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!
Cheers,
ZCODE SYSTEM
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michael
at 3:04 am
Good Article Brendon,
I have come across the ZCode System before, after reading your article I have some new found interest.
You make the distinction that sports betting is not gambling. Isn’t that just a play on words. It kind of feels like you are saying someone’s approach is what decides whether you are gambling or not.
If there are elements out of my control that can affect whether or not I win I see the act as gambling. I do realize that having knowledge, mathematics, etc can greatly lower my risk. Poker, blackjack, even roulette are games of skill if you have a strategy and a solid approach.
Isn’t a system just the best way to lower my risk. A good way to make sure I win more than lose.
Is the way you see it with knowledge betting, without knowledge gambling? I am just curious. I really liked your article I found it very informative I can’t wait to read the next lesson.
Brendon
at 3:32 pm
Hey Michael,
Sorry if that sounded misleading, I was certainly not trying to imply that sports betting is not a form of gambling. As with any form of gaming or investing there is a risk of loss. Like blackjack or the stock market, sports betting does have it’s down falls and is not perfect. Even the best bettors and investors take a loss from time to time.
The message I was trying to convey is that with the right systems in place and strategic betting one could certainly do well with sports betting versus other forms of traditional gambling. While it is true that there are strategies for playing games such as blackjack and roulette. Maintaining long term success with these forms of gambling is highly improbable.
In my 15 years working in the casino industry I have never met anyone that made a sound living or even an extra income from playing these forms of games. The problem is that every game in a casino is designed to favor the house. There is a built in advantage and in the long run even the best systems will lose out to that advantage.
Sports betting on the other hand is not necessarily designed in the same manor. In most cases the House or Book is not trying to beat you the bettor. In a perfect scenario, the sportsbook would take an equal number of bets on both side of an event. In this way they would not stand to win or lose. However they would simply collect the 10% vig and come out making their money in either case.
With sports betting you have a number of options in the way you could approach making your bet. You may pick who will win for example, or you may choose to bet the game totals instead and so on… Sports betting gives a bit more control and allows you to find the best value for your action. Also you do not have to bet every game every day, you can be highly selective in the games you choose to place bets on.
Of course there are actions out side of the bettors control with sports betting, and yes that can certainly be viewed as gamboling. There are also factors outside of a stock brokers control as well, but by having the option to study the stock they wish to purchase they can greatly reduce the risk, and there for we may see that as investing. Sports betting works in the very same way.
With a knowledgeable approach and strategic betting it is very possible for an individual to succeed with sports betting in the long run. If you watched the video you will notice how Billy talks about having bad weeks, or even months. However, because he has a sound system that he follows so strictly, he has never had a bad year. Through strong discipline and good money management Billy is always in the game!
Michael, I hope I have cleared that up for you. I have also changed the wording so it is not misleading for other. Thanks for sharing your thoughts and I hope to hear from you again soon!
Cheers,
Brendon
Gomer
at 3:22 am
I have always loved the thrill of gambling and the excitement of winning some extra money, However, after a few unsuccessful trips to the blackjack table I have made it a point to stay away. During each of my two most recent trips I lost $500 in less than a hour, and I feel pretty confident that I have a good strategy. With losses like that there is noway I can continue to play.
Do you think there is an advantage to sports betting over casino games, or are my chances just as bad? I would really like to continue doing what I enjoy, but at $500 a hour it’s just not realistic. After reading your article I think sports betting may be a way I can do that, but I am still on the fence with it. I would really like to hear your thoughts
Gomer.
Brendon
at 9:01 pm
Hello Gomer,
After 15 years working in the casino industry, one thing I can tell you is that nobody wins in the long run. Using blackjack as the example, the first problem is that the game is set up in the casino’s favor. You might lose 10 hands in a row and feel as there is noway you could lose another, but long behold you lose again.
The reason is that each and every hand is based on the probability of you losing. Even if you play the perfect strategy the game is not in your favor. the second reason is that the casino forces you to make decisions without having all of the information. The dealer only shows you one card, so you must play your hand based on only half of the info you need to beat him/her.
A third problem is that the game moves fast. So unless you are going to play just one hand, you have to keep playing hand after hand after hand. Remember, each hand of blackjack is set in the house”s favor. Which means the longer you play the better the opportunity for the casino to beat you.
To answer your question I think sports betting provides a handful of advantages over casino games. First, you do not have to bet on every game. This allows you to be selective in the games you bet on. Second, there are multiple ways you can bet on an individual game. For example if you do not like the point spread of a game, you could choose to bet the totals or over/under”s. Even further, if you like a team to win but do not want to give up any points, you could chose to bet the money line.
