DraftKings has confirmed executive changes at the company with Jason Park taking up the newly created position of Chief Transformation Officer to lead strategic initiatives for additional growth, including a targeted acquisition of Jackpocket.

Park’s existing role as Chief Financial Officer will be filled by Alan Ellingson, who is elevated from his current position as Senior Vice President of Finance and Analytics. 

The changes will take place as of 1 May 2024, with the rationale explained by Jason Robins, Chief Executive Officer and Co-founder of DraftKings.

“I have asked Jason Park to take on a new role at DraftKings to address and capture large efficiency opportunities that I expect will generate significant incremental profitability over the coming years,” he said.

“Jason’s unique skill set, based on his accomplishments over the last five years as our Chief Financial Officer and 11 years as a private equity Operating Partner, will allow us to further improve how we operate. In addition, I’m confident he will unlock the benefits of our proposed acquisition of Jackpocket following its closing to strengthen DraftKings’ position in U.S. online gaming.”

Robins indicated the company is set to move with the times to exploit transformational artificial intelligence (AI) applications which have the potential to deliver a long-term advantage for betting platforms.

He continued, “I am very excited to elevate Alan Ellingson to Chief Financial Officer and have him continue to lead the Company on the very clear path that we have laid out. Alan has been with DraftKings for more than four years, has extensive experience across our finance and analytics teams, and most importantly, deeply understands our core value drivers and focus on maximizing shareholder value.”

Further expansion for DraftKings

Last week, DraftKings announced the launch of its online sportsbook in North Carolina, the 27th US state in which it now operates.

The company detailed the latest expansion for the gambling platform, as the arrival of online and mobile DraftKings betting in North Carolina follows on from an agreement earlier this year with NASCAR, which opened up its initial foray into digital sports entertainment and gaming in the state. 

Image credit: DraftKings

The post DraftKings confirms exec changes to deliver ‘significant profitability’ appeared first on ReadWrite.

An Australian government financial intelligence agency has launched a probe into British gambling company Bet365 over concerns about its adherence to anti-money laundering and counter-terrorism regulations.

The Australian Transaction Reports and Analysis Centre (Austrac) is the watchdog investigating the leading betting brand, registered locally as Hillside (Australia New Media).

Specifically, the investigation is seeking to establish if the gambling platform has met its obligations, following a supervisory campaign targeting firms within the betting sector and Austrac’s review of an external audit report on Bet365.

Brendan Thomas, Austrac CEO stated, “Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing.”

“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals,” he added.

The government body also monitors banks and casinos, those who handle large volume transactions, to ensure they have effective compliance systems in place to act as a bulwark against the flow of the proceeds of criminal activity.

Any company found in breach of its responsibilities can be fined by Austrac, with financial institutions Westpac and Commonwealth Bank of Australia being two high-profile entities to have been sanctioned in recent times.

Who owns Bet365?

Earlier this year, it was revealed Bet365 boss Denise Coates was paid around £221 million in remuneration for the last financial year, taking her overall earnings over the last four years to over £1 billion. ($1,275b).

The figure was £7m higher than the previous year with Ms Coates also receiving at least £50m worth of additional dividends, despite reported a pre-tax loss of £72.6 million for the company, compared to the £49.8 million profit they achieved in the 12 months prior.

A Sunday Times report listed the Coates family as the third-biggest taxpayers in the United Kingdom with their tax bill relating to their business interests, primarily Bet365, coming in at £375.9m ($476.02m).

Ms Coates, who is believed to be one of Britain’s richest women, founded the Bet365 website in humble beginnings, based in Stoke-on-Trent, England, where the company still has its headquarters.

The company has enjoyed a meteoric rise to becoming one of the biggest online gambling platforms in the world, contributing to Coates’ ownership of Stoke City Football Club.

Image credit:  Dan Freeman on Unsplash

The post Gambling operator Bet365 under investigation in Australia appeared first on ReadWrite.

Super Bowl winning team the Kansas City Chiefs would consider the impact that gambling legalization would have on the team’s assets and branding options.

Arrowhead Stadium, the home of the Chiefs, has been the source of much renovation and planning discussions since Chiefs Chairman and CEO Clark Hunt and President Mark Donovan presented the club’s vision, “Taking an icon into the future.”

Kansas City Chiefs and gambling legislation

Kansas City in Missouri is often confused with the state of Kansas. Kansas the state has some form of legalized gambling, as do most of the states that border the state of Missouri, which the Chiefs call home. Oklahoma is the only other state with no recognized sports wagering legislation.

The Chief’s home state does not allow sports wagering, but the early lobbying and bills that have progressed flew through the Missouri State House but were shut down by the Senate. This is despite the Supreme Court giving states a choice over gambling and sportsbooks being legal after a 1992 ruling known as the Professional and Amateur Sports Protection Act (PASPA) was struck down in 2018.

At that time, Justice Samuel Alito wrote for the court, “The legalization of sports gambling requires an important policy choice, but the choice is not ours to make.” The court’s “job is to interpret the law Congress has enacted and decide whether it is consistent with the Constitution,” he wrote. “PASPA is not.”

The Missouri Senate’s block has forced the state’s sports teams to go on the offensive and petition for sports wagering to appear on the November election ballot. This will bypass the Senate’s ruling and give the people of Missouri the power to make the decision. The Chiefs, Royals, Sporting Kansas City, Blues, and Cardinals have all been lobbying for this possible form of lucrative revenue from gambling partnerships that other state teams utilize.

“We think it makes sense,” Donovan said. “The states around us have proven that. If you look at what Kansas is doing and the amount of revenue they’re generating, that’s just revenue that we, as a state, are not getting.”

The NFL team’s current $800-million renovation plans depend on voters in the state deciding on a sales-tax extension on April 2. However, if the narrative of sports betting were changed in the state, the Super Bowl holders would have no end of suitors wanting to back the national champions.

The Chiefs and the other sports sides in the state hope their lobbying attempts will get on the November election ballot and that voters will follow the yellow brick road to the legalization of sports betting in Missouri.

Image: KSC

The post Kansas City Chiefs consider sports wagering implications appeared first on ReadWrite.

The FTSE-100 gambling group that owns Ladbrokes, Entain, has begun to prepare a sale of PartyPoker, in an effort to stall activist investors.

Entain has hired bankers to prepare a sale of PartyPoker as part of its attempts to revive its core operations, reports Sky News on March 12. Advisers from Oakvale Capital are reportedly working on the prospective sale of the online poker business, according to company insiders. The deal is expected to go for roughly £150 million ($192 million).

That’s quite the drop from the £5 billion valuation that PartyPoker’s then-parent company PartyGaming got when it first floated in London in 2005. However, the last 19 years have seen the online poker service lose a huge swathe of its customers.

PartyPoker is considered non-core to Entain’s business, as it also owns British-based Ladbrokes, Coral, and a stake in major US betting company BetMGM, which recently made a push into the UK market. The planned sale comes after Entain has endured pressure and criticism from activist investors that have built up strong positions on its share register.

