What Is Sports Betting? – The Answer May Be Simpler Than You Think!
Welcome to the Insider’s Classroom Series. Each article in this series is written to help you gain a complete understanding of the sports betting world. Since this is the first article in the series, I thought we should start with one basic question. What is sports betting?
Sports betting is the practice of predicting sports results and placing a bet on the outcome of a game or event. Betting has been around for centuries in one form or another. From coin flips to foot races people have been betting against each other through out time. Pretty much anywhere you can find a form of competition, you will find bettors. So it’s only natural to find them wagering on sporting events as well.
It is important to understand that sports betting does come with a risk. As with any other form of gaming or investing that involves money, there is the possibility for loss. Let’s face it, nobody wins them all and nothing is guaranteed.
That being said, there are tens of thousands of people around the world that generate an income through sports betting and investing. With solid fundamentals and sound strategies you could become one of them. So stick with me as I take you through the basics and answer the question at hand.
What Is Sports Betting? Insider’s Classroom: Lesson #1
Sports betting is a multi-billion dollar per year industry. While it may be heavily regulated from country to country, sports betting is on the rise. With the promise of huge returns, often in a matter of hours. Along with a growing lack of faith in the stock markets and other traditional investing options. It’s really no wonder why sports betting is becoming so popular.
Betting on sports has also become an important service and social outlet in many countries around the world. As a side note, betting on sports is not just limited to organized sports betting, whether legal or illegal.
It also includes such activities as Fantasy Sports Leagues that require an entry fee, and offer payouts. Or other sport related activities such as NCAA Basketball Tournament Bracket Pools, Super Bowl Squares and weekly Football/Soccer pools played by millions in the UK.
As you can see there are numerous ways one can be involved in the sport betting scene. However, our primary focus here in the Insider’s Classroom will be on traditional organized sports betting. Every lesson, every article and every video included in our Classroom Series has one purpose. To help you succeed as a sports bettor.
Understanding Sports Betting Made Easy
The concept of betting on sports and sporting events is actually quiet simple. By definition, sports betting is merely the activity of predicting, or guessing, a sporting event/game’s results and placing a monetary wager on the outcome. Easy enough right?
I know, that may have felt a bit anti-climactic, however the explanation of sports betting is not all that complicated. Not to worry though, we still have plenty to cover in regards to understanding sports betting. In fact we are just getting started.
For instance, where you live may have a big effect on the type of sports betting you participate in. As an example, if you are from Europe or one of the many Latin countries. You may be more likely to bet on football/soccer, cricket, tennis and auto racing. While conversely, if you are from North America you may be more prone to betting on American football, baseball, basketball, hockey or even horse/dog racing.
Those were just a few examples of how sports betting may differ from region to region. Obviously there are many countries and regions I did not mention. Each with their own preferences and approaches to sports betting in general.
Of course with today’s worldwide media coverage and the presence of online sports betting. It has become far easier for bettors to place wagers on practically any major sporting event in the world, at both the amateur and professional levels.
In fact many sportsbooks and bookies will often allow you to make bets on events that have nothing to do with sports at all. Including reality show contests and political elections. Believe it or not, it is fairly common for sports betting websites to offer wagers for entertainment events. Things such as the Grammy’s, the Oscars, and the Emmy Awards.
How Does Sports Betting Work?
The next logical question you may have might be, How does sports betting work? So let’s take a minute and go over that topic. Say you have an event or game you would like to bet on. You got the money in hand and you’re ready to place a bet. What next?
Here again, the answer may be simpler than you first thought. However there are a few steps involved and you need to be sure of your course of action. After all you are about to risk your hard earned money, and as sweet as winning can be. Losing may leave you with a slightly bitter feeling.
A word of warning, before you even come close to risking your investment. Be sure you are completely aware of what you stand to win, as well as how much you must pay if your bet loses. In other words, make sure you are very familiar with the betting odds of your wager. (You can learn more about odds in the next article.)
The In’s & Out’s Of How It Works
At this point, you as a bettor, would place your bets either legally with a sportsbook or casino sports parlor. Or you would place your bets illegally through privately run operation, also known as a “Bookie”. After your bet has been placed, all you have to do is wait until the contest is decided to determine whether you have won or lost.
Be sure to become familiar with your local and regional laws before placing any bets. If you’re betting the legal way here is what you can expect. Online sportsbooks and real world casinos will require you to pay for the bet at the time you place it, or “up front”. If your bet loses you would owe nothing further, and if your bet wins you would receive your payout/winnings as well as your original investment back.
