betting on Sports, especially in March Madness, can be extremely fun. It adds a rooting interest where none previously existed and also helps intensify the pressure when watching a game. But the thrill that players get from gambling on sports comes at a cost. Most of the time, sports bettors lose their money. But why exactly is this the case?
How Does Vegas Set Their Odds?
The objective of Vegas is to set the odds at a price that will generate 50% action on both sides. When this happens, the house makes money no matter what. When a bettor places a sports Bet on the spread, it is typically placed at -110.
That means that a player needs to bet $110 in order to win $100. That additional $10 represents the fee that Vegas takes for accepting the bet. Because of this fee, players need to win at a 55% rate to make any money. Make sense? That means a player who gets 50% of all their picks right will end up losing money when betting anything on sports.
The Public's Obsession With Favorites.
The betting public loves to place additional money on favorites, even when that favorite is playing on the road. In college basketball, that can be a huge problem. Often the home crowd represents a major advantage and can help carry an underdog to a win. Even favorites playing at home tend to receive a majority of the betting action.
This is probably because people are used to seeing these specific teams win over and over again and are now comfortable with placing bets on a team that they know.
Flawed Logic.
But this logic is flawed. Each season and each game should be viewed independently of one another. This way, the previously held bias surrounding the game is removed and a pick can be made with complete clarity.
But it's always hard to forget that Duke is traditionally a great basketball team so people are willing to place bets on the team.
Why You Shouldn't Bet on Sports Without Knowledge.
Choosing to bet on sports without doing prior research is a move that only a fool would make. Before placing a bet, always make sure that you have all the knowledge you need.