The company parted ways with former CEO Jette Nygaard-Andersen last year and is now headed up by interim chief executive Stella David. Shares in Entain were trading at around 758p on Friday morning, down from 739p on Tuesday morning.

What are activist investors?

Activist investors refer to those engaging in a form of activism where shareholders use equity stakes in a corporation to put pressure on its management. In the case of Entain, these investors are using the methods to express their concern about Entain’s poor performance in its core markets, particularly as regulators have recently tightened regulation on the online gambling industry.

These investors have also voiced grievances with management’s costly deals, which could account for why the sale of PartyPoker is now on the table. No official reason has yet been stated as to why Entain is considering and reportedly preparing for the sale of the online poker company.

Featured image: Entain

The post Ladbroke’s gambling group Entain makes first move to sell PartyPoker appeared first on ReadWrite.

As the betting and entertainment business continues to boom in the US, Caesars Entertainment and the National Hockey League (NHL) announced an extension of their partnership.

Announced through a press release last Thursday (Mar. 7) the duo confirmed a new multi-year contract that retains Caesars’ status as a Sports Betting and Gaming Partner of the NHL.

For the first time, the Caesars Digital brand will also have access to League-owned intellectual property to build and promote NHL-branded iCasino games for its online platforms in North America.

The president of Caesars Digital elaborates on the news: “With the defending Stanley Cup Champions residing in our home city of Las Vegas, we have a front-row seat to the excitement and passion that the NHL provides…

“This partnership extension with the League continues our efforts to build on that fan passion by bringing unforgettable experiences to all of our valued customers across both sports betting and online casino.”

NHL Vice President of business development Jason Jazayeri added: “We look forward to the next chapter of our relationship focused on delivering unparalleled access to our sport for NHL fans.”

With access to IP rights, the possibilities for Caesars Entertainment are more vast than before.

Betting boom in the U.S. continues

The history of betting in the U.S. hasn’t always been a smooth ride, with a sports betting ban being imposed in 1992 under the ‘Professional and Amateur Sports Protection Act.’

Nevada and three other states were the only places where some legal sports betting could take place, with the home of Las Vegas being the first to legalize and regulate betting in 1949.

As such, Nevada remains the most robust gambling market in the country.

Other states could soon follow, as more and more officially launch online sports betting. In North Carolina did just that earlier this week (Mar. 11).

In 2022, over 25 million people engaged in sports betting in the U.S. and that figure is expected to rise by 47 percent by 2025.

Featured image: Ideogram

The post Caesars renews partnership with NHL appeared first on ReadWrite.

Online sports betting is now made possible in North Carolina, as it was made legal as of noon ET on Monday (Mar. 11)

The bill was passed last summer to allow people located in the state, who are over the age of 2, to bet on professional and college sports. It will be regulated by the North Carolina State Lottery Commission which was first set up to oversee the state lottery in 2006.

Eight companies were able to start taking bets online this week, with the North Carolina Lottery Commission issuing licenses to:

• Betfair Interactive US, LLC (dba: FanDuel Sportsbook)
• BETMGM, LLC.
• Crown NC Gaming, LLC (dba: DraftKings)
• FBG Enterprises Opco, LLC (dba: Fanatics Sportsbook)
• Hillside (North Carolina), LLC (dba: bet365)
• Penn Sports Interactive, LLC (dba: ESPN BET)
• Underdog Sports Wagering LLC
• Eastern Band of Cherokee Indians

Speaking in a company press release, the North American president of DraftKings Matt Kalish expressed his satisfaction: “With the NCAA Tournament right around the corner and the NASCAR season in full throttle, we are thrilled to be launching our top-rated sportsbook app in North Carolina,”

“The Tar Heel State is home to a passionate fanbase and some of the most iconic college basketball programs of all time, making this an exciting time to introduce legalized online sports betting.

“We’re proud to be working alongside NASCAR as our market access partner and look forward to enhancing the fan experience across North Carolina with a fun, safe and seamless sports betting product.”

This marks a substantial change as this is the first time this has been made possible, following the 1992 ban under the ‘Professional and Amateur Sports Protection Act.’ This made it illegal for states to authorize legal sports betting.

This was then overturned in 2018 and states began to open up to the idea over the last couple of years. Before this, anyone who wanted to bet on sports legally had to travel to casinos in Nevada or three other states that were exempt.

The North Carolina sports wagering law which was passed last June lays out how the tax revenue will be spent too. $2 million will be set aside each year to support people with gambling addiction and a further $1 million will support youth sports.

The tax revenue will also go towards being used to attract big events to the area, like sports tournaments and music festivals.

Betting is becoming big business in the US

Since the initial ban was overturned in 2018, online betting has been on the rise throughout the U.S. with Americans having gambled more than $245bn.

In 2022, over 25 million people engaged in sports betting in the U.S., with the figure forecast to rise by 47 percent by 2025.

Photo by Lesli Whitecotton on Unsplash

The post North Carolina officially launches online sports betting appeared first on ReadWrite.

Our detailed online gambling guide will explain how to join a casino or sportsbook, what types of platforms there are, and what bonuses you can claim.

Online Gambling: Getting Started

Looking for information on how to gamble online for real money in the US? Below is a free online gambling guide that will lead you every step of the way, so let’s get started:

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Pros & Cons of Online Gambling

Online gambling has its perks, but there are things that only land-based casinos can deliver. Here are the main pros and cons of online casino gambling.

Popular Forms of Online Gambling

Casino games, sports betting, and poker are the three main gambling verticals. Read our online gambling guide for beginners to learn about each and the betting options available.

Online Casinos

Online gambling sites boast huge game collections unmatched by any land-based casino. They feature all the fan-favorites, including:

• Video slot machines
• Table games
• Live dealer games

Regardless of the gambling guide you turn to, you’ll see that online slots dominate real money casinos. Casino sites offer everything from traditional 3-reelers with retro themes to more complex 5-reel slots with exciting bonus features and innovative mechanics.

Online slots come in an assortment of themes, symbols, and payout structures, with RTP percentages reaching 99% and hit rates as much as 30%+. Plus, you can win money on progressive slots from major providers such as Microgaming and Pragmatic Play. It’s like hitting the big time on Megabucks in your local US casino.

Online casino gaming also stretches to table games. Popular games at online casinos replicate the brick-and-mortar experience gameplay-wise, but you play against the random number generator instead of a shuffle of the cards or spin of the wheel.

Operators offer different variations of blackjack, roulette, and baccarat, and you can enjoy any of them at your own pace. Plus, you can enjoy playing casino games for free with demo-play versions.

When it comes to live dealer games, they add a social component missing from RNG titles. They involve a real dealer, but the entire gameplay is streamed live from professional studios in HD quality. Enjoy real-money gambling while you chat live with the host.

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Online Sportsbooks

Thanks to online sportsbooks, you can bet on any college and professional sport you want from anywhere. Currently, 38 US states legalized sports betting; however, you should always check with your local laws because some permit only in-house sports betting, some allow placing bets online, and some allow both.

