Essay: Research on Betting on Sports

Sample Essay

The major feature that fascinates and attracts people as far as sports’ betting is concerned is the aspect of winning a large amount of money by assuring that when the win-lose scenario is being calculated, it is through a form and method that can be relied upon.

Therefore, it now becomes imperative to look at the percentage of gamblers who are able to score wins. According to J. R. Miller, it is a belief that professional-level sports bettors win at least 60% of their bets. However, he goes on to state that the difference between the ‘percentage of bets won by successful sports bettors and the percentage of bets won by chronic losers is relatively very small.’ (J.R. Miller, “Winning Percentages”)

When addressing the money line bets, it is considered that players may have to risk as much as 11 to win 10, where pointspreads and over/under bets are concerned, almost anyone can win up to win 50 percent, for in this situation the ‘only thing required is to flip a coin and pick a side’. The bookmakers’ profit comes from withholding slightly more than ‘9 percent of the winnings ($1 for every $11 risked)’. Therefore, this goes onto show that a bettor who wins only half his bets will only end up losing all of the money he has invested in the bets. Therefore, sports bettors who have been in this field as professionals only maintain a winning streak of ’54 or 55 percent’, and anything more than that, is highly improbable.

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