Sports Betting 101
The debate over sports betting is largely driven by money. While most states are interested in maximizing their taxable revenue, it is the interests of stakeholders such as the sports’ integrity that should be their primary focus. The decision-makers in a state need to determine the tax rate and governing body that will best protect the integrity of sports and betting. The decision-makers must also determine which types of bets are allowed and how to regulate them.
Legalization of sports betting in the U.S.
In January 2014, Adam Silver, commissioner of the National Basketball Association, wrote an Op-Ed in The New York Times advocating legalized sports betting. In January 2015, he testified before a state Senate committee, outlining an ideal bill. This bill would authorize digital betting platforms and monitor unusual betting activity. It has since toured state legislatures. But a lot of obstacles remain. Here are some of them:
ROI of sports betting
If you are a fan of betting on sports, you’ve likely heard of the term ROI. While this term is used to measure a business’s profitability, it is also applicable to sports betting. In general, the higher the ROI, the higher the profits you can expect from a bet. It refers to the total amount of money you invested, including all bets, over a specific period of time. Obviously, ROI isn’t always the same as profit, but it will give you an idea of your overall success and profitability.
Currently, only nine states offer legal sports betting, but that will soon change. The state of Tennessee approved online/mobile sports betting without a retail component. In Tennessee, sportsbooks must keep 10% of their winnings, compared to an average hold of 7.5% in other jurisdictions. The Virginia Lottery will regulate the online sports betting market. Other states have yet to make the necessary moves. Fortunately, most of them have online betting apps and retail sites.
In sports betting, Over/Under bets are a great way to get in on the action without risking a huge amount of money. Typically, you’ll bet on an over/under bet in games when it’s clear how a game will be played. These types of bets are often made during games with high defensive intensity, such as a shootout or barn-burner.
There are different types of margin bets in sports betting. In baseball, for example, you can place a bet that your favorite team will win by a certain number of runs. In football, you can place a bet that says you think your favorite team will win by 4 runs or by a certain number of goals. In hockey, you can place a bet that says you think your opponent will score at least four goals. You can also place a bet that your team will score at least one goal.