Punters can bet on sports in countless events and leagues from around the globe. The most popular betting markets in the US include:

• Football (NFL)
• Basketball (NBA)
• Hockey (NHL)
• Baseball (MLB)
• Soccer
• Tennis
• Golf
• Motorsports
• Mixed martial arts (UFC)
• College football (NCAAF)
• eSports
• Politics/Elections

Sports betting enthusiasts have many bets at their disposal. They can choose among the moneyline, point spread, over/under, prop, or future bets. Live betting, parlays, and numerous betting features sportsbooks offer, such as Cash Out and live streaming of events, have added an extra layer of excitement to the classic wagering on sports.

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Online Poker

Poker is prevalent on most online gambling platforms, and you can enjoy it as part of the casino games or visit poker rooms entirely dedicated to this timeless classic.

You can use your player funds to participate in cash games or enter tournaments and Sit ‘n Gos. Poker games are available from small stakes too, including freerolls with zero entry fees.

Although there are numerous poker variations, the most popular are:

• Texas Hold’em
• Omaha
• Seven-Card Stud
• Five-Card Draw
• H.O.R.S.E.

Aside from these staples, the operators also cover niche variants, such as Razz, Badugi, and Pineapple. Moreover, operators offer poker games with different rules and betting structures to keep things fresh and exciting.

Alongside the games, poker tournaments started drawing more attention. The poker rooms host anything from small events with several people to multi-table competitions featuring substantial prize pools. Participating in online poker tournaments can earn you a seat in the premier industry event — the World Series of Poker.

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Learn How to Play Games

If you are interested in learning the way classic casino games like blackjack, poker, and roulette work, find a comprehensive online gambling guide for each of them below:

Learning the Best Online Gambling Strategies

You can try various betting systems when playing at an online casino or sportsbook to help you win more long-term. The good news is that we offer full guides here on how to win at betting online.

For example, we offer a range of casino strategy guides including the Martingale system which you can use on roulette and other table games.

You can also learn how to win at poker with some invaluable advice. Plus, catch up on a host of poker strategy tips to improve your Hold’em game. Read up on making the best moves and bets to enhance your Cincinnati Kid skills.

You can also view our guide to optimal sports betting strategy to find the best ways to win on NFL and other games.

Deposit and Withdrawal Options

Payment gateways are essential to online gambling. The fastest payout casinos allow you deposit and withdraw winnings and bonus funds. Knowing how to make quick cash-outs is essential when you are learning how to gamble online.

The most used and credible options include credit cards (Visa, Mastercard, American Express) and bank transfers. However, in general, you’ll be waiting around 3–5 business days to get hold of your winnings. Some cashout fees may also apply.

Some players prefer paysafecard, or an e-wallet solution such as PayPal, Neteller, or ePayz. They provide an easy and anonymous way for you to move funds from a secure online wallet straight to your casino account.

Finally, the top cryptocurrency casinos accept instant deposits with major digital coins, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Aside from providing speedy transactions and anonymity, you can use them both for deposits and withdrawals.

Bankroll Management

According to industry experts, good bankroll management is one of the most important and successful gambling tips, increasing your chances of success by over 10%.

Knowing how to manage funds allocated for online gaming properly will prevent you from chasing losses if you experience a bad day or end up on a losing streak.

Factor in all the wins and losses, and be prepared to play longer to eventually reach big wins, and even then, there are no guarantees. Setting a betting limit, keeping a daily record of your game sessions, and withdrawing regular amounts slightly lower than your deposit will help you big time.

Online Gambling Bonuses

Online casino bonuses and promotions significantly boost your balance every time you make a deposit. Our brief gambling guide on bonuses teaches you that the most common ones are:

• Welcome bonus
• Free spins
• Free bets
• Reload bonuses
• VIP/Loyalty programs 

The best casino sign-up bonuses are reserved for newly registered users and are usually deposit match offers. Once you deposit a certain amount, the operator will give you a bonus that matches 100% or more of that initial deposit. Sometimes, casinos spread this offer across multiple first deposits.

Free spins can sometimes come separately, but they are usually a part of a welcome package, and you can use them on your favorite video slots. On the other hand, sportsbooks give away free bets, where you can make a wager without risking any money.

The casinos also have plenty of offers for their regular customers, including reloads and loyalty programs. Once you have used your welcome offer, you can claim a reload bonus, and the operator will give you a 50% bonus match or more on the funds deposited on a specific day.

And those who know how to gamble online like pros and have a long mileage with the casino can join their loyalty schemes and scoop higher and better rewards.

This is not the end, and you’ll see online gaming sites offering cashback promos, no-deposit bonuses (rare), and VIP/high roller promotions.

How to Gamble Online: Top 8 Tips

You may benefit from knowing these online casino tips if you are a newbie and want to try out the things for yourself.

Current Trends in Online Gambling

As the iGaming industry changes at an astounding rate, it also changes the traditional ways of how to gamble online. Several trends have recently affected the online casino sector recently, including the rise of mobile gaming and cryptocurrencies.

Since users can access the platforms via their mobile devices, the companies invest heavily in optimizing their sites and developing mobile casino apps for seamless gameplay on the go.

Furthermore, it is only a matter of time before players start using their smartwatches to gamble online. In fact, according to Statista, the online gambling and betting industry was worth $63.53bn in 2022 and is expected to hit the $138bn mark by 2028.

On the other hand, there is a growing number of online casinos supporting cryptocurrencies, especially Bitcoin and Ethereum. We now have entire casinos powered by blockchain technology, known as “gambling dApps”. These are decentralized and blockchain-powered gambling platforms that rely on smart contracts to deliver a more rewarding experience.

Artificial Intelligence (AI) has also taken over the gambling sphere. With its help, operators can predict customer behavior and tailor their services to their preferences. As AI evolves, we can also expect them to implement machine learning algorithms to optimize game outcomes and offer immersive VR and AR-based gaming.

Final Thoughts

There are many online casinos and game selections that you can choose for play or real money. Spin the slots, play roulette, or enjoy a hand of Texas Hold’em, all from your laptop or smartphone. Our gambling guide has given you just a taster. All you need to do is choose the right casinos, sportsbooks, and poker sites today.

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Read More About Online Gambling Sites

• Best Online Gambling Sites
• Best Online Sportsbooks
• Best Online Slot Casinos
• Top Mobile Casinos
• Best Online Poker Sites

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Using the right Baccarat strategy, players can improve their win rate and reduce the house edge to a bare minimum. The game has been around for 5 centuries so pro gamblers had more than enough time to refine several tactics.

We have put together this comprehensive guide to help gamblers catch up with prominent baccarat winning strategies. They all have complex and exotic names but are quite easy to memorize.

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Best Baccarat Strategies for Players

We’ll look at some of the most commonly used baccarat strategies in casinos. They mainly suggest which betting pattern to use and how to optimize your spending, and all strategies assume you are betting on either a banker or a player.