On the other hand, due to the nature of their operations. Illegal books or bookies can operate pretty much anywhere they set up. In most cases these operations only require you to pay on losing wagers so you don’t have to put money down up front. However this creates the risk of accumulating debt to your bookie, and with no laws protecting you, that could lead to trouble.
One thing to keep in mind if you are using an online sportsbook. These operations are generally located outside of the jurisdiction of the clients they serve. Meaning that there may be no laws governing the way the practice doing business. So it is wise to do some research before depositing any money into an account with them. There are plenty of quality sportsbooks online, just be selective.
Does Sports Betting Work?
Now that you have a strong fundamental knowledge of what sports betting is. I would like to take a minute and address one more question that you might be pondering. Does sports betting work?
The answer to this question is both yes and no, let me explain. With all of the money involved in sports betting it seems everyone wants to get a piece of the pie. However the vast majority of bettors really have no clue what it takes to win consistently over time.
The vast majority are either gamblers or hobbyists, weekend warriors if you will. These bettors do not have a solid foundation and almost never have a strategy in place to follow.
They use their heart and not their head, often allowing emotion to dictate the bets they place. For these people, sports betting does not work in the long run. Sportsbooks and bookies love them.
Then we have the serious sports bettors, also know as professional bettors. These people run a tight ship, using proven strategies, money management skills, and disciplined betting to increase their potential to win. They have removed their emotions and place their bets on the basis of math and probability. These people win, and they do so over the long haul. Sportsbooks and bookies hate them.
What really sets the two groups apart is the approach. Of course both groups want to win. However it is the smaller percentage of bettors that understand that sports betting is to be approached as investing. Like the Stock Market, Forex, Real Estate or any other investment strategy out there. You have got to have a plan and know how to play the game if you want to succeed.
Meet Vegas Betting Legend: Billy Walters
Alright, by this point you should have a pretty good handle on the concept of sports betting. Now I would like to share a great video from the CBS television show 60 Minutes. It is about one of the most successful sports bettors of all time.
His name is >Billy Walters and he is a Las Vegas sports betting legend to say the least. He is considered to be the “most dangerous sports bettor in Nevada” by most Vegas odds makers and he has never had a losing year. So watch the video and pay attention because Billy is about to share some priceless insight with you!
Wow, right? This guy is on a whole different planet. Look I realize that most of us may not reach the level Billy Walters has achieved. However his story does go to show you what the potential could be. Just imagine how different your life would be if you could achieve just a fraction of this man’s success.
I also realize that not everyone has the same goals or desires. Some people just want to have a little fun and make a particular game a bit more interesting. While others are looking to make a full or part-time income from sports betting. In either case, if you going to play the game, you may as well be good at it. That said, there are a few things from the video I would like to point out.
First I hope that you noticed how Billy approaches sports betting as investing. He is selective with his bets and if he really doesn’t like it he may leave it alone. Second, notice he has both a solid and proven strategy that he uses and follows religiously. Lastly, Billy also has a group of like minded people to aid him and to correspond with. Are you starting to see the big picture of successful sports betting?
Establishing A Foundation For Betting Success
Just by the fact that you are here with me proves that you have a real interest in sports betting. Who can blame you, there is plenty of money for the taking. If you know what you are doing. What is exciting is the idea that you have taken your first step to building a strong foundation as a sports bettor. You have begun to seek information and knowledge.
In this moment you may be wondering how on Earth you can establish the types of strategies and connections Billy has. Well I have some Great News for you. There is another platform out there that has also never recorded a losing year. The best part is that it is open to bettors of all experience and backgrounds such as you and I.
That platform is called the ZCode System and it is a time tested winner. Helping thousands upon thousands of bettors improve their skills and increase their profits.
What ZCode offers is a membership into a large community of expert sports bettors, winning picks, proven strategies and all of the tools and tutorials you need to build a winning sports betting system.
Or you can follow one of the many winning systems that are already in place. If you would like to know more click over to my complete ZCode System Review.
Alright my friend, that about wraps up this session. Give yourself a quick pat on the back. You have just taken a very important step to establishing yourself as a successful sports bettor. Growing your knowledge and understanding of sports betting is the single most important action you need to take to achieve success. Be sure to check out more information packed articles from the Insider’s Classroom.
I would like to take a minute to Thank You for your time. Hopefully I have done my job well and left you with a solid fundamental answer to the question of what is sports betting. If you have any questions or thoughts you would like to share. Feel free to do so in the comment box below, I would love to hear from you. Also if you have found the information here helpful. Please share us in your social media circles.
Thanks again for stopping by!