Sports betting has been around for more than 2,000 years, and it goes back to the Roman Empire, where betting is being done on Gladiators and other events.
Over the years, people continued to create and develop sports that are widely anticipated by people. Many sports enthusiasts are always looking forward to sporting events organized by sports organizations, bringing forward championships for baseball, basketball, football, tennis, and all the other sports. Accordingly, betting on sports has become definitive and regulated.
However, several people still doubt how sports betting works even though it is being regulated and made legal in many countries, including Singapore. It all comes down to the myths that are developed along with the progression of sports betting.
Below are some of the sports betting myths gamblers need to be aware of to improve the results of their betting activities, become more profitable, and avoid losing significant sums of money.
MYTH: Sports Betting is all about luck.
FACT: Betting on sports is not in the same category as playing the lottery or casino games, such as slots and roulette, which are all about luck. Sports bettors do not merely follow their gut-feel when wagering on their preferred sport; instead, they research and analyze to make an informed bet.
The decisions sports bettors make when placing bets on sporting events will significantly impact whether they win or lose. To succeed in sports betting events, punters must learn game technicalities and use efficient sports betting strategies and techniques.
MYTH: Getting started with sports betting is easy.
FACT: Getting started with sports betting may be simple in learning the basics of sports betting and following the guide to placing bets on sports. Understanding the technicalities of sports betting allows punters to place wagers whenever they feel ready. However, there are many factors to consider first before bettors can officially start their sports betting career. It includes creating a budget, selecting what sports the bettor wants to wager on, choosing which strategies and techniques to use when placing bets, and picking which betting site to place bets.
MYTH: The more you place bets, the more likely you will have a big win.
FACT: The outcome of a sporting event is down to how well the players and teams perform. And bettors spending more time wagering on sports do not impact the next betting event they are eyeing to place bets on.
Gamblers will likely have a chance to win big if they place an informed bet where they have done research and analysis on the teams and players playing on a specific match. It will also depend on how well they employ their strategies and techniques while wagering on their preferred sport.
MYTH: Betting at high odds is more profitable.
FACT: In betting, the odds will indicate how much money a bettor can make if they place a bet on a player or team and win the bet. And the higher the odds, the more money a bettor can earn. Hence, many gamblers think that betting on the one with the higher odds will make them more profitable. However, odds do not work like that.
Most of the time, sportsbooks adjust the odds to balance the number of bets placed on opposing sides. Therefore, higher odds do not always equate to higher profit. Instead, it can also mean higher losses.
To gain more profits when betting, bettors must also consider other significant factors that influence the odds and learn factors that can help them make an informed bet.
MYTH: You can win your money back if you keep playing and wagering on sports.
FACT: Placing wagers on sports even when a bettor is on a losing streak does not assure that they will get their money back. Realistically, the more a punter gambles, the more likely they are going to lose more money.
MYTH: Gambling addiction is rare.
FACT: Gambling addiction is not rare. It is a widespread problem, with comprehensive studies showing that up to 5.8 percent of the world’s population struggles with problem gambling. Accordingly, the problem is noticeable in Singapore as the country has abundant avenues for gambling.
According to the study, Gambling Disorder and Other Behavioral Addictions: Recognition and Treatment, gambling is categorized as a nonsubstance or “behavioral” addiction, as excessive engagement in this behavior resembles alcohol and drug dependence. Furthermore, addiction has several defining components:
(1) continued engagement in the behavior notwithstanding adverse consequences,
(2) diminished self-control over engagement in the behavior,
(3) compulsive engagement in the behavior, and
(4) an appetitive urge or craving state before engaging in the behavior.
MYTH: Always bet on your favorite team or player.
FACT: Many punters choose to support their favorite players or teams by betting on them during a sporting event. However, it should never be the case whenever bettors place their wagers. Placing a bet on a particular player or team is betting with their emotions.
Making emotional decisions when betting does not do any good on a bettor’s betting activity as it can lead them to make more bad bets and losing more money than winning it. Accordingly, it is better to research and analyze the teams and players playing during a match. It will help a bettor make informed bets, which may lead to wins.
MYTH: Online betting is not safe.
FACT: Online betting is not new. In fact, it has been around for over two decades already and is a regulated industry in some countries, including Singapore.
Naturally, in the beginning, people were doubtful about betting online as the internet was still quite new and the idea of depositing money online to place wagers was frightening. Also, in the early days of online betting, many websites were not being regulated; hence, punters are worried about the safety of placing wagers online.
However, as technology continues to progress and industries go along with its evolution, gambling and online betting regulations have been developed and implemented. Although there are still some betting sites that cannot be trusted, countless others are fully licensed and regulated. The difference between betting online in this digital era is that it is a lot easier to avoid dodgy betting sites.
Besides the risks and popular beliefs on sports betting, some myths sometimes dissuade many people from participating in betting events. There are many misconceptions surrounding sports betting, which, unfortunately, many sports bettors believe in. And these could be among the reasons why they are losing a lot of money when wagering on sports.
Clearing out these myths will help bettors be better when placing bets during betting events. It can help them reduce their risk of losing money as they will be more informed about the possible dangers these misconceptions may bring upon them.
Therefore, to become a better sports bettor, punters must learn the basics of sports betting, avoid believing in myths, employ effective and profitable strategies and techniques, and use a trusted online sportsbook.
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