Betting on spectator sports have been definitely around since the industrial ages. In fact, one would assume that some form of betting existed for the old Peloponnesian Olympic games. From then, betting itself has evolved quite a lot. But even in the age of online sportsbooks, the core logic of sports betting is more or less the same. You bet money on play conditions, they come to fruition against suspected odds, you win big and the bookmaker reluctantly hands out the prize money. However, believe it or not, the current trend of popularity in fantasy sports might some day give traditional betting a run for its money.
Traditional Sports Betting – The advantages and disadvantages
Everyone has a general idea about what traditional sports betting is. It used to be just about wagers on match outcomes. However, online sportsbooks have long included other goodies – in-play bets, bets on performance and oddly specific conditions like sixers scored in an innings. Traditional sports betting, of course, is a giant industry where millions of dollars switch hands daily.
The legality of sports betting has always been dubious, be it in the US or elsewhere. This is why sports betting once used to be shady underground dealings for the most part. But those days are over. Today, one need not bite their nail in fear of the law after they place a bet on an ongoing match. Online sportsbooks have actually made sports betting much, much more accessible and legally viable compared to the past. Online bookmakers will look like a godsend to any punter who has been in the game from before the internet. But there are actually quite a few disadvantages to traditional sportsbooks.
The big disadvantage is purely from a profitability standpoint. You see, in sportsbooks, you are not really challenging your luck or how chance encounters may steer the course of the game. Instead, you are challenging the bookmaker’s guess. There is a huge plethora of betting features available than the standard money line, to be sure. But you will often have to look really long and hard on several sportsbooks before you can spot a bet where you have a good chance of making profit. It is a constant game of out-guessing the professional guesser, i.e. the bookmaker. Now, do some handicappers manage to do it almost semi-regularly? Yes, some do. But the number of ‘sharpies’ who make it is so small that it is statistically insignificant.
Moreover, your inexperience and lack of adequate insight to beat the bookmaker’s odds will not be the only bottleneck. It is actually not possible to win big easily on a sportsbook wager. Because the wagers that are volatile enough to grant the player good profit margins will have a hard limit on potential winnings. You cannot win more than a certain amount (let’s say something like $2000) on a money line wager on a single bet. If some expert handicapper surpasses this by placing multiple bets, and the sportsbook catches wind of it, their account may even get suspended.
What is Daily Fantasy Sports – Pros and Cons
Believe it or not, fantasy sports has been around for much longer than online sportsbooks. Modern daily fantasy leagues can be traced back to fantasy golf in the 1950’s. If you play the EA sports annual FIFA game, FIFA Ultimate Team is basically daily fantasy sports. Think of it as a managerial sim on a virtual pro team. You have a limited budget within which you must min-max your roster of athletes to have the most optimized team composition. The goal, of course, is to have a team that scores higher than your opponent’s. These are the core rules, the other big rules will vary depending on which DFS site you want to play on.
Right off the bat, you may have guessed the chief difference. In daily fantasy sports, there is no bookmaker as such. So when you bet, you are betting against another bettor – not trying to outpace the bookmaker’s calculations. This more freeform economy means there is no upper limit to what you can win. Want to play 50 $10 games non-stop? Go crazy, daily fantasy sports networks will not ban you for that. Moreover, Daily Fantasy is much more acceptable to gambling laws in most countries. So you will not have to resort to seedy off-shore sites to play.
There are obviously drawbacks to this as well. Firstly, there are not many daily fantasy sports platforms when you compare it to traditional betting. The fact that you can spam a single lineup in multiple tournaments and contests is also a double-edged sword. This gives an almost obnoxious advantage to good players who have made smart investment calls to create a really overpowered team.