Fibonacci System

A quick math trivia before we explain how this works. A Fibonacci sequence is a string of numbers that look like this: 1,1,2,3,5,8, etc. Every number in the sequence is the sum of 2 numbers that precede it. – 0+1 =1/ 1+1=2/1+2=3/2+3=5/3+5=8 etc.

Players use the Fibonacci System as a baccarat strategy to optimize their spending. Whenever you lose, you make your bet equal to the next number in the Fibonacci sequence. You usually start with $1 bets and increase the amount every time your bet loses.

According to this baccarat betting strategy, once you win, your new bet size should be 2 steps back in the sequence. If you won $5, you bet $2 on the next round. You keep that bet size so long as you are winning, and when you lose, you resume where you left off in a losing streak.

Martingale & Reverse Martingale

Martingale is the simplest baccarat strategy to win if you are a new player. Just remember to double your bet size whenever you lose and keep doubling up until you eventually win. This way, all of your losses are recovered instantly, and you also make small progress through wins.

When using reverse Martingale, you double your bet after every win. The main idea is to capitalize on a big winning streak.

For both of these baccarat strategies, you’ll need a starting bet size that should be pretty low. Bear in mind that it’s possible to end up on a long losing streak and go bust, so know when to back off.

D’Alembert & Contra D’Alembert

Many consider D’Alembert the best strategy for baccarat because it’s similar to Martingale but less aggressive. You set a base betting limit, e.g., $2, and that is your wager unit.

Each time you lose you increase your bet by 1 unit, in this case by $2. Also, each time you win, you decrease your bet by 1 unit.  So, let’s say you lost 4 times in a row and the 3 following rounds. Your bet size per each round would be $2(L),$4(L),$6(L), $8(L), $10(W), $8,(W), $6(W).

Contra D’Alembert is a similar baccarat game strategy, where you increase the wager size by 1 unit after each win. You also decrease it by 1 unit after each loss.

Pair Bet Strategy

This is a unique baccarat strategy to win at pairs side bet, and it’s impossible to pull off in real casinos. You’ll have more chance of succeeding if you play at the best live casino sites that have baccarat with pairs side bet option.

The idea is to play a game with 8 decks in a shoe and follow which cards are no longer in the shoe. If a large number of the same cards are left in the shoe, then the player’s edge on this side bet gets significantly higher.

You will need to create a spreadsheet with a specific formula for tracking cards and update it after each round. This will then automatically calculate your odds for success in pairs bets. This YouTube guide explains how it works and tells you where to find the spreadsheet.

Mikki Mase Strategy

Mikki Mase is a gambling celebrity who claims that he can recognize patterns as the game goes on. Also known as the dirty goth boi baccarat strategy, this tactic is all about prioritizing banker bets and changing your wagering patterns based on previous outcomes.

It’s hard to tell whether there is any merit to Mikki Mase baccarat strategy as he never clearly explains how it works. He only claims that he knows how to recognize these hidden patterns or outcomes. For all we know, it could all be a scam dressed in a veil of mystique.

Paroli System

The Paroli system is almost identical to the reverse Martingale strategy baccarat. So you use the original bet size whenever you lose, and you double it when you win. The difference is that you can only double it up to 3 times. After 3 wins, you return to the original bet size.

Labouchere System

For the Labouchere baccarat strategy, you’ll need a sequence of numbers like 3,4,5, for example. Your bet amount is always equal to the sum of the first and the last number in the sequence, in this case, $8 (3+5).

If you lose, the sum of money you wagered is added to the sequence (3,4,5,8), and the bet amount for the next hand is 8+3 or $11. If you win, the first and the last number are removed from the sequence. So if our next hand has won that means 3 and 8 would be removed.

Oscar’s Grind Strategy

Just like its name suggests, this winning baccarat strategy is a real grind. Once again, you’ll need to establish a wagering unit (e.g., $2) and form a cycle around it. Whenever your profits are equal to +1 in wager units, the cycle restarts.

When you lose, you keep your bet unit the same as in the previous round. Whenever you win, you can increase your bet size by 1 unit. You’ll go back and forth until your win profit reaches +1 bet unit, and the cycle begins anew. Here’s an example that demonstrates how it works.

Let’s say your wager unit is $2, and you play 6 rounds with the following results – L, L, L, W, W, L, W. The amounts you wager would be – $2, $2, $2, $2, $4, $6, $6. In the next round, you would bet $8, but if you win that one, you restart at $2.

1-3-2-6 System and 1-3-2-4 System

1-3-2-6 represents the multipliers that you use on your original bet unit whenever you win. So, if the base unit is $2, and you win 4 times in a row, your bet amount for each round would be – $2, $6, $4, $12. When you lose, you just reset the sequence back to 1.

The idea here is to get 2 wins in a row and then lower the wager amount to offset the potential loss. If you end up winning 3 times in a row, you have a chance to make a bigger win and significantly increase your profit.

The 1-3-2-4 system has the same application. The only difference is your final bet is not that risky. So, even if you lose and don’t get a 4th win in a row, you still have some profits from the last 3.

The James Bond

Here is a fun online baccarat strategy that is called James Bond, but you can call it Christopher Columbus if it makes it easier to remember. Why, you ask? Well, you need to remember 3 numbers 14-5-1, and Christopher Columbus was born in the year 1451.

The idea is to bet $14 on the banker, $5 on the player, and $1 on the tie. Your maximum potential loss is $10 per round, while your potential profit is nearly $8. Does this work? Who’s to say…probably not. It’s still fun, though.

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Cheat Sheet for Baccarat Payouts

Regardless of the baccarat betting strategy you are using, it’s a good idea to have a reminder on how payouts work. You can use the baccarat cheat sheet that details both payouts and house edge for each betting option.

Of course, there are multiple versions of baccarat, and not all of them have the same side bets. So, if you plan on using the cheat sheet, make sure you pick a version that is compatible with it.

Top 10 Baccarat Betting Strategy Tips

In case you need to brush up on your basics, keeping these essential tips in mind will make any baccarat strategy more successful.

Prioritize the Banker Bet for Lower House Edge

Out of the two main options that pay 1:1, the banker has a slight edge of coming on top. So, regardless of the pattern or baccarat winning strategy you plan to use, make sure to prioritize banker bets.

Familiarize Yourself with Baccarat Rules

When you play at the best online casinos, the rule sheet is always a click away. Use that rule card if you ever need to remember when the banker/player hits or stands or how payouts for tie and side bets work.

Set a Fixed Budget Before Playing

Even the best baccarat strategy will fall short without proper budget management. As you can see, many tactics revolve around your budget and setting your bet unit. A good rule of thumb is to set a budget and have your base betting unit be 2% of that budget.

Opt for Shorter Playing Sessions

You should play as long as you are having fun. Using the best baccarat strategy can extend your playtime, but you are under no obligation to continue if you don’t feel like it. You can play on a mobile casino at any time, so 20-minute sessions are ideal.

Choose Games with Fewer Decks

Although the house edge isn’t drastically affected by the number of decks, every little bit counts. If you are exclusively playing on Banker, fewer decks in the shoe will go to your advantage. Unless you plan to use the Pair Bet baccarat strategy, then standard 8-deck options are better.

