Sports wagering – How does this industry work and what steps can reduce risk

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Sports and betting have been bed partners for centuries but off late the relationship shared between the two seems to be falling apart. The biggest impediment has come in the form of sports wagering. There is a growth in the industry not only in terms of its reach but also revenue and recently there are new fears over its influence on the result of sporting events. There have been indeed too many allegations on match-fixing across different sports and this has got lawmakers throughout the globe worried and trying to find ways of counter-reacting the growing might of this sector.

The gambling industry – How big is it?

Yes, this industry is a mammoth one and as per some estimates, the betting industry could be worth more than $500 billion per year. If you want to see a comparison, this means it is 50 times more than the annual profit of Toyota which is the biggest carmaker of the world. There are many who believe that the major part of these revenues for betting is generated in Asia. But in this industry, you won’t find any official records of transaction and it is indeed tough to get a perfect estimate of the total size.

Why is betting so attractive?

Well, there are many reasons behind the popularity of betting but in majority of the cases, it is nothing but an amalgamation of several factors which attract the gamblers. The ban on sports wagering is the biggest reason behind the undue interest of the betters in doing something that is not legally allowed. There are some other cases where the social stigma plays a vital role, particularly in countries where betting online is prohibited.

Sports betting made easier – Some tips to simplify the process

Choosing the best odds: With online bookmakers and sportsbooks saddled in a die-hard competition to offer lucrative rates and lure new customers, you will most likely end with solid betting odds which offer a good chance to beat the betting lines even regularly.

Settle with a money management system: Just as we focus on establishing good systems for betting which will be lucrative, we should also pay attention to money management. Perfect money management will reduce chances of bettors incurring more losses.

Utilize hedging to reduce losses: This is a traditional practice of betting on alternative markets in order to reduce losses. At times, hedging can prove to be profitable in sports and most of the time they emerge as clear winner.

Opt for live betting: Live betting offers fans the ideal opportunity to cater to the wagers to the events as they start instead of allowing a non-changeable bet even before the beginning of the game.

Although sports betting has gained enough stigma, yet there are numerous betters who are eager to spend their money doing the same. You may consider following the above mentioned strategies to ease off the stress of sports wagering.

Follow the Scores Report editors on Twitter @clevelandteams and @bullzeyedotcom.

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