How does sports betting work?

[vikkydonlad]

Just wondering how it works. I know people that have made thousands doing it just now sure how it works.

[Pottapaug1938]

Just wondering how it works. I know people that have made thousands doing it just now sure how it works.

I also know that even more people have lost their shirts, and more, betting on sporting events. Like gambling in general, sports betting is based on more people losing than winning -- otherwise, there would be no profit in it.

[Arthur Rubin]

Just wondering how it works. I know people that have made thousands doing it just now sure how it works.

I also know that even more people have lost their shirts, and more, betting on sporting events. Like gambling in general, sports betting is based on more people losing than winning -- otherwise, there would be no profit in it.

Not quite accurate. Sports betting is based on more money lost than gained; it's irreelvant how many people lose. In theory, you could win on sports betting by being significantly more accurate (on a specific kind of bet) than the general public, without being all that accurate.

[Thule]

Just wondering how it works. I know people that have made thousands doing it just now sure how it works.

You bet money, and if you are good/lucky, you make a profit.

Or is someone trying to sell you an arbritage scheme?

[Judge Roy Bean]

Just wondering how it works. I know people that have made thousands doing it just now sure how it works.

Welcome to Quatloos - but, if you know people who have "made thousands doing it" you need to ask them "how it works."

[fortinbras]

With respect, I think, but I am not sure, that sports betting is legal only in a very few states (Nevada and NJ and maybe one or two more).

There are serious concerns about sports betting, including the very real Black Sox scandal of 1919, when the World Series was cancelled because it had been discovered that players had been betting on their own games - and even betting against their teams and then deliberately losing (one odd figure in this scandal was "Shoeless Joe Jackson" - he actually did wear shoes - who was found to have bet heavily against his team and yet worked wonders scoring points so his team could win). There are additional concerns that gamblers or bookies might influence players (or refs) to assure certain outcomes.

The real money to be made in sports betting is those Saturday and Sunday morning cable shows, like "Sports Advisors", wherein half a dozen touts offer vague predictions for the weekend's games - and then offer their 'guaranteed prediction' for someone calling their $5-a-minute phone line. One of them, I recall, was called "the old coach" and he claimed to have been a college coach years ago and still had contacts -- it turned out that it was really a girls' college and nobody he coached (or encountered) had ever made it into pro sports. One of these guys made an elaborate prediction about a game in Seattle based on the weather forecast - ignoring that the stadium had a dome!

[LaVidaRoja]

Where sports betting is legal -- Nevada and (possibly) New Jersey, the person placing the bet pays a "handle" roughly 10% of the amount bet - to the "house" The house always wins. Depending on the nature of the bet, and the knowledge or luck of the bettor, he might win. Illegal sports betting is successful IF your bookie is (relatively) honest, your picks are good, and the game itself is not rigged.
To be successful as a bettor on sports you MUST know the sport, know the teams involved, and know the various social, political and weather conditions that might affect the game.

[wserra]

Just wondering how it works. I know people that claim they have made thousands doing it just now sure how it works.

A minor correction.

[Cpt Banjo]

Where sports betting is legal -- Nevada and (possibly) New Jersey, the person placing the bet pays a "handle" roughly 10% of the amount bet - to the "house" The house always wins.

I believe the 10% vigorish is charged only on winning bets. What the bookmaker wants is equal amounts of money bet on either side. Barring a tie, he'll always make a profit. That's one reason you'll occasionally see a betting line move. If the opening line is Michigan +6 against Ohio State and more money is being bet on Ohio State, the line might go to +7 or + 7 1/2 to attract more bets on Michigan.

[LaVidaRoja]

True. After all, if you lose, the house keeps it all.

[Gregg]

True. After all, if you lose, the house keeps it all.

No, not really. The "house" is trying to get an equal amount bet on both sides, and his profit is the percentage he takes. If you lose, the other guy who bet wins, and the house takes a percentage no matter who wins or loses.

[Dezcad]

Where sports betting is legal -- Nevada and (possibly) New Jersey, the person placing the bet pays a "handle" roughly 10% of the amount bet - to the "house" The house always wins.

I believe the 10% vigorish is charged only on winning bets. What the bookmaker wants is equal amounts of money bet on either side. Barring a tie, he'll always make a profit. That's one reason you'll occasionally see a betting line move. If the opening line is Michigan +6 against Ohio State and more money is being bet on Ohio State, the line might go to +7 or + 7 1/2 to attract more bets on Michigan.

The 10% charged by the sports booking place is charged on losing bets, not winning bets. For example, if I wanted to win $100 on the Michigan/Ohio State game mentioned, I would have to pay $110. If I lose, I've paid a 10% commission. If I win, however, I will get $210 (the $110 paid and the $100 win).

This 10% deals only with bets with Point Spreads (like the example above). It does not deal with Money Lines, explained further here.

Sports betting is not all luck, but does involve some skill. The vast majority of people lose money (estimated at over 90% of all sports bettors). One of the reasons is that people do not have the time and knowledge to come out ahead, along with poor money management skills. Be especially wary of anyone who says that they can win and will sell you advice or picks - if they were that good they would merely continue to win and have no need to sell their advice. The reason they sell advice is to either cover up their losses or to eliminate any risk since they do not place any bets themselves.

[wserra]

Be especially wary of anyone who says that they can win and will sell you advice or picks

A/K/A "scamdicappers". For whatever reason, I don't see anywhere nearly as many as I used to. Maybe word got around.