Practicing Baccarat Strategy to Win

Finally, you can test all of the baccarat strategies to win in demo mode. You don’t have to spend real money; just use the play-for-fun mode and see if they work for you. Once you find the approach that you like, use it in real money games.

3 Things to Avoid when Playing Baccarat Online

In addition to some of the tips and tactics mentioned above, there are a few things to avoid when playing. Make sure that you don’t fall into these 3 traps:

Avoid Chasing Patterns in Baccarat

There isn’t a single legitimate baccarat pattern strategy or a way to predict who will win in the following round. Many players love to write their pattern and stick to it, just so they avoid overanalyzing the arbitrary outcomes.

You can do the same, and that way, decide in advance how many rounds you’ll play. Just write a Player/Banker pattern that will look natural and that will prioritize the banker bets.- e.g.P/B/B/P/B/P/B/B/P/P/B/B/P/B/B.

Avoid Opting for the Tie Bet in Baccarat

Tie bets just aren’t worth it. You have around 9.5% of getting it right, while the payout is 8 to 1, or 9 to 1 in some variations. The option is mainly there to tempt you and help the casino earn more money.

The same rules go for other possible side bets that might be available. The odds of winning those are slim, and potential payouts just aren’t worth it.

Avoid Overlooking Game Variations

Different variations might have slightly different rules, and that can mess up your baccarat basic strategy. After all, the tactics we listed above only apply to traditional rules. You might want to look for specific variants that use traditional rules but lower number of decks.

More Online Baccarat Guides

If you want to play this game online, then feel free to check out some of our other useful 2024 guides:

Related Online Gambling Guides

What is the Best Strategy for Baccarat?

Each tactic has its strengths and weaknesses, and none of them guarantee victory, but in our opinion, the best strategy for baccarat is Oscar’s Grind. You don’t need to ramp up your bet size after every loss, and winning streaks are rewarding.

The second best 1-3-2-4 system, as it mainly ramps up your bet size after a win and keeps spending to a minimum. That being said, it’s only truly satisfying if you get 4 wins in a row, which is unlikely. The reason we find Oscar’s Grind superior is its excellent recovery potential.

Here are the main pros and cons of Oscar’s Grind:

FAQs

The post The Best Baccarat Strategy Guide – Learn How to Win at Baccarat appeared first on ReadWrite.

FanDuel is set to arrive in Washington D.C. following displeasure at the performance of GambetDC in the city.

The number one sports gambling brand in the United States recently confirmed expansion to its 22nd state in a partnership with the NFL side, Carolina Panthers. The brand will now enjoy further growth in a prominent jurisdiction.

Thanks to local legislation, FanDuel’s arrival in the District will make it the only sportsbook available to gamblers throughout the city.

In a letter to the DC City Council, the Office of Lottery and Gaming (OLG) discussed the GambetDC venture’s poor results and the rationale for confirming OLG’s approval for “Intralot’s request to select FanDuel as a new subcontractor” for the lottery’s sports wagering platform.

Intralot Inc. is the existing lottery and sports gambling system vendor in partnership with OLG. Together, they introduced GambetDC, but it has not been a successful operation, with a lackluster performance record exacerbated by various complaints.

In a January meeting of the Lottery office and the council, D.C. Council Committee on Business and Economic Development (CBED) Chair Kenyan McDuffie encapsulated the lack of satisfaction with GambetDC.

“I’ve heard from many residents about their unease with the district’s woeful performance on sports betting,” he stated.

“I absolutely share those same sentiments, from issues around usability, customer service, and seriously declining revenue. We know the current model simply is not working,” added McDuffie on the venture, which has delivered $8.5 million in taxes to the District since its launch in May 2020.

During the same sitting, the OLG chairman intimated Intralot was ready to bring in a subcontractor, with FanDuel mooted, although no date has yet been penciled in for when the new service will go live.

“FanDuel’s industry-leading offering will ensure that the District maximizes tax revenue under its existing contracts this year while delivering a best-in-class experience for 18+ residents,” said Suarez.

What is the current sports betting landscape in Washington, DC?

At present, GambetDC is available digitally and at kiosks at lottery retailers. It will be replaced by FanDuel offerings, including all branding and kiosks, at 63 lottery retailers.

Existing betting operators in the city can only offer their digital services within a limited zone around their retail partner’s location. For example, BetMGM has a partnership agreement with the Washington Nationals, allowing users to have a flutter at their platforms around Nationals Park. Still, this offering is geofenced from the rest of DC.

Image credit: Pierre Blache/Pexels.

The post FanDuel sportsbook set for exclusivity in DC appeared first on ReadWrite.

Parimutuel betting is one of those terms everyone seems to have heard of but very few people understand. Also known as tote betting in the UK, parimtuel betting is synonymous with wagering on greyhound and horse racing.

In simple terms, parimutuel betting describes a pool wagering system. Payouts are determined by the amount of money staked on each potential outcome. But how exactly does parimutuel betting work? What are the pros and cons of this system?

What is Parimutuel Betting?

When engaging in parimutel betting, all wagers on a particular race or event are collected together in a pool. This means that you’ll be wagering directly against fellow bettors within the pool, rather than having a traditional ‘back’ bet laid by sportsbooks at fixed odds (which is how sports betting usually works).

As you won’t be wagering at fixed odds, you won’t know your wager’s final price or return. This is one of the most intriguing aspects of parimutuel betting. The eventual payout you receive could range anywhere from less than your original stake to an astronomical return.

Once all bets have been placed, taxes and the sportsbook’s commission (or vigorish) are deducted from the total. Subsequently, the final odds and payouts are determined by dividing the total value of the pool by the amount staked on each individual horse, and we’ll explore this in a little more detail below.

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How Does Parimutuel Betting Work?

As parimutuel odds aren’t fixed, you’ll have no idea about your potential payout until the event has finished. But how exactly are dividends worked out and how do sportsbooks arrive at the eventual odds?

Let’s say that you bet on a popular horse race, such as the Kentucky Derby. In this case, a parimutuel pool collates a total of $100,000 across the five favorite runners, while the total stake on each horse to win equates to $20,000. In this example, the pool is completely even and creates an equal payout.

Payouts are subsequently calculated by dividing the total value of the pool but the amount wagered on each runner (or outcome). In this case, we’ll divide $100,000 by $20,000, creating an odds value of 5.00 (or +400 when using the American format) that’s applied to each horse.

This means you’ll bank a return of $5.00 for every $1 wagered successfully, inclusive of your stake amount. So, if you wager $100 on the winning runner, you’ll receive $500 in total and $400 in pure profit. As usual, you won’t receive any kind of payout if you pick the wrong horse.

In the above example, we’ve assumed that all the money collated by a sportsbook would be payable to winning bettors. In the real world, however, an online sportsbook would apply a 10% – 15% vigorish or commission on the total take, with the remaining pooled funds being distributed among winners.

How are Parimutuel Odds Calculated?