Another advantage in my opinion is that sporting events take a few hours to unfold. This means you are not forced to play hand after hand, spin after spin, or roll after roll. Once you have made your pick and placed your bets you simply enjoy the game and wait for the outcome. This really allows you to control the amount at risk and gives you a perfect balance of making bets as well as money management.
One last thought for you Gomer. While there is always a risk when betting. Having good strategies in place greatly increases your chances of capitalizing, Nobody wins them all, but what if you could win 6 out of 10 bets, or maybe 7 out of 10 consistantly. If you could hit those numbers on a regular basis you would then have something you could build upon by steadily increasing your bankroll.
That is one of the reasons I promote the ZCode System. It has the software, the tools and a community of like minded people that you can reach out to for knowledge and insight. If you are seriously considering sports betting, you should definitely take a few minutes and check it out. It has helped thousands of other bettors become successful to varying degrees.
Gomer, these are just my thoughts, hopefully I was able to help you make the best decision for you!
Cheers,
Brendon
MissusB
at 4:18 am
Hello Brendon!
I am some what new at this, my only real experience with betting was at a casino and I really had no idea what I was doing. I definitely see why you say getting educated is so important. I have always had a bit of a negative outlook on betting and gambling. However as I followed the concept of sports betting I could see how it could be a potential income generating platform with the right knowledge and approach.
So now my question is from a newbie’s perspective. How do you really win a bet? I understand that a new bettor should not just randomly throw their money around, and one should take the time to learn the proper strategies. However as new sports bettor I have no idea where to find these strategies
If I was to decided to become a member in the ZCode System, is that something they could help me with? It seems to me that a program like this would be better for someone with more experience. Is that in fact the case, or can ZCode help a newbie such as myself?
I definitely see how sports betting could be approached as investing. It seems like it would be similar to day trading on the stock market. Thanks for sharing your outlook into sports betting and I can’t wait to read your next article!
Brendon
at 1:45 pm
Hello MissusB,
You are right on the money when you compared sports betting to day trading in the stock market. There are a lot of similarities shared by the two practices. For example, if you were to buy into a stock, you would not just pick some random company to invest in. More than likely you would have done your homework and researched that company first, or maybe you got a good tip from a fellow investor.
Sports betting works in the same manor. You do not want to just blindly jump in because there is a risk of loss, just like in the stock market. Let’s be fair, whether you call it betting or investing, anytime your money is on the line it is a gamble. Chances are we all know someone that has lost money on either betting or investing. There is also a good chance that those same people did not fully understand what they were doing.
I say that because we probably also know somebody that has made a lot of money from either betting or investing. So what is the difference between those people. My guess is knowledge and approach. You hear me use the word “approach” often, and there is a reason. Think about losing weight for a moment. If you wanted to lose weight you would not fill your shopping cart with doughnuts and ice cream right? Why? Because it is a bad approach to weight loss.
MissusB, the best advice I can give you is to continue doing what you are doing right now. Educating yourself about sports betting is critical if you want to become successful with it. Keep reading and asking questions, and if possible reach out to others that are more experienced than you as you have done here.
in regards to the ZCode System and their membership offer. Yes they could help a newbie such as yourself. In fact a person doesn’t even need to like sports to make money from them. From the moment you start your membership you will have access to a number of training guide you along regardless of your past experience. In addition you will find an expert members forum where you can connect with some highly successful sports investors.
The ZCode System has a proven track record of winning and has never had a losing year. Also it is all documented, third party verified and easily accessible for you to see. ZCode does not hide their results and that is one reason I like them so much. Another option you have as a member is that you can utilize ZCode’s fully automated sports trader if you would like. This is a great way for newbies to get started and with a winning rate as high as 86%, it is how many do start out.
MissusB, we both know that nothing is 100% when investing money. Nobody wins them all and that holds true for any form of investing available today. Markets crash, real-estate prices fluctuate, teams lose and sure things fall through. The real goal of any investor is to come out ahead in the long run and it is no different for a sports bettor. The trick is to get as educated as possible, pick a winning strategy, and be as selective as possible when investing or betting.
Well I hope I have answered your questions. Be sure to check out other lessons in my Classroom Series, they will surely help you expand your knowledge of sports betting. If you really want to get going sooner rather than later be sure to check out my review of the ZCode System, it will provide you with everything you need to know about the ZCode System.
Cheers,
Brendon