It is no secret that sports betting has seen a lot of action in recent years. In the state of New Jersey, over $1 billion in sports bets can be placed in just a single month.
But, when it comes to betting on professional sports, you have probably met several people that think they have a system to beat the books. Well, there is a reason the gambling industry is thriving. Most people end up losing money, and only a small percentage actually make a profit.
Why is this? Here are some sports betting myths that people believe.
Yes, a lot of sportsbooks will offer you a “risk-free” bet as a reward for signing up on their platform. However, the catch is that you usually have to bet a certain amount of money before you can withdraw that from your account.
Let’s say you get $500 on a “risk-free” bet reimbursed. In that situation, you would likely have to wager that $500 and then some on other bets before you can think about transferring your money out.
Just remember that everything comes with a catch, and try not to get too wrapped up in those risk-free bets.
Online Betting Is Not Secure
Some people may be intimidated to enter their personal information on a sports betting app if they are worried about data breaches or hacks. However, the best online sportsbook will make sure to have the proper software and hardware security to ensure that your personal information remains private.
This system also verifies what state you are physically placing your bet in and can give you a private browser to access your bank account.
Betting Against a Star Athlete Injury
When a big star athlete gets hurt right before a game, this can affect the spread for it and what team someone may bet. For example, when Aaron Rodgers tested positive for COVID before his game against the Kansas City Chiefs, that spread shifted by eight points.
It went from a pick’em to the Chiefs being favored by eight. That may have tempted people to jump on the Chiefs’ side. But, in the end, the Packers covered on the adjusted spread.
Sometimes, a star player’s impact is overestimated by the public, so be careful when thinking a certain player being out is a lock for the other team to cover.
Fading the Public
People that have enough interest in sports betting know that the public generally loses more than they win, so they may start to bet against the public majority as a strategy.
While this may not sound like a bad idea on the surface, you need to be careful about how much you invest in this. The public is not always going to lose, so if you just decide certain games on public opinion, you may end up missing out.
See More Sports Betting Myths
These are just a few of the most common sports betting myths out there. Look at these and others like it closely, and make sure you do not fall into that trap.
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