Like many things, there are an abundance of myths surrounding the sports betting world, some of them true, but many of them are just flat out wrong. Sometimes, these myths are believed simply because they sound like they make sense or other times, these myths are used to make yourself or someone else feel betting about losing bets. All myths should be taken with a grain of salt – here are some of the biggest sports betting myths.
Games Are Fixed
While there have been instances of fixing games in North American leagues (most notable being the 1919 Black Sox Scandal), this myths is completely untrue in today’s leagues. To begin with, there are very few players who can significantly impact the outcome of a game – a superstar player in the NBA, a starting pitcher in the MLB, or a quarterback in the NFL. However, when you break it down logically, the possibility of bribing players in North American leagues is basically zero. In order to entice players to take bribes, the amount of bribe money required is far above the amount of money that the game-fixer is able to wager. This is in addition to the massive risk that would have to be taken on by the players regarding their livelihood and professional reputation, not to mention jail time. The only time that fixing games may work is in smaller and lesser well-known professional leagues where athletes often make just enough to scrape by in their daily lives.
Sportsbooks Have Insider Information
There is always the myth that sportsbooks have more information than the public and have access to timely inside information. However, even if sportsbooks do have inside information, it would not help them as much due to the fact that sportsbooks do not aim to make profits by winning on a side of a game. Instead, they try to mitigate their risk by trying to attract a perfect 50/50 split on the amounts wagered on each game in addition to the house edge gained by taking the juice or vig. While sportsbooks may seem like they possess inside information, it is more so the case that they are able to use information gleamed about games in a more accurate way than the public.
The Public Is Always Wrong
The public side of a game is often referred to as the square side whereas the opposite side is known as the sharp side. While the public may be wrong more often than not, there is simply no concrete evidence to back up the fact that this is the case. Since the public side of a game is decided by the amount of action on each side of the game relative to the game’s total action, there is no logical basis for declaring that the public is always wrong. If the public is backing heavy favourites, these favourites may win the first four times but lose the fifth time. As a result, the fifth and only loss tends to stick in people’s minds more easily since this event was likely shocking and uncalled for whereas the first four wins are more routine.
The “Due Factor”
Bettors inclined to go with the “due factor” are more likely to bet on teams on winning or losing streaks. Their mindset when betting on these teams is likely to be based on their gut feelings or intuitions that the team’s streak is “due” to come to an end. However, this approach could get you in trouble over the long run since the fun of following and watching sports is that it is unpredictable, for the most part. Trying to capitalize on a team’s winning or losing streak with the hope that it will come to an end usually results in a sucker’s bet.