People have been betting on sports for a long time, but it was usually illegal or very difficult to do so. The Supreme Court’s decision to allow states to legalize sports gambling opened the floodgates and has made it more accessible than ever before. That’s a bad thing because people who aren’t rich and don’t have the money to go on vacation, take out mortgages or pay for their kids’ college educations are making bets they can’t afford to lose with sports gambling apps.1
In addition to betting on individual games, there are bets on totals (a team’s points in a game) or on the overall result of a sport. The odds are set based on how much of an advantage one side has over the other and can be adjusted by things like home field advantage, injuries and recent performance.
Betting on your favorite team can be fun if you can remove yourself from the outcome that you want to see and instead focus on what is most likely to happen. However, hindsight is always 20/20 and even the best handicappers only hit about 52% of their picks.
The only way to make money with sports gambling is to use a well-rounded strategy that includes thorough research and disciplined bankroll management. Professional bettors, known as sharps, generally have winning percentages of around 53% or better. Even then, they have to endure cold streaks and often don’t win every bet they place.