For decades, gamblers and sports fans alike debated whether or not gambling on sports was legitimate. While the major sports leagues once vehemently opposed legalized betting and lobbied for the Supreme Court to uphold an embargo, that has all changed. Following the high court’s 2018 opinion that struck down a federal ban on sports wagering, four pro leagues have entered into partnerships with sportsbook operators and TV broadcasts now routinely display odds.
Sports betting can be a lucrative endeavor for those who have the discipline to follow the game and understand basic handicapping principles. But most people who start betting don’t have this knowledge, and lose money. Many of them then blame the loss on bad luck, or believe that they have superior knowledge about players and teams — which, Britannica points out, is usually a false belief.
Those who are serious about winning at sports betting will also study their teams’ histories, statistics, and recent matchups. Then they will watch the betting lines closely to spot value and identify inefficiencies, much like they would in a stock market.
Then they will make smart wagers. And they will keep track of their losses and wins, either by using a standard spreadsheet or one provided by a site. They’ll also avoid placing bets on games with a negative expected return, and will always stop before they break the bank. This will protect them from becoming addicted to the sport and potentially destroying their lives.