Sports Betting Rookie School (Part 2 of 2)

Welcome to Part 2 of our Sports Betting Rookie School. In this segment we’ll go over some things that every sports fan should know when placing bets.

Oddsmaker and Bookmakers

Before we get into some basic sports betting strategy, a few words are in order about the linesmakers. Linesmakers are the guys who set the point spread for sporting events, and they are usually split into two categories: oddsmakers and bookmakers. Oddsmakers do not accept bets on the matches and events they set the lines for. They merely sell those lines to sportsbooks and wire services. Bookmakers are actually the ones wit whom who you place your bets. Their task is to balance the books so that there are an equal number of bets on either side of the spread (for a brief explanation of terms such as odds and point spread, see pt. 1 of the article). The bookmaker makes money by taking a small commission (called the vig) off each bet so, in theory, he shouldn’t care which side wins. The bookmaker may also alter the lines in order to achieve the balance necessary to protect his interests. Other factors which may alter the line leading up to a game or event are injuries, weather, and player trades.

Now, you might wonder how you can possibly compete with the knowledge of a bookmaker, who, after all, lives, eats and breathes professional sports. But keep in mind that these guys are not out to beat you. They are facilitating the events and making a buck by providing you with a secure place to place your wager. Now that you have a better understanding of the role of the linesmaker, let’s move on to some betting strategies.

Betting Strategies

Many beginners find one sportsbook and end up placing all their wagers there. This is a big mistake, as it is crucial in your development as a sports bettor to shop around for the best possible lines. If you were going to buy a new computer, you probably wouldn’t check the price at only one shop, would you? The same concept holds true for sports betting, and you should always compare the lines of at least two sportsbooks before placing your wager. It doesn’t cost anything to set up an account at various online sportsbooks, so keep your options open and do some homework. The recommended number of sportsbooks to use is between three and five, and the bare minimum is two.

The question of timing is also a key factor in placing smart bets (i.e. when should you make your wager?). Generally speaking, the line usually moves towards the favourite as the day of the event approaches, and this is due to the public’s tendency to adhere to consensus. So, as a rule, if you plan on backing the favourite, play early and if you plan on backing the underdog, play late. This will increase the chance that you will get the best possible lines for your pick. Keep in mind that even half a point on the spread can make the difference between winning and losing.

Interesting Sports Betting Facts and Figures

In the US, sports betting is much bigger than most people realize. Take a look at the following numbers to get a grasp of the sheer size of the industry.

• 7 out of 10 adults placed some type of sports wager in 2005.
• Last year more than $200 billion changed hands as a result of sports betting.
• The NCAA announced that 35% of all male students regularly bet on sports.
• The online sports betting industry is an estimated 6 times bigger than the Las Vegas sports betting industry.
• The online sportsbook, bodog.com, has a listed market value of over $3 billion, and growing!

As sports betting continues to grow – largely due to the growing presence of online sportsbooks – we’ll continue to offer our readers insight and advice on the major happenings in the industry. Look out for the upcoming piece on the legalities of online sports betting, an issue which is undergoing almost constant scrutiny by lawmakers and the public.

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