnings, so you don’t fall into the trap of chasing your losses.
If you’re ready to roll the dice and get down to the nitty-gritty of sports betting, you came to the right place!
What Does It Mean to Beat the Odds in Sports Betting?
When I first started seeing sports betting ads, I didn’t know the first thing about it. Sure, I knew you put money down to see if you could predict the outcome of a game, but that was about it.
Rather than bore you with long-winded explanations that required hours of tedious research and some pretty embarrassing losses, I’ll skip to the good part by giving you a basic rundown. The phrase “beat the odds” basically just means you are outperforming the expectations set out by the bookmakers (the people who determine how likely a specific outcome will be).
For example, if the bookmakers decide a team like the Minnesota Vikings have 2.00 odds of winning against the Kansas City Chiefs, if you put your money on the Vikings to win and they did just that, you’d double whatever money you bet. This also means you would have beat the odds.
Put simply, if you beat the odds, you bet on an unlikely event and won, which also means that you will have won more money than you bet. Sure, beating the odds and winning cold, hard cash sounds fun and exciting, but it isn’t easy.
How Easy Is It to Beat the Odds?
Those who are successful with sports betting usually have plenty of knowledge, discipline, experience, and a deep understanding of various strategies. More importantly, they never bet more than they are comfortable losing, and they fully understand that sports betting always involves a serious amount of luck.
Since sports betting isn’t an exact science, even the most skilled and experienced gamblers lose money. In fact, beating the odds on a consistent basis is almost impossible, which is why it can be so dangerous if you let it become more than a bit of fun.
Anyone who bets more than they can afford to lose is taking a serious financial risk. This becomes even more dangerous if the behavior becomes a habit, as gambling of any type, including sports betting, can be incredibly addictive.
What Strategies Can You Follow if You Enjoy Sports Betting?
The number one thing I say to anyone who thinks they’re going to finesse the odds and become a sports betting millionaire is to not do it. Your dreams of outsmarting the bookmakers and regularly beating the odds is just that – a dream.
Sure, you can make money and find some success betting on sports, but there’s a reason the sports betting companies can advertise everywhere (they make a lot more money than they lose). These companies hire some pretty smart people to come up with odds that always lean heavily in their own favor. They also hire some pretty savvy marketers to prey on your emotions, competitiveness, and overconfidence.
If you want to be successful, I highly recommend coming to terms with the fact that in sports betting, there are never any guarantees. In fact, you are almost always more likely to lose than win. Rather than treating sports betting as a sure thing, treat it like a game that is only there for your entertainment rather than a way to make money.
This means only betting with a set budget that you are comfortable losing. Avoid chasing losses at all costs. I’ve seen this type of downward spiral before. Sadly, it actually mimics many of the behaviors we associate with drug addiction.
If you find that you’re spending more money than you can afford to lose, or you feel like you can’t stop, rein things in and reassess why you started gambling on sports in the first place. Don’t be afraid to seek out help.
Never Let Others Push You Into Sports Betting
I can’t stress it enough – sports betting should be viewed as entertainment. If sports betting seems like your type of thing, embrace the unpredictability and excitement of putting a few dollars on your favorite team, but only do so if you’re in control of the behavior and you can easily afford to lose any money that you bet.
I know I sound like I’m preaching, but it’s important that you avoid betting on sports because anyone or anything is pressuring you to. Never make bets that are beyond your means or that you’re uncomfortable making, especially if you’re doing so because you feel pressured to do so. Always prioritize your financial well-being, as well as your mental health.
Only Engage in Sports Betting if It’s Legal
Even though online and in-person sports betting legalization is spreading, including in Iowa and Kansas, it’s still illegal in many states, especially across the Midwest. Things might change in the future, but online sports betting is still illegal in Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Wisconsin, so make sure you check into the legal status of gambling on sports before you do it.
Remember, gambling of all types, including sports betting, will have a legal age that varies from state to state. It may seem trivial, but you don’t want to get involved in illegal gambling. Not only are there legal ramifications, but you can end up dealing with some really sketchy people.
Final Words
Sports betting can be fun, but the whole beating the odds part is just as difficult as it is unlikely. Remember, sports betting should be seen as a game or a way to enhance the excitement of watching your team, but you have to be prepared to lose anything you bet because the chances are that you will.
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