Is Betting Good
Sometimes you just have to accept some losses and wait for the good times to roll. Having said that, Bet Alchemist does a good job of keeping losses at a minimum. By providing a lot of each way bets, this tipster stops the losses from building up. He also do a good job at finding value bets at attractive odds.
*Updated 2018
- Betting odds allow you to calculate how much money you will win if you make a bet. Let’s use the same examples as before, with the same replacement of numbers for letters, i.e. 4/1 becomes A/B. Quite simply, for every value of B that you bet, you will win A, plus the return of your stake.
- There is no an absolute answer for it. It could be good. If you can be responsible and treat it as a hoppy or entertainment to enjoy. But it could also be bad, if you addict to it and treat it as your only job for living.
The Supreme Court recently reversed a 26-year-old federal ban on sports betting, enabling each state to decide whether to allow wagers to be placed on baseball, basketball, football, hockey, among other sports games. Previously, sports betting had been prohibited nationwide, except in four states – Delaware, Nevada, Montana and Oregon. A vast majority of the American people had supported the legalization of sports betting (55% felt that betting on sports should be legal, only 35% opposed), not to mention that the president himself is a former owner of casinos. Therefore, this change in the federal government’s approach to the subject is not surprising.
Here are three reasons why the legalization of sports betting is positive and three more explaining why its negative:
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In Support of Legalized Sports Betting:
It is already a thriving industry.
The betting industry has blossomed regardless of its legality. Illegal sports betting is a multi-billion-dollar industry (some estimates are as high as $150 billion); anyone who wants to place a bet can do so easily online or through local office pools and offshore books. Now, after the Supreme Court decision, states will be more inclined to consider or pass legislation to legalize sports betting, thus allowing people to continue betting but in a regulated and fairer environment. It will also prevent them from dealing with questionable bookies. Moreover, addicts will have fewer stigmas, which may make it easier for them to seek help.
It`s the economy, stupid.
Sports betting is good for the economy. Legalizing sports betting will obviously create huge state tax revenues. More importantly, it has the potential to create jobs (estimated between 125,000-152,000 jobs) for the American people. Researchers estimate that legalized, regulated sports betting could actually bring in a total of $6 billion in annual revenue for states by 2023.
Moreover, it has potential to bring huge money into the United States and keep it there. Currently, most of the betting takes place online. It is more than likely that legalizing sports betting in America will trigger American telecommunications and tech companies to take over the international market.
Sports betting won’t corrupt the leagues.
Louis Brandeis, an American lawyer and Associate Justice on the US Supreme Court, once said: “Sunlight is said to be the best of disinfectants; electric light the most efficient policeman…” Meaning, legalized sports betting will actually make it harder to fix games. This is because once legalized, sports betting will be monitored, and any irregular activity will be easily detected. It is easier to fix games in an un-monitored environment, in which money flows under the radar. Therefore, the common belief that legalizing sports betting will corrupt sports is wrong.
Against Legalized Sports Betting:
The house always wins.
Many of those who argued for the legalization of sports betting claimed that it’s more about skills than luck. They said that, much like stock trading, it’s about wittingly identifying opportunities and acting on them. But this assertion is wrong.
The human element has a huge impact on sports; often, the unexpected happens, which can affect everyone from team owners down to the last player. Even where skill may improve odds of winning, people who bet on sports may not always possess the deep understanding of statistics required to win. People usually bet on sports based on a hunch, not knowledge. Sports betting is not about skills and it’s not like stock trading; it’s gambling, and as in gambling, the house always wins.
Legalizing sports betting won’t make illegal betting disappear
The main reason people bet with bookies is not the lack of alternative but availability and, most importantly, the generous line of credit that bookies offer. Bettors don’t need to deposit money to bet with bookies, which makes it easier for them to bet with money they don’t have. This is also the main reason wagers get into troubling debt situations. Moreover, bookies will offer better margins and betting rates for their customers since they won’t pay taxes. Thus, legalizing sports betting won’t eliminate illegal betting and the problems that accompany it. For instance, increased opportunities to gamble on sports may increase the amount of gamblers, yet services to help gambling addicts will most likely not rise in parallel.
It will change American sports’ nature
Legalizing gambling on sports will gradually change American sports. As with everything that involves money, the sports industry will become even more commercialized than it is now. In a slow but consistent process, the focus of American sports will become betting rather than the game itself. Anyone who has ever gambled on a sporting event knows that once you place a bet, the focus of the game suddenly becomes money, not the game itself. And that’s not what sports is about.
Bottom line: The Supreme Court’s decision to overturn the federal ban on sports betting is reasonable, especially since it is already happening to a large extent, and states deserve to monetarily benefit from it. On the other hand, legalizing betting won’t eliminate illegal betting and will negatively change the nature of sporting events. Do you support the legalization of sports betting? Would you place a bet on your favorite team?
All those new sports gamblers will have to place their bets somewhere.
A Supreme Court decision that expands sports betting beyond Nevada could mean billions of dollars in new business for the casino industry.
The court ruling in favor of New Jersey overturned a 1992 federal law that had prohibited sports betting in most states. Currently, Nevada is the only state where single-game wagering is legal. Now, other states will have the opportunity to legalize the practice.
'The opportunity for a sportsbook is a whole new revenue source for casinos,' said John Decree, head of North America equity for Union Gaming, a boutique investment bank that focuses on the gaming industry.
Sports betting willbe a new source of revenue for casinos as well as a way to entice new customers into the casino, Decree said.
High foot traffic during major sporting events could encourage traditional gambling, noted David Katz, an analyst who covers gaming for Jefferies. Katz estimates that the casino industry could add as much as $2.9 billion to its annual profit.
MGM Resorts(MGM) said in a statement on Monday that it 'applauds' the decision, adding that it is 'extremely well positioned' to succeed after the repeal of the law. Boyd Gaming(BYD), which also operates casinos throughout the country, said it is in an 'excellent position to become a leading player in the growth and expansion of sports betting across the country.'
Caesars(CZR) also welcomed the decision, and said that it plans to expand its sports betting business.
Investors also saw potential in the news. MGM stock ticked up about 2%, Boyd rose about 4% and shares of Ceasr spiked about 6% on Monday.
Companies that have casinos throughout the country and rely on domestic revenue could gain the most, said Dan Wasiolek with Morningstar. Analysts are betting that casino operators like MGM and Ceasars could win out.
But there's a long way to go before the court ruling turns into profits for casinos.
'We are in the top of the first inning,' said Harry Curtis, an analyst with Instinet who covers gaming in the Americas. 'There are an awful lot of unanswered questions on this.'
One question is how long it will take for states to make sports betting legal.
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'The amount of times it takes for an individual state to set up a regulatory structure and a tax structure [is] almost always ... longer than expected,' said Katz.
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Even if states act quickly, casinos might not make that much off of sports betting.
Katz noted that casinos that don't have much experience with sports gambling could outsource bookmaking to companies like International Game Technology(IGT) and Scientific Games Corporation(SGMS). Expenses like taxes, possible integrity fees from sports leagues to make sure that betting doesn't throw games and operating costs could ultimately lead to a modest profit from sports betting, he added.
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'Sports betting margins are notoriously narrow in a casino,' Curtis said.
Other companies stand to gain from the decision.
Shares of International Game Technology popped about 4% and Scientific Games spiked about 12% on Monday. And fantasy sports league platforms FanDuel and DraftKings are seizing the opportunity to enter into gambling.
FanDuel said in a statement that the decision will let it 'create a sports betting product that fans will love.' DraftKings also said that it will enter the sports betting market.