Betting has been with mankind for ages, even long before the development of modern sports. Still it is undoubtedly stigmatized and portrayed as “evil and dangerous”.
So what exactly are these sins that the temptation of winning a bet brings us?
Against the law
Yes, lots of countries consider sports betting illegal. In the same time, it its preserved in the tradition of bastions of western (UK) and eastern (China) civilization. Why is sports betting considered a danger then? Reason is, as always, money!
The “illegal” bookmakers are online based companies that avoid paying taxes. Some countries decide it is best to put a stigma of evil on it, to discourage their citizens to lose money to a company that don’t pay tax in the same country. Well, that’s enough to ban betting everywhere, isn’t it?!
Sure, just remember that the company that produced your MacBook you are reading this article on is also not paying taxes.
There is a nice article about the “Illegal bookmakers” on Linkedin, so find more info here.
Bookmakers are stealing money from punters
I am a sports betting professional, for more than 10 years, and i can honestly say:
Yes, we do steal money – from punters that are stupid! We can’t wait for guys playing those underpriced big teams in a combo ticket!
The fact is, bookmakers earn the money from the commission they set on all prices they publish (which vary from league to league, market to market). It is called key, juice, vigorish. Basically it is the portion of the fair price that bookmakers take away before publishing the odds. Overcoming that bookmaker key is one of the key points in successful betting.
There are big and small companies, those that do that business in a professional manner, and those that are a bit fishy. Stick with the well known, or local trusted bookmaker, and your betting bank is safe.
Matches are fixed…
Rumors of fixed matches run daily in my business. That is just a part of industry folklore – a holy grail for the punters, that seek it day in, and day out. Unfortunately, the truth is (and as seen and proven in court) that only a incredibly small percentage of games are actually fixed. Moreover, in team sports it is more about certain individuals placing bets against their teams, and not giving their best effort in the match itself.
In individual sports (like tennis) these events are more likely to occur, especially on lower tier tournaments. Again, all about the money. If someone gives u more money to lose a match then you get by winning the tournament, you would be tempted, wouldn’t you.
Even more – you who are reading this article- it is highly unlikely you have ever had an information about the truly fixed match. It is just a matter of probability. If I claim 10 matches to be fixed, and outcome would be home team win, I will probably guess some of those right. It’s just statistics.
Really big match fixing is rare, and is done at a higher level. Also, do you see a point in that information spreading around, and put a spotlight on the match that should be fixed?
…by the bookmakers!
Now you’re being ridiculous! If a match is fixed (and usually that portraits a relatively higher odds, with a substantial loss for the bookmakers) it is the bookies who have to payout to the punters, not the other way around!
OK, so you are wondering – “What if everyone is betting on a high profile team (like Real Madrid) = bookies lose also, and they can then fix the match?” Well it’s not how it is done.
Most bookies will gladly take high turnover on underpriced big teams. In other cases, bigger liabilities on suspicious lines will be suspended, bets can be voided. In either case, unwanted liability can be transferred through bets hedging. No need for bookie to fix the matches.
Enemy is in the mirror
If you are betting just for fun, none of this should concern you. You can always place bets with your friends in who will pay the next round of beers in the pub – just as exciting, and even more fun!
If, on the other hand, you are interested in sports betting as a source of income, you should first look at the mirror. All of the points we raised (and more that float around the world of betting) have really little or no impact in your chances of profiting in this vast industry.
The only obstacle on the way of success in sports betting is yourself and the approach you are taking.
What is sports betting to you?
What is your goal?
Do you have the discipline?
Do you have the knowledge required?
Finding the answers to these questions will let you see sports betting in a different way – as an investment, not gambling.
Redefine your sports betting