Sports betting has become a huge part of the sports landscape since the Supreme Court ruled that it’s up to the individual states to legalize gambling on professional and college games. But what does this mean for the average fan? In a new 60 Minutes segment, Jon Wertheim reports on how it’s changing the way people consume sports and what impact this will have on their finances.
In sports betting, bettors wager on different aspects of a game or event, like how many points will be scored, which team will win, and more. In the olden days, slightly after dinosaurs roamed the earth, this was mostly done by putting money on who would win a game or a specific player’s performance, like how many home runs they would hit or touchdowns they would score. But now, you can bet on almost anything about a game or event with the help of technology and sportsbooks.
Most bettors try to maximize their profits by focusing on teams or players with high probabilities of winning and minimizing losses on bets they think are long shots. However, even “sure bets” can go sideways, so it’s important to never bet more than you can afford to lose.
Another way bettors try to increase their chances of winning is by tracking the odds as they change over time, especially for props (bets that aren’t related to the outcome of a game). This can give you insight into how much a sportsbook values different types of bets and can also help you find value.