As sports betting continues to boom, some states are struggling to manage the risks. This is FRESH AIR with Eric Lipton, who worked on an investigative series about this new industry for The New York Times.
The legalization of sports betting was a huge boon for companies like DraftKings, which runs the nation’s largest online sportsbook and app. The company is a publicly traded firm that makes billions of dollars per year. But the booming industry has also opened the door for predatory gambling operators. And that has some experts worried.
To make money consistently in sports betting, you need discipline (i.e., not betting more than you can afford to lose), do your research and know how to break down match ups. One of the most important things you can do is to separate yourself from your fandom and learn as much as you can about both teams. This will help you avoid making biased decisions based on which team has prettier uniforms or because your favorite player is on the opposing squad. It’s also important to do your homework before placing a bet, including looking at past performance, injury reports and other relevant information.
One of the biggest challenges facing state governments as they grapple with the social impacts of sports betting is figuring out how to oversee the activity and limit its potential for harm, particularly when it comes to younger players. And that’s why lawmakers in some states have enacted laws banning sports betting at schools and colleges.
Another issue is how to ensure that the money generated by sports betting will be used appropriately. Some states have created commissions to regulate and monitor the industry, while others are putting the burden on local law enforcement and prosecuting agencies.
Then there’s the issue of advertising, which has become a major part of sports betting’s growth. Major media organizations are now getting in on the action by promoting sports betting and taking cuts from the companies that run the sites. And that’s creating a tidal wave of criticism from some critics who say it’s too big of a financial conflict of interest.
While making money in sports betting is not easy, it’s do able for those who are disciplined and know how to look for value odds. Mike Spector, a sports handicapper at Betting Resource, has been making money in sports betting for years and has detailed his process in this blog post. He has some great tips for beginners. For example, he says you should research each sportsbook before placing a bet. Read reviews and user feedback, but don’t take them as gospel. What one reviewer sees as a negative, another might see as a positive. You should also do your own homework by investigating each sportsbook’s pricing, including vig. And finally, he advises new bettors to set a bankroll and stick with it throughout the season. That way, you can avoid the temptation to chase your losses and end up wasting more money than you started with.