Not seeing the odds before an event starts means that parimutuel betting is not for the faint-hearted.  But the practice provides a clear deviation point from fixed odds wagering. If you see betting lines ahead of an event, these provide a basic guide price based on expected wagering volumes.

When you place a fixed odds bet, you’ll be able to analyze the odds and calculate the implied probability of outcomes. This can help to inform your stake and estimate your return. But, you’re afforded no such advantages when engaging in parimutuel betting.

Remember, there are two primary factors that help sportsbooks to calculate parimutuel odds. These include:

• The total amount of money staked within the pool
• The total amount of money staked on each potential outcome

Now, let’s look at how odds are calculated using the practical example of the 2024 Kentucky Derby. Let’s say that $100,000 is wagered on the win market in this race, with the sportsbook in question applying a 10% vigorish to leave a total pool of $90,000. All bets are placed on the five ante post favorites to win as follows, minus the deducted juice and taxes.

• Sierra Leone – $50,000
• Forever Young – $15,000
• Timberlake – $10,000
• Track Phantom –  $10,000
• Fierceness –   $5,000

Knowing the cumulative size of the pool and the amount staked on each runner, we simply need to divide these numbers to create odds and potential payouts. These calculations will yield the following results:

• Sierra Leone – $90,000 / $50,000 = 1.80 (-125)
• Forever Young – $90,000 / $15,000 = 6.00 (+500)
• Timberlake – $90,000 / $10,000 = 9.00 (+800)
• Track Phantom –  $90,000 / $10,000 = 9.00 (+800)
• Fierceness – $90,000 / $5,000 = 18.00 (+1700)

Based on betting volumes, Sierra Leone would be the short price favorite ahead of the race. The starting odds will also be -125, so you’ll need to wager $125 to bank a profit of $100. Effectively, you’ll recoup $1.80 for every $1 wagered successfully, so only a significant stake would unlock a sizable parimutuel return.

Conversely, wagering $100 successfully on the least popular runner (Fierceness) would return an impressive $1,700. So, you’ll bank approximately $18.00 for every $1 staked. Congratulations! You’re creating a big payout in the unlikely event of your runner prevailing.

The History of Parimutuel Betting

The history of parimutuel betting can be traced back to France in 1870. Local entrepreneur Pierre Oller introduced a new and collaborative method of wagering that changed everything. The world’s first parimutuel betting systems were launched at French racetracks in 1891 before crossing over the Atlantic to the US towards the end of the 19th century. New York state then legalized parimutuel betting in 1913.

In the 1920s, a device called the ‘totalizator’ was designed to help issue and record parimutuel bet slips in New Zealand. This helped to encourage a broader array of exotic parimutuel bets to be placed, including daily doubles, exactas and quinellas (but we’ll discuss these in more detail below).

By 1940, the ‘Parimutuel Revenue Law’ was enacted in NYC, while the State Racing Commission was subsequently empowered to license parimutuel betting on horse races. This created a template for other jurisdictions to follow, with a number of US states having made parimutuel betting a key feature of their online offerings.

Types of Parimutuel Bets

As we’ve touched on, Parimutuel betting has grown in popularity over the years, introducing a growing number of exotic bets since the development of mechanical and computerized machines. Here’s a summary of the most popular parimutuel bets and wager types.

• Win Bets – Win bets are the most popular type of parimutuel wager, as they enable you to back the winner of a particular race or event. This type of bet can unlock variable returns depending on the size of your pool and the amount staked on each runner.
• Place Bets – With a place bet, you’ll wager on a runner or participant to finish within a certain number of places. In horse racing, this will usually include the top two, three, or four places, depending on the number of runners. You can also engage in each-way parimutuel wagering, which sees you split your stake amount between win and place bets and potentially receive a payout that’s around a quarter of the final odds.
• Show Wagers – The show betting market is also synonymous with horse racing, and requires you to back a runner to finish either first, second or third. You’ll receive a similar payout regardless of where your pick finishes within these places.
• Across the Board – This complex wager type features three bet types: namely win, place and show. If your pick wins, you’ll claim all three payouts from the relevant pools in the classic parimutuel system. If your selection places second it will win the show and place wagers, while a third place finish will trigger a share of the show bet payout.
• Exacta Bets – Exacta bets carry increased complexity and risk, as you’ll have to select two runners that will finish first and second in a single race. Interestingly, you’ll also have to predict the correct order that they finish, otherwise you won’t be able to claim any kind of return.
• Quinella Bets – These wagers are similar to an exacta bet, but while you’ll still pick two runners to finish first and second, there’s no requirement to get the order exactly right. This equates to a single wager with two potentially different payouts, while a winning quinella can actually pay more than an exacta in a parimutuel system (depending on your picks).
• Trifecta Bets – As the name suggests, this parimutuel bet asks you to pick three horses that will place first, second and third in a single race. You’ll also have to predict the exact order in which they finish, while it’s one of the most difficult bets to place successfully either on or offline.
• Superfecta Bets – We’ll close with the most complex and difficult wager type, as a superfecta bet requires you to correctly predict the identity of the first, second, third and fourth finishers in a race. Once again, you’ll have to correctly predict the order in which they’ll finish, which is a considerably difficult task.

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Pros & Cons of Parimutuel Betting

While we’ve described the functionality of the parimutuel betting system and how parimutuel payouts are structured, you may still be unsure as to whether this type of wagering is right for you. So, we’ve prepared some detailed pros and cons of this practice to help you make an informed decision!

Parimutuel Betting Strategy

If you’re going to make a successful fist of parimutuel betting, you’ll need to get strategic and embrace different techniques that may improve your chances of winning. So, here are some tips to help you create a parimutuel betting strategy.

• Target Bookies with Minimal Commission Fees: To begin with, let’s target one of the potential cons associated with parimutuel betting. More specifically, it’s not unknown for sportsbooks to apply a vigorish of between 10% and 30% when establishing parimutuel pools.  You can immediately boost your potential returns and odds by targeting brands that offer a lower rate of commission.
• Use Fixed Odds Betting Markets to Inform Your Selections: While you won’t be able to view the odds before the start of a parimutuel betting event, you can still use fixed odds sites to gauge value and calculate the implied probability of each runner winning. This means that you can tailor your selections to suit the size of your bankroll and appetite for risk, while relying on informative datasets. In general terms, prioritizing short-price favorites may unlock slightly higher value than you would find at fixed-odds sportsbooks.
• Focus on Win, Show and Place Wagers: If you’re familiar with fixed odds betting but new to parimutuel systems, it’s important to simplify your strategy and use exotic wager types sparingly. Instead, prioritize win, show, and place wagers where possible, which can contribute to a balanced approach that helps optimize returns and minimize your risk of loss. Inform your selections based on factors such as form and fixed odds market analysis. Remember that win bets deliver bigger payouts and show or place wagers increase your chances of securing a return.

Parimutuel Betting by Sport

Another key aspect of your parimutuel betting strategy will be the sport that you intend to wager on. While this type of betting is synonymous with horse and greyhound racing, it can also be used when wagering on golf. Here’s a breakdown of how it works in relation to different sports.

