Sports betting is a hugely popular pastime around the world because of the entertainment value of sport and the enticing possibility of winning money. Because of its popularity as an industry, myths have developed. We're here to debunk some of the most prevalent sports betting myths to help keep you on the straight and narrow.
Myth 1: Bookies have inside info
Bookies receive information and statistics from news sources, just like betters do. Bookies obtain information more quickly and efficiently than punters because that is their job, but betters can obtain the same information by researching the fixtures.
Myth 2: It's you against the bookies
Professional sports books and bookies are not betting against the better. Bookies are a middleman attempting to get bets on either side, covering all results. Bookies make their commission from losing bets and that pays for winning bets. Bookies want
Myth 3: Bookies hate when the underdog wins
If bookies are doing their job and getting equal amounts of bets on both sides of the line, IE equal bets on a Manchester United win, a draw and a loss, then they won't want the underdog to lose. When underdogs win that also creates free publicity for bookies, because a sensational upset in a sport usually makes the front pages of websites and newspapers.
Myth 4: You can't win by betting on favourites
Betters, of course, are not always right. In addition, upsets happen often in the world of sport. It takes a lot of work and research, but there is certainly money to be made by betting on favourites. The keyword here is patience - slow and steady wins the race. Winning an accumulation of small bets of favourites can be profitable in the long term.
Myth 5: Bookies decide where the line is drawn with odds
In reality, it is the betting public that influences where the line moves from the middle (completely neutral odds). Bookies decide where the initial line is drawn and then betters eventually move that line with their actions and the amount of bets that they place. If you're unsure about the concept of a betting line, read this definition.
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Read more: Understanding betting odds