60 Minutes: Sports Betting 101
With the Supreme Court decision allowing states to legalize sports betting, it’s now easier than ever for people to gamble on their favorite teams from the comfort of their own home. But this new era of gambling may also be a risk to the integrity of sports games, including college football and hockey. On this week’s edition of 60 Minutes, Jon Wertheim investigates the potential effects of sports betting and what it means for the future of professional and amateur sports in America.
Sports betting is a massive industry that encompasses a variety of different types of wagers, from moneylines and spreads to prop bets that allow you to place more specific bets like how many points a player will score. But if you’re thinking of trying your hand at betting on sports, you need to understand the basics of each type of bet before you can make any informed decisions.
One of the most common and easiest types of bets is the moneyline. With this bet, you choose a team to win at the odds that are available when you place your bet. If your team wins, you’ll receive a payout based on those odds, regardless of how they might have changed later.
Another popular bet is the over/under, which is a wager on the total number of points scored in a game. The bookmaker predicts the total number of points, and bettors can choose whether to bet on the “over” (total points will exceed the predicted amount) or the “under” (total points will fall short of the predicted amount).
A third popular type of bet is a parlay, which is a series of bets that are only profitable if all of the individual bets win. This type of bet is a great way to increase your chances of winning big, but it’s important to know your limits and stick to them. A good rule of thumb is to only risk 1% to 5% of your bankroll on each play.
No matter how much research or experience you have, it’s not realistic to expect a lofty winning percentage in sports betting. In fact, even professional bettors who make their living from sports betting only see winning percentages in the low 50% range. The best way to improve your chances of making a profit is to follow a sound betting strategy, which should include thorough research and disciplined bankroll management.