Horse Racing

Parimutuel betting is legal in 43 US states in one form or another, while it’s most commonly used to wager on horse racing. In fact, most US-based sportsbooks feature dedicated racebook verticals, which often prioritize parimutuel betting and structures over fixed-odds markets.

Pools will be established in relation to specific events, with so-called “morning lines” published by operators. These lines share typical racecard information and an estimated guide price for each runner. Key and familiar datasets here will include the trainer and jockey combination (as some pairs perform better at specific tracks), recent form and any weight that will be carried by a runner in a handicap race.

You can then compare the fixed odds market for the event using comparison sites such as Oddschecker, before completing your analysis and picking your preferred runners and wagers. You’ll then place your bets and commit your stake money to the pool, contributing to a total amount that will dictate your final odds and payout.

Obviously, odds are continually being calculated as bettors place their wagers. Unlike with fixed odds betting, you won’t see this fluctuation or gauge the volume of bets. Instead, you’ll have to wait for the event to start for this information to be published.

Golf

While parimutuel betting is nowhere near as popular or widespread in the sport of golf, its structure lends itself to the discipline and major tournaments such as the Masters and US Open.

For example, up to 160 players often compete in majors of this type and pro events on the PGA Tour, creating ample opportunities for parimutuel betting and far more flexibility in terms of how odds are priced.

But what are the precise benefits of engaging in parimutuel betting in the sport of golf? Well, wagers can be spread across a large number of outcomes and potential winners. This creates a relatively even market that unlocks competitive odds (especially when backing betting underdogs).

Sure, this can also create volatility and mean that final odds (and payouts) can vary wildly within a short period of time. But, once again, fixed odds markets can help you to make informed player selections. Acessing win and place wagers can help you optimize your chances of winning in the process.

Final Thoughts on Parimutuel Betting

So, there you have it: our comprehensive guide to parimutuel betting in the US. This is one of the oldest and most popular betting systems in the world. It remains synonymous with horse racing and unlocks a huge range of wager types.

It’s also relatively easy to understand. Odds and payouts are calculated simply by dividing the total amount staked in a pool by the amount bet on each outcome. There are even some strategies to help you get the most out of parimutuel betting. Such strategies include the analysis of fixed odds markets!

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Responsible Betting

However you choose to engage in parimutuel betting, you’ll need to ensure that you wager responsibly at all times. Remember, there’s no form of wagering that isn’t risky, and parimutuel betting is no exception.

The first step to responsible betting is setting a conservative bankroll. Your bankroll should consist of an amount of money that you can comfortably afford to lose. This should ideally cover a specific period of time, event or race meeting. You can also use customizable deposit limits to help manage your bankroll’s deployment.

Of course, you may still struggle with your betting activity on occasions, or find yourself wagering outside of your means. In this instance, we recommend that you reach out to the National Problem Gambling Helpline. Help is available through their website or by calling 1-800-GAMBLER.

This will provide you with practical support and help you to curtail any compulsive behavior before it becomes too problematic.

Improve Your Sports Betting

Parimutuel Betting FAQs

The post Parimutuel Betting – What is Parimutuel Betting & How Does It Work? appeared first on ReadWrite.

Having a sports betting strategy is key to minimizing your losses and making the most of your starting bankroll. However, it can be hard to create an effective strategy given the variables involved in sports betting and the differences between different disciplines.

The good news is that there are basic sports betting strategies and principles which may contribute to better picks and practices over time. But what are examples of basic and advanced betting strategies, and how can applications vary between different sports? Don’t worry we’ll cover everything you need to know before logging into your favorite online sportsbook.

What is a Sports Betting Strategy?

In simple terms, a sports betting strategy represents a structured approach to gambling. By introducing order in terms of how you navigate betting markets and the amounts that you wager, you can negate the unpredictable nature of sports events and minimize your losses over time.

A sports betting strategy also helps you to negate the house edge that favors sportsbooks partially. Remember, online betting sites typically apply a minimum 10% commission (or ‘vigorish’) on the odds that they set, affording them a nominal edge across all moneylines, point spreads and over/under markets.

To provide some context, let’s say that two bettors wager $11 on opposite sides of an NBA game between the Brooklyn Nets and Boston Celtics (at odds of 11/10). This creates a total risk of $22, while the winner will bank a return of $10 and recoup their initial stake ($21 in total).

In this instance, the house keeps $1, and if you divide this profit by the $22 staked and multiply the remaining value by 100, you can see that the house retains a 4.55% edge. So, it’s crucial that you recognize this and develop a betting strategy to help counter it.

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Why Use a Betting Strategy?

As we’ve touched on, an informed sports betting strategy helps to introduce order and logic when wagering on unpredictable events and matches. While the unpredictability of sports like football and soccer help to make them so popular among viewers, it also makes profitable betting incredibly difficult.

A strategic approach also encourages you to assume greater control over various aspects of sports betting, such as your stake amount, the wager types that you deploy and the strategic use of free bet offers. For example, a betting strategy encourages the strategic use of wagers that can create value when engaging in match betting. Instead of just backing a heavy favorite at restrictive odds, for example, you can use point spread bets to access much longer prices.

Or, you could combine several different match favorites in a multi-game parlay, enabling you to back each one at a single, extended price. When used successfully, such strategies can turn the odds in your favor and directly counter a sportsbook’s house edge.

Professional sports bettors often employ betting strategies like the ones we’ve mentioned to build their bankrolls and make millions of dollars. While you may not be at the pro level yet, betting strategies offer a different perspective on sports betting and can help you not only increase your winnings, but may even add to the fun!

Basic Sports Betting Strategies

We’ll start by addressing ‘basic’ sports betting strategies, which are single building blocks that each enable you to take control of your wagers and selections.

By grasping these, you can simultaneously minimize the risk of loss while accessing enhanced betting odds. You can also lay the foundation for more advanced betting strategies, which we’ll touch on a little later on.

Bankroll Management

You should always set aside a fixed sum of money for the purpose of sports betting. This should be an amount that you can comfortably afford to lose, and this is commonly referred to as your ‘bankroll’.

Bankroll management describes the organization and deployment of your sports betting budget, usually over a predetermined period of time. This is fundamental when you learn how to bet smart on sports, as it encourages you to develop a disciplined and strategic mindset and plan your betting activity in more detail.

This can be especially useful when placing multiple bets during a particular timeframe or competition. For example, let’s say that you wanted to set a $2000 bankroll for the entire NFL regular season, and wager on approximately five matches each week. You could calculate your bankroll as follows:

• Take your starting bankroll of $2000 and deposit this or set it aside
• Divide this amount by the number of NFL game weeks ($2,000 / 18). This creates a weekly sports betting budget of $111.11.
• Then divide this sum by the number of matches you want to bet on ($111.11 / 5). This establishes a single betting unit of $22.22 to be deployed on each game.

More generally, try to ensure that individual stakes never exceed 5% of your bankroll. This lets you withstand losses more effectively and gives you a little wiggle room to increase stakes when needed!

