When it comes to betting on sports and bookie industry, they are hundreds of commonly held beliefs about them. However, which ones are true and which ones are not so true? In this sports betting Article, we will be Debunking Common Bookie Beliefs and Myths that most people believe are true.
Before we begin, we will talk about the myth that sports bettors cannot win on the long term. Unfortunately, this is a stigma that the sports wagering industry has been trying to change for a long time. The truth is that there are several people that make a living betting on sports. Therefore, it is a fallacy that sports bettor cannot win on the long run.
The reason why it is possible to win in the long run is because people are confusing it with casino games. Unlike Casino games with set odds, sports betting pre game Lines providers are made by sports handicappers. The handicappers create these odds from pure math and a bit of luck. Therefore, the odds of winning while betting on sports are higher. Or at least, they are if the bettor makes diligent research before placing and while placing a bet.
Even though, it is possible to make a profit on the long run betting on sports, it is not easy. If it was, everyone would be doing it. This is why, there are not many sports betting professionals in the world. While they are not uncommon, this is a full-time job that requires a research, dedication and a little luck!
Debunking Common Bookie and Sports Betting Beliefs and Myths
All Bookies are Rich
Unfortunately for them, that is not true. While a few of them have become rich from it, most of them are not. This is because the revenue margin from taking wagers is only 5% to 8%. Therefore, a bookie would need to take a significant number of wagers to become rich. Since the competition for players is fierce, being a bookie does not mean instant wealth.
On the contrary, this is a job with many different levels of success. Some Bookies are barely making it while others can make a living from it but just enough to be comfortable. Then, we have the success stories that have become wealthy from it.
Sportsbooks and Bookies have “Inside” information
No, your local bookie does not have someone on the inside feeding the inside scoop on a game. This is because they make money from charging a commission or “VIG” when they take a bet. Therefore, when they create odds, their goal is to ensure that the action will be 50/50 on both sides. Thus, no matter who wins or losses the game, the bookie will still make money!
According to experts in the sports betting platform industry, this myth likely stems in part from sports cheating scandals. We are talking about the point shaving kind where bookies and mobsters would get together to run a profit.
The Bookie Always Wins
Yes, in the long run, the bookie always wins but probably not in all betting markets. Unfortunately for them, bookies sometimes do make mistakes while setting and balancing odds. However, like we said before, the reason they always win is not because they have insider information. It is simply that their job is all about balancing odds and making money from the Vig!
While becoming a bookie might sound difficult, it is easier than most people think. At least, it is if they use the PricePerPlayer.com bookie pay per head solutions. This is because we provide everything a bookie needs to open their own sportsbook operation.
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