One of sports betting’s alluring aspects is that most bettors know that there are sharp players who, through superior knowledge and analysis, are able to become long term winners. This stands in stark contrast to most other games in a casino where virtually everyone who plays long enough is assured to lose. So how do these professional bettors do it?
In search of positive returns
Professional sports bettors, or sports investors as they sometimes preferred to be called, ply their trade by finding odds that are set incorrectly. For example if the NBA odds for one team are 2:1 but the bettor knows that team is actually a 4:1 favorite, he can take those odds and expect to make a very handsome profit because the team is being severely undervalued by the betting markets. Odds this glaringly wrong don’t normally occur, but they can.
In general if a sports bettor can win more than about 53% of his bets he can profit over the long term. The reason that figure is 53% and not 50% is because of the fee the house takes to book those bets, known as the “vig” or “juice”.
Pros love betting on the NBA
The NBA is one of the favorite seasons for professional sports bettors. The combination of many games being played most days and the rabid fan base means there are both frequently mispriced lines and many opportunities for them to occur. On top of that, the huge popularity of betting on the NBA means that big-money pros can get a lot of money down on any individual game without moving the lines.
Big bets moving the lines are similar to what happens in the stock market if a major shareholder dumps his position – the stock price quickly falls. Thus, the first chunk of shares he sells is priced much higher than the last chunk of shares. In some cases, such movements in price can be dramatic. This phenomenon is even more likely to happen in smaller betting markets and is a major problem for large sports investors. For more on NBA odds visit covers.com.
Covers.com is one of the longest running sports sites on the internet. Founded in 1995 by betting legend Teddy Covers, it’s provided readers with incisive analysis and the most up-to-date NBA odds of any site on the web. For more on all-things-sports-betting, please visit covers.com.