The betting industry continues to expand. The available markets, sports, games and bettors have never before been this many. The number of bookmakers and sporting exchanges are also on the rise. However, betting does have outcomes related to financial and social changes some of which are adverse while others contribute to the greater good. We take a look at the common pros and cons of sports betting.
The Bright Side…
It is legitimate (in most places)
Betting is actually a legal means of investing in most countries which basically means that if you are able to find your way through the sea of technical terms and endless maths, then you can actually make some legitimate money. However, it basically needs a level of understanding to get the real view of your chances to actually make money versus the chances of the bookmaker making money from you.
It is a very wide market
Sports betting cover a very wide range of sports and games developed by bookmakers. Some of the most popular sports include soccer, horse racing, tennis, cricket and basketball. However, most large bookmakers have more than 10 sports on offer and inbuilt games such as roulette, spin to win and dice. This wide range of choices means that you can choose a sport that you are most conversant with unlike other investment opportunities that are limited to one or a few options.
Every sports punter is given the ultima6te flexibility to decide on their preferred strategies of investment. This is an advantage over other means of investing that allow only a few strategies such as those within the finance industry. You could choose to focus on short term gains or long term success, single or multiple bets and a very wide range of markets to choose from.
Then to the not very bright side…
It’s hard to find value
Unlike several other investment vehicles, it is particularly difficult to find consistent value in sports betting. The risks involved in sports betting lead to a decrease in long term value trades over time. The outcomes of events are also greatly related to factors beyond the bettor’s control. Add to this the fact that bookmakers are also in it for the money and finding a valuable trade becomes a very improbable affair. For events with similar and equal outcomes for example, the bookmaker will always provide odds of less than 2.00 as should mathematically be.
The psychological effect
Betting is basically a type of gambling and nay type of these can quickly become addictive. If a bettor becomes addicted to sports trading, the time they spent with family and other important social aspects of their lives start to decline. This mostly happens once bettors are on winning or losing streaks. If income streams that support betting start to dwindle, then the bettor could start engaging in socially unacceptable behavior to supplement the income sources.
Unlike most investment vehicles, it is very difficult to deal with losses in sports betting. Pulling out of the investment means that the activity stops generating money while continuing the investment could worsen your losing streak. However, skilled bettors have mastered the art of bankroll management, consistency and measured sizing. It also takes a great deal of patience and unwavering focus to overcome the effects of a losing streak.
Frustration sets in when bettors let their emotions guide them rather than existing facts and statistics. This causes the bettor to lose despite following what they see as a potentially successful strategy. The solution is to however only bet in risk free sports or markets or keep out of gambling altogether.