Betting is placing a wager on something of which you have predicted the outcome with the intention of earning profit. Sports betting is a similar kind of gambling where the person betting uses sports as a medium for placing his bets on Betist, with the intention of earning profit.
As colorful and profitable it may seem, the reality is often disappointing, people often associate betting with luck, whereas sports betting is more of a statistical way of earning profit, if you are not good at collecting and analyzing data, you better stay away from it, the statistics say you are more likely to lose your money/valuables (actually the stats doesn’t say that but that’s going to happen, unless you have a luck potion).
The only profit earners:
The only people earing profits from sports betting are the brokers, they charge brokerage charges and it doesn’t matter who lose, they are definitely going to earn their share of money. This is for legal betting and you also lose money on tax, placing bets without license is a criminal offense and it generally doesn’t contain brokers, but the stakes are also high as it is risky.
In betting you have two outcomes, you earn profit or you lose everything wagered, let us dive deep into these things.
The cons of profit:
Yes! You read it right, profit is supposed to be a good thing but in sports betting it is a negative thing. The profit or the bet you won is purely based on luck (we will not look into statistical betting). The bet that you have won will compel you to place more bets, when placing bets on sports even a strong team, with a large winning streak may lose to a weak team, there are lots of external factors affecting sports, like the availability of a certain player, weather, dressing room environment, bond between players, personal issues, and so on. Betting is always a shortcut as we need not put lot of effort, and anything earned without much effort won’t hold much value in our minds and we will waste it.
When you lose a bet you may lose money at the moment but that loss of money will make you want to earn it back, you may get stuck in a loop of gambling. Moreover, if you are dependent only on sport betting for livelihood you may end up in trouble as it is not a reliable source.