Sports betting’s popularity is undeniable. The practice has existed for as long as there has been a human population, and it will likely continue to exist for as long as we have sports to bet on. Throughout history, sports betting has changed, evolved, and adapted to the needs of society.
For example, in the 21st century, most people bet online using their smartphones. Not only that, but bets have become a lot more intricate. Best of all, getting into the betting world is now easier than ever. However, this also leads to a lot of misconceptions and misunderstandings.
So, we will look at some commonly-believed sports betting myths and discuss their accuracy.
The Bookie is Always Right
One of the biggest mistakes you can make is to assume the bookie is always right. Sports brokerages put a lot of effort, pouring over statistics to determine the best odds.
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However, even they can’t account for everything. Sometimes, the underdog team has a great starting lineup. Sometimes, the favorite is just not feeling it on game day. And sometimes, it all comes down to blind luck.
Whatever the case may be, the bookie can’t possibly always get it right. However, most of the time, their statistics, numbers, and odds are correct. But, as we said, it is impossible to account for the human element.
There is No Strategy Involved
Most people believe that betting all comes down to luck. And while it is true, that luck has a lot to do with it, many professional bettors still have to come up with a strategy. There are quite a few things to consider when betting. For example:
- Bankroll management
- Sports worth betting on
- The Odds on Players/Teams
- Public Opinion on the Winner
- Your Own Opinion
Of course, a degree of luck is involved, now and again. However, it is not all that it comes down to. Most times, bettors spend a lot more time coming up with strategies, than they do blindly betting on luck.
The most important skill for a gambler is bankroll management. If you can control your bankroll competently, you are one step closer to becoming a certified punter.
Only Men Do It
Throughout most of human history, sports and by association sports betting, has been associated with men. Men participated in sports, and men watched them. So, a lot of people hold on to these beliefs to this day.
However, it might surprise you to learn that in 2023, women are signing up for mobile betting sites much more frequently than men are.
The reasons vary. For one thing, land-based bookies have been male-dominated historically. Which might have led to many women feeling like they don’t belong. However, with online sportsbooks, you can go about your businesses, and barely interact with anyone.
So, if a woman wants to place a bet on an NBA team, for example, she can simply click a few buttons and get it done without having to leave her home.
The main reason, however, is likely the same reason that everyone loves online sports betting. It is convenient. Imagine being able to place a bet without even getting off your couch. Just open a mobile app, click a few buttons, and you are done. Once you’ve gone this route, there is no turning back.
Odds Are All the Same
Another incredibly popular myth about sports betting is that all bookies have the same odds. Not only is this myth untrue, but it also leads to some people making bad wagers.
In fact, bookies hire different odd makers to calculate the odds for them. And since different odd makers take different factors into account, the odds are not always the same.
Now, it is true that most of the time, the odds will favor the same teams (though even this isn’t 100%). However, the odds themselves are different. And why is this important? Well, because your payout depends on the odds.
So, if you are betting with less-favorable odds, you will get a lower payout. So, if you are new to sports betting, ensure you’ve found the bookie that offers the best odds on your sport of choice.
You Need to Be a Math Wiz
A common trope in gambling films is the math genius cracking the system. And while we won’t deny that a knowledge of mathematics can undoubtedly help, it is not necessary for a good punter. An advanced understanding of math can help you analyze the graphics and odds better.
However, you don’t need to be a math genius to place bets. Especially since you always have a little genius with you, no matter where you go. Your smartphone has a calculator and Google. Which is all you need to better understand and analyze the statistics and the odds.
There are even apps that you can download focused on helping you study mathematics better. So, don’t feel like you are missing out if you aren’t good at mathematics. While the skill is helpful, it isn’t necessary.
“I am due for a win”
One of the biggest mistakes that punters, especially newbies, make is sticking to the “I am due for a win” mentality. Let us explain. A bettor has been on a losing streak.
After a slew of bad bets, they put down a wager and say “I’ve lost a lot, I am due for a win.” The mentality on display here often leads to more terrible wagers, which only prolongs the losing streak.
You see, a wager is like flipping a coin. If you flip a coin ten times, many would assume it would land on heads and tails an equal amount. However, that is not the case. Because the odds reset each time you flip the coin.
So, in theory, it is possible that you get 10 heads, or 10 tails. The same basic principle applies to betting. You can have a winning streak, or a losing streak. However, you are never “due” for either.
