Sports betting has become a big business since the Supreme Court overturned a federal ban in 2018, with states and companies generating billions in revenue. It’s not easy to be profitable on a consistent basis, however, and many professional sports bettors will tell you that they lose 45% to 47% of the time. Having realistic expectations about winning percentages and understanding the long-term value of sound bankroll management are critical to becoming a successful sports bettor.
The sports betting industry is complex and ever-changing. Here’s a look at where things stand state-by-state, and some of the key trends to know.
Massachusetts’s sports betting market launched Jan. 31, but online betting isn’t available yet. The state hopes to have it live by football season, though there’s been a slow start with limited retail and online operators.
The first legal sportsbooks opened in New Jersey on June 5, and the industry has been growing steadily since then. The state’s sportsbook market is smaller than its counterpart in Nevada, but it’s still expected to grow significantly as more sites launch and the number of bettors increases.
There were a few delays in the opening of Nevada’s sports betting industry due to the COVID-19 pandemic, but the state’s online and retail sportsbooks finally went live on March 10. The Nevada sportsbook market is dominated by a handful of operators and has seen brisk business since its launch.
The sportsbook market in Connecticut is a bit more nascent than its New Jersey counterpart, but it’s set to grow quickly as more bettors sign up and more sportsbooks open. The state’s law allows for up to 60 online sportsbooks and 30 retail sites, but only seven went live on Monday (along with a few other states that had soft launches). Expect the rest to follow suit soon.
Developing a betting strategy that works for you takes time and commitment. Tracking your results over time helps you identify patterns and learn what types of bets have the most success for you. Using systems like line shopping, which involves comparing odds at different sportsbooks, can also improve your profitability.
Most sportsbooks offer a wide range of betting options, including over/under bets, where the bookmaker predicts how many total points will be scored in a game and a bettor wagers on whether the final score will exceed or fall short of that prediction. Bettors can also place bets on individual player performance, such as a quarterback’s throwing accuracy or a pitcher’s strikeout-to-walk ratio. Each of these types of bets can have a significant impact on the overall profitability of your bets. So, it’s important to study the game and understand all of the different betting markets.