Sports betting has become more popular than ever since the Supreme Court struck down a federal law that had banned it in 2018. But, it’s important for sports fans to understand that gambling isn’t always fun and games. It’s often addictive, and can lead to financial ruin if not carefully monitored. This week, 60 Minutes correspondent Jon Wertheim reports on the impact of legalized sports gambling in America.
It’s no secret that the oddsmakers in Las Vegas set their lines to maximize their profits. They do this by adjusting the number of points they expect to win or lose. This is known as “vig” or “juice.” It’s important for bettors to take this into account when placing their bets. The more money they bet, the greater the vig. If a bet isn’t successful, the vig will eat into your profits.
The best way to minimize your vig is to bet against the spread. This means placing bets on teams that have a better chance of winning than the odds indicate. This method is more profitable than simply betting on the favorite or against the underdog.
While the majority of bettors are casual, some bettors attempt to make a living from sports betting. But, it’s nearly impossible to be consistently profitable even for the most knowledgeable handicappers. Most experts only get around 55% of their picks right, and even the most successful bettors will experience a few cold streaks from time to time.
Many sports bettors are attracted to betting lines with high totals or low spreads, but these numbers are usually shaded. The sportsbook knows that people are more likely to bet on the over, and they adjust the number accordingly. The result is that you’ll be betting into the sportsbook’s hands by taking a bet on an overpriced side.
In addition to totals and spreads, sportsbooks also offer season-long win totals for each team. These bets are based on how many games a team will win over the course of the season, and they are adjusted throughout the year. For example, the Atlanta Falcons might have a win total of 8.5. If you think they will win more than 8.5 games, you can place a bet on the over.
One of the most important things to do when you first walk into a sportsbook is to find a seat. This may seem trivial, but it can make a big difference in your success. A good seat will provide you with a comfortable spot to study the game and write down your bets. It will also give you a great opportunity to meet fellow bettors and discuss the game with them. It’s also a great way to keep up with breaking news in real-time like key injuries or matchups. The more you can learn about each team, the better your chances of making a winning bet. That’s why it’s so important to follow on-the-ground reporters for each team, especially in college sports and small markets.