Sunday, 1 Oct 2023

Sportsbook Myths To Stop Believing

The betting and gambling worlds have always been filled with myths being thrown around as facts, and bookies have been no exception to this. Sportsbooks seem constantly under fire for some plausible and some outright absurd myths that have no ground to stand on. Some myths superstitions may never die, but these myths should have been left behind a long time ago.

Sportsbooks Rig Games

This is one myth where the logic has always been a bit questionable at best. In a small boxing club where there is only one bookie on site, sure, the possibility of a bookie having a hand in fixing a game is reasonable. When it comes to games which are televised and multiple sportsbooks have a hand in, It becomes unreasonable. Here are some of the main reasons why this would be an impossible task.

  • Multiple Bookies – When it comes to bigger games where online bookies would supply bets, there is never just one bookie making bets available. When it comes to games on an international level, there are literally thousands of registered sportsbooks supplying bets. There has been some discussion in the bookies working together in this effort, but this is easily disproven by the sportsbooks having different odds for the same event.
  • Stakeholders – When it comes to a team winning or losing a game, it isn’t just about being happy or sad. There is a very real financial and career incentive for the players. Stakeholders, like sponsors, pay money that would make a bookie’s revenue seem like small change. In the financial aspect, individual bookies have nowhere near the financial backing as some titans of industry like Nike or Samsung have.

Sportsbooks Always Win

The myth that sportsbooks always win seems to stem from a lack of understanding on how a sportsbook actually makes money. This myth seems to come from comparing sportsbooks to a casino, where the casino is, for the most part, playing directly against the player.

Sportsbooks do not play against the player, instead, they operate by giving the players a platform to bet against each other and making a small amount of money on every bet.

The main idea for a sportsbook is to set the odds so that there is even money on either side of the bet, so no matter which side wins, the opposing side can pay for the winners. Just like Canadian casino sites, the sportsbook has no hand in the bet. Sportsbooks are only making a small amount, often only 2%, on each bet to facilitate your betting. A sportsbook does not always win, sportsbooks are a service, the players always win and lose together.

Sportsbooks Have Insider Information

Another myth, seeming to hark back to a lack of understanding of how a sportsbook works, being that sportsbooks have insider information. To be clear, nobody has insider information. With that out of the way, Sportsbooks have nothing to gain by having insider information.

Sportsbooks do not bet, they do not gamble. Sportsbooks make money by providing a service to people who bet, having insider information would be irrelevant to sportsbooks.