Sports betting has been a big part of sports since the very beginning of sports themselves. Many people find it hard to overcome the attraction of placing bets on sports, others don’t even see the point in it!
In the United States, the Professional and Amateur Sports Protection Act of 1992 makes it illegal to operate a betting, gambling or wagering scheme in most of the States that make up the United States. The States that are exempt are Delaware, Nevada, Montana and Oregon. However, although these four states allow gambling, only Nevada and Delaware allow sport betting.
Some people fear that sports gambling threatens the integrity of sport, but many believe that sport betting generally increases people’s interest in sports.
The sports betting odds are presented either in decimal odds, fractional odds or moneyline odds. Decimal odds are favored in Canada, Australia and continental Europe. Fractional odds are favored by bookmakers in the United Kingdom, and Moneyline odds are favored in the United States.
Some people make a fantastic living out of betting on sports. They do this by utilizing information on the sports that they are betting on.
Sport betting is mainly done through a bookmaker. Legal sports bookmakers exist in many places, but in areas where sports betting is illegal, bettors usually make their sports wagers with either illicit bookmakers known as bookies. Another way to bet on sports is via the internet. Online bookmakers generally operate outside of the U.S. Some online bookmakers do not accept wagers from the United States though, due to unresolved legal questions.
The bookmaker makes a living by charging a vigorish, or a commission. The bookmaker does this by making sure that the odds for both outcomes of the sport come slightly less to breaking even.
Alternative Bets include:
- Future wagers – Future wagers are long term bets, e.g. a bet that a certain Major League Baseball team will will the World Series.
- Head to head – These bets are placed when wanting one or two sportsmen to out beat another.
- Parlays – A parlay involves multiple bets, and if won, the bettor would win a much larger payout.
- Proposition bets – These are specific bets, for example, guessing the number of runs in a baseball game.
- Teasers – A teaser allows the bettor to combine his bets on two or more different games.
Arbitrage betting – Arbitrage betting is a skillful betting technique that can land some very high payouts. It is most common on Internet gambling. Because of how lines move quickly during sports, arbitrage betting is possible. Theoretically, a small profit of 1-3% is possible when a person bets one way at one shop and the opposite way at a second shop.
This technique can be quite confusing to get your head around, for more information on this, do a search for the words “Arbitrage Betting”.
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