If you’re an avid gambler, this is probably not what you want to hear. But, winning money from sports betting consistently is really difficult. Even if you’re dedicated and spend a significant amount of time researching the teams and the players, consulting with the experts, and sifting through the odds in search of the best deals, the losses remain the same.
We’ve highlighted five reasons it’s so difficult to make a living out of sports betting. And while it probably won’t help increase your chances of winning, it might help you rethink your strategies.
However, if you want to maximise your chances of winning, you can always check the tips at Betpack. But never forget that even those tips are not enough for a guarantee win.
There is No Single Right or Wrong Betting Strategy
Gambling strategies are nothing short of a numbers game and the odds, statistics, and probabilities play a crucial role in framing the equation. The obvious downside to this is you’re always going to be at a disadvantage. Since even the games with the lowest house edge traditionally favor the operator. However, this model doesn’t apply to sports betting since there is no house edge and the results inadvertently depend on the situation. Your intuition is all you can depend on, although there are no guarantees.
House Edge is a Deciding Factor
When you study a few games on the casino floor you’ll realize that some are more favorable than others. The same is true for sports betting although in a whole different way. Sportsbooks traditionally charge a fee for their services and although it might not look like much at first, the figures add up at the end of the day. The only way to beat the odds is by winning more than half the wagers, but as we all know that’s never going to happen! Statistically speaking, you’ll need to win 53% of all wagers to stay afloat.
Teasers, Moneylines, and Parlay Bets
Punters are always looking for an easier win with the bigger payouts and the sportsbooks are acutely aware of this. The operators have come up with unique solutions to this problem to tilt the scale in their favor. Think about parlay betting, for instance. The seductive payout scheme has trapped countless gamblers. And this is quite natural since anytime you come across a $10 or $20 bet promising 5x to 10x rewards, you’re going to pay attention. The same is true for teaser bets. Sportsbooks aren’t going to offer the punters any bonuses if they don’t believe the move will benefit the house in the end.
The Human Factor
If you bet on sports regularly, chances are you’re a fan and you’ve come to appreciate the drama and unpredictability of the event. Unfortunately, the two elements that entice fans are the two nails in the proverbial coffin for gamblers. Punters must be wary about placing bets on events that are unpredictable and dramatic to accurately predict the outcome. But the human element in sport makes it all the more difficult.