Football (soccer) is by far the most popular sport in the world. Around four billion people identify themselves as football fans. FIFA earned $4 billion for the 2018 Men’s Football World Cup 2018 that was held in Russia. The only sporting event that makes more money in the Olympics. Football is played throughout the year in different leagues where professional teams compete for different titles. It is not unusual to hear football being passionately discussed in a normal conversation. Almost anyone who watches the sport seems to have a favorite team that they are willing to defend as if it were their family. There are also more informed debates where the actual gameplay is analyzed closely. With the kind of expertise that such fans exhibit, you might think that they would be able to predict how each match would unfold. These are probably the factors that make football the sport that’s most popular in betting circles.
How big is the sports betting industry?
According to estimates, the betting industry in sports is worth around $250 billion. Traditionally betting used to take place mostly at horse racing venues and casinos. Now there are plenty of online options. A user could even customize their bets using a service like bet builders on bet365. Betting on sports is illegal in some countries, but since the servers of online betting operators can be set up anywhere the bet technically happens in a different jurisdiction.
How risky is it?
The risk associated with a bet depends on the odds. The risk is unique in each sport. Individual events are more predictable to a degree. Team events like football has a lot of room for error as the performance of a team is dependent on a lot of factors. While picking a winner in a game may seem straightforward, picking the goal scorer, predicting the scoreline at half time or at a full time are a lot riskier. Betting is often considered gambling or compared to it. Gambling is a game of chance. The player predicts the odds which are completely out of their hands. The role of the dice or coin cannot be predicted accurately. They are completely dependent on probability. Picking a winning team cannot be predicted with absolute certainty. The knowledge of their past performance, current form, etc. could give an edge in predicting the outcome to someone who knows and keeps a track of these facts. This can be compared to trading in stocks.
Should I try betting?
Betting, like gambling, can be addictive. You must not spend money on it more than what you can afford to lose. Your knowledge in the field will certainly give you an edge. Things will not always go your way as there is still an element of chance regarding how things may turn out. Treat it as a recreational activity. It should never be treated like a profession. The industry is showing signs of rapid growth driven by innovation and generation of interest.