Debunking Sports Betting Myths: What You Need to Know

Now that the NFL is back, it’s the height of sports betting season (even though you truly can bet on sports all year round). But before you prepare to put money on the big game, let’s debunk a few myths.

Whether you think you need to be a genius to bet on sports or think that all bets are rigged, chances are you believe in at least one common sports betting myth. Read on as we debunk them all.

1. The Sports Book Always Wins

Okay, this one is a bit difficult, because behind every sports book are odds mathematicians (or AI) who calculate odds that give sports books the best odds of winning. That being said, sports books don’t actually control human bodies or sports outcomes, and just one wrong move on the field can change everything, too late for the sportsbooks to adjust odds.

So, while it can feel counterintuitive to bet against a sports book, it does occasionally pay off. Plus, even sports books can sometimes make mistakes, leaving discrepancies on their board for all to see.

2. "If I Double Down, My Luck Will Change"

Unfortunately, just as sports books can’t control game outcomes, your money can’t either. Just because you double your bet doesn’t mean your favorite horse will win next time. Sports betting requires a high level of analysis and an evaluation of stats, not a stack of bills doubled at the right time.

3. You Need to Be a Genius to Sports Bet

This one is a gray area. While you don’t need a math degree to bet on sports, you should spend some time reading (and understanding) the stats of the teams you plan to bet on. This can let you know what your best odds of winning are. The same goes for betting on horse races or the Olympics. While you don’t need to be a genius, you can’t go in blind either.

4. Your Luck Has to Change

Luck is luck. Just because you haven’t won in a while doesn’t mean you are “due” for a win—especially in sports betting. Remember, when you bet on sports, you are betting on actual human outcomes, not the outcome of a random number generator. This means you could lose 500 times in a row if you keep making bad bets. Just like with the rumor about “doubling down” if you keep betting on a player, thinking your luck has to change, you’re better off switching to bet on a different player, sorry.

5. "I Know For Certain I Will Win"

Unfortunately, sports betting is never “for certain.” We have seen games change in literally the last second, leading to a loss even when the team has had a winning season. The “knowing for certain” tactic is a myth, and you need to let it go right now, before you find yourself in financial trouble.

6. Players “Throw the Game” So Vegas Can Win

Another gray area myth. While it is illegal for players to bet on themselves in most instances, many do so under the table. As such, it is possible for an individual to try to throw a game to win money. That being said, these individuals are often quickly found out by the regulatory body for their sport, and they are promptly fired and fined. Therefore, as you can imagine, this is very rare and shouldn’t prevent you from placing bets.

7. Always Betting Low Odds Is Better

We see this tactic too often, which is sad because it is wrong. Individuals often see the low odds on a team that is known to win (like Real Madrid) and think that betting on them and winning a few dollars each time is worth it. This isn’t the case. Remember, sports books take fees, so if you are constantly betting $10 to win $11, you will actually lose money over the course of a season. Even if a team is your favorite, you are better off looking for less certain bets that could actually make you money.

8. There is No Strategy in Sports Betting

Sports betting isn’t like playing slots. There are sports betting strategies, and knowing them and your team will help you. For example, say your football team wins just as many games as they lose. In this case, betting on the outcome of a game isn’t a good idea. But, if you know a certain player is good, betting on them getting the first touchdown or goal could be worth your time.

Sports betting does involve luck, but it also involves knowledge, so you should 100% take the time to develop a strategy before putting your money on the line for your team.

9. Bookies Are Better Than Sports Books

We hate to burst your bubble, but bookies are basically MLMs. While they may offer you good odds from time to time (and more convenient cash-out policies), the benefit of working with one is often fluid—meaning sometimes you have better odds than a traditional bookmaker and sometimes you don’t.

The reality is, many bookies get their odds from an exchange, and though they may charge less fees, working with one can be dangerous and illegal, depending on where you live. Plus, the average sports bettor isn’t betting enough to make using a bookie worth it. We recommend always going through a sports book, even if it costs you a little extra.

10. All Sports Books Are the Same

This one is simply not true. While many sports books offer similar odds for large games, the line can often move, and different bookmakers offer different bets.

If you are planning to bet on sports often, we recommend taking your time to find a sports book that offers all the bets you like to place. Additionally, you should have at least two accounts on two different sports books—giving you options because we promise you, the odds aren’t always the same.