July 7, 2021 3 mins read

Top 5 Misconceptions About The Sports Betting Industry

 

Sports betting enthusiasts will agree that there is no better feeling than the excitement you get when a match is nearing its finale. The betting industry has gone through major changes over the past few decades. Thanks to advancing technologies, there are many reliable sports betting app development companies you can count on today.

Using these platforms, you get to wager on teams that you never knew you’d support! However, there is still a large section of people who are hesitant to try their hands at sports betting or gambling. Let’s look at some of the misconceptions around the sports betting industry.

Misconception 1: There Are No Winners

The most popular of all myths about the sports betting industry is that no one wins the bet. This is obviously untrue. Punters who have been consistently active in the industry will tell you that they win at some point. Some even win consistently when they adopt the right techniques. The key is to understand everything about the sport, not just the game rules. Player stats (home and away), injuries in the team, coach changes – all these help you wager on the right team.

Misconception 2: Sports Betting And Gambling Are The Same

Though the functionality of sports betting and regular gambling is the same, they are actually different. Sports betting involves placing wagers on the results of a sporting event. You predict which team or athlete will win and you get to place the odds of winning along with the wager. The odds could be fractional, decimal or even + or -.
Gambling, on the other hand, is about placing wagers on any event with an undefined outcome. Let’s take Blackjack, for instance. You don’t know if the cards you get will sum up to 21 or above. While gambling is a type of betting, sports betting cannot be considered as gambling. That’s why you’ll find online sports betting features in mobile applications created by gambling app development companies!

Misconception 3: Matches Are Fixed By Bookies

Bookmakers or bookies don’t fix matches because the result doesn’t affect them in any way. They are only responsible for organizing betting activities among sports fanatics and get a commission, no matter what the result is. They cannot predict how the concerned sport will end.

Bookies need to set the right bet prices and the odds for each customer. They then change betting lines and balance their book to make profits. That doesn’t mean match-fixing doesn’t happen. Match-fixing can happen if the players deliberately perform poorly or if the score is prefixed. It has nothing to do with bookies.

Misconception 4: Betting Is Not Profitable

Did you know that many people quit their full-time jobs to pursue a career in sports betting? Sports betting is more than placing bets on an athlete/event and looking at the games of the day. Betting can be a lucrative venture if you incorporate the right strategies to make money. Sports betting app development companies have been creating excellent platforms for these bettors to play, win, place odds, and watch the match live!

Like other ventures, you need enough money to start betting professionally and spare a lot of time understanding statistics and following every game update. The techniques you use to win could be anything from supporting the underdogs to understanding the profit models. The odds also play an important role to decide how much of the wagered amount you’ll get. Of course, you can expect losses like other ventures and sometimes you’ll need lady luck by your side.

Misconception 5: If Tipsters Have Inside Information, They Are Right

Like punters, tipsters also make money by giving bettors tips and tricks to win. There are many gambling app development companies that have released apps on sports betting tips. These are genuine. However, if you come across tipsters who tell you that they have some inside information about the match, do not believe them. Nobody knows the outcome of a sporting event. Unless, of course, the match is fixed by the players or officials.

With many sports betting apps on the rise, people are slowly accepting concepts like gambling that were considered taboo years ago. Apart from giving you that much-needed entertainment quotient, sports betting is a great way to make some easy money. What’s more? Some betting apps even allow you to stream matches for free! You can also get on that chat forum and network with other punters.

 

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