Sports Betting Myths Debunked
Sports betting has been around for a long time, allowing a whole host of myths and assumptions to grow around the subject. However, in recent years, thanks to online betting, sports betting has increased hugely in popularity. It is becoming harder for the stories to retain their status, as more and more people expose them for what they are: myths. So without further ado, here are five of the most popular sports betting myths, debunked.
- The Bookmaker Is Always Right
Bookmakers are not magic wizards who can perfectly predict the likelihood of a team or individual winning. They are simply experts who are good at assessing the stats and making an educated guess, which often comes down to a matter of opinion. In fact, bookmakers tend to offer lower than fair value odds, as this is how they make money. As a player, you want to be doing the best you can to find above fair value odds.
- Winning Streaks Are Likely To End
Many people think that if a team is on a winning streak, the cleverest thing to do is bet against them as they are likely to lose. But this is not true – especially for team sports, a winning streak is a sign that the team has great momentum and chemistry at the time, which is unlikely to suddenly run out. Betting against a team on a winning streak is likely to see you losing your money at online betting sites.
- “I Never Lose A Bet”
If you hear someone saying this, they’re lying. Good bettors generally win about 55% of the wagers they place. It’s almost impossible to win much more often than this. However, if you place a fair number of bets over a season, a 55% win rate can get you a lot of money. So if you find yourself getting good at it, don’t be afraid to place multiple bets. Set a budget first of course, don’t go over it and always bet responsibly, but if you win more than half the time, the more bets you place the more you will win.
4. Always Back The Underdog
This is the opposite of the previous myth, and it’s also not true. Unfortunately, there’s no quick fix to always knowing who to back. The underdog is much less likely to win, so if you always back them you will very seldom come away with money. The important thing to remember is that the bookmaker’s odds are not the gospel. Do your own research, and look at how much you stand to win. Don’t simply always back the favourite or the underdog – to develop an edge, you need to be able to make smart, informed choices.
5. Odds Don’t Matter, Just Pick Winners
If you pick a consistent winner, you will win very small amount frequently, and occasionally you will lose a lot when they suffer an uncharacteristic defeat. It’s hard to generate profit when your wins are small and your losses, although rare, are big. Accept that you won’t always win and play long term. Research the teams beforehand to get a bigger picture than simply the bookmaker’s odds, and if you think an underdog is actually likely to win, go for it.