Understanding How Odds Work

The comprehension of odds is also crucial to any successful betting strategy. This is because odds can be used both to calculate your potential return and the implied probability of a particular outcome occurring.

Here in the US, you’ll typically encounter so-called “American odds”. This is one of three major odds formats that you’ll encounter online, while they combine three-digit numbers with either a ‘minus’ or a ‘plus’ sign. The former is indicative of a betting favorite, while the accompanying number tells you exactly how much you’ll need to stake to win $100.

Conversely, the plus sign denotes a betting underdog and lets you know how much you’ll win for every $100 stakes. So, if you successfully backed the Chicago Bulls to upset the Cleveland Cavaliers in the NBA at pre-game odds of +325, a $100 bet would unlock a return of $325.

When using American odds to calculate implied probability, there are two separate equations to consider depending on whether you’re backing an underdog or a favorite. For example:

• For Positive Odds: (100 / (odds + 100)) * 100
• For Negative Odds: ((odds * -1) / ((odds * -1) + 100)) * 100

Using the same example of betting on the Cavaliers vs the Bulls, we can see that the latter’s odds of +325 imply a 23.52% probability of them winning (100 / (300 + 100) * 100). Alternatively, you can back the Cavaliers at a price of -360, suggesting that they have a 78.26% of prevailing: ((-360 * -1) / ((-360 * -1) + 100)) * 100).

This understanding can help you to identify really good value bets, and hopefully set your stake amounts accordingly!

Search for the Best Betting Lines

This may sound obvious, but it takes time and effort to compare markets and the best betting lines ahead of a particular sporting event. However, this underpins most successful sports betting strategies, as the best odds translate into optimal returns when you wager successfully!

Of course, you can also seek out enhanced or guaranteed odds promotions (where available) to further ensure that you’re accessing competitive prices. Over the course of the season, line shopping can lead to incremental and consistent gains that really boost your bankroll.

Early Bets Secure Early Odds

Wagering early can also unlock enhanced odds and higher potential returns. This is especially true when dealing with futures markets, which often open well in advance of an event reaching its conclusion and may include a number of potential winners. This is why it’s important to always check your preferred offshore sportsbook for the first sign of futures betting markets.

For example, if you were to bet in February on the NBA Championship winner, you’d be able to pick from a huge field of contenders. This translates into much longer odds, which typically shorten for the favorites during the playoffs and as the number of potential winners dwindles.

While the price of less fancied teams may also ‘drift’ over time and create more appealing odds, this suggests that such sides aren’t being heavily backed and are far less likely to win. So, if you intend to back betting favorites at the best possible odds (which is a universally effective betting strategy), wagering early in some instances is highly recommended!

Avoid Extensive Parlay Bets

While it’s accepted that informed and strategic parlay betting can create value in match wagering, this is also an inherently risky strategy. After all, each of your same or multi-game parlay picks must be successful for the bet to pay out, so the risk of loss increases in line with both your number of selections and potential returns.

If you were going to wager on the next Premier League gameweek as a soccer fan, for example, there are 10 match outcomes that you could include in a multi-game parlay. However, successfully picking 10 winners in a single game is incredibly difficult and unlikely, and it would take considerable time to research the relevant data and team statistics.

Instead, it’s important to avoid extensive parlays where possible by capping your number of picks at between four and six, depending on your chosen sport or event. Similarly, try to prioritize superior teams and short-price favorites where possible (such as Manchester City and Liverpool in the EPL), as this increases your chances of success while still allowing you to make a profit.

Embracing Available Data

‘Study the form’ may be one of the most generic pieces of sports betting advice imaginable, but accessing and studying data can be key to a successful wagering strategy. The key is identifying the most relevant datasets and statistics, depending on your chosen sport and the outcomes you intend to back.

In the NFL, for example, you can access online weekly team rankings that include a huge number of datasets. One of the most telling is the ‘Against the Spread’ metric, which indicates how teams are faring in relation to the point spread set by individual sportsbooks.

This is insightful when engaging in moneyline or point-spread betting. For example, the Baltimore Ravens outperformed the point spread by +7.6 points through 2023 while they covered the spread 63.2% of the time. By tracking this data through the season, you can effectively gauge team performance and make more informed bet selections.

Remember to identify the key datasets for each sport or league and multiple snippets of information to help arrive at a decision.

Advanced Sports Betting Strategy

If you consider yourself to be a more seasoned bettor, you may feel ready to embrace more advanced sports betting strategies. These can lead to further gains and even guarantee nominal profits in some instances, although they’re slightly more complex and difficult to execute sports betting techniques.

Hedging Bets

We all use the term “hedging your bets” colloquially, in instances where we avoid making a decision as we cannot decide which one is right. This term has a slightly different meaning in sports betting, however, as it involves a strategic decision that looks to provide optimal coverage of a specific match or event.

More specifically, to ‘hedge’ a bet is to place an opposite wager that minimizes your net loss or delivers a small (but guaranteed) profit. Perhaps the most straightforward example occurs if your first two picks win in a three-team parlay. To guarantee a return, just hedge the third leg of the parlay with a specified stake amount that reflects your desired profit.

So-called “matched betting” is another strategy that allows you to hedge bets. For example, when wagering on an NBA matchup between Orlando Magic and the New York Nicks, you could ‘lay’ a back bet on Orlando to win and simultaneously cover all potential match outcomes.

You can do this at a designated betting exchange, while you can guarantee a profit by backing both outcomes at the same odds and making use of one or more free bet offers.

Create Your Own Betting Lines

If you’ve really earned your stripes as a sports bettor, you can also create your own betting lines at sportsbooks. One way to achieve this is by buying or selling points, based on your knowledge of the two competing teams or detailed analysis of the ATS numbers and similar metrics.

When you ‘buy’ points in sports betting, you’re able to effectively shift the line and access enhanced odds. Sure, this is in exchange for an incrementally higher stake, but it can also increase your chances of winning and banking a return.

If you were backing the San Francisco 49ers to win in the NFL as a -7.5 favorite, for example, you could buy a point and move the line to -6.5. If you were backing the 49ers against a huge betting underdog like the Arizona Cardinals, you could also sell points to create enhanced odds and significantly higher returns.

Understanding Hooks in Point Spread Betting

The half-point or ‘hook’ may seem like a small detail in sports betting, but it’s actually a huge tool in the bettor’s armory. Half points are used in point spread betting to eliminate the draw as a potential outcome, theoretically increasing your chances of placing a successful bet.

Using the previous example of backing the 49ers to defeat the Cardinals with a point spread of -7.5, the former would have to win by eight points to secure a payout. When backing the Cardinals with a spread of +7.5, they just need to lose by seven points or less to cover the spread.

You can also buy the hook in a spread, once again altering a betting line in exchange for a slightly higher stake. So, you could theoretically back the 49ers at -7 points, potentially creating extended odds in the process.

Contrarian Betting Strategy

The contrarian betting strategy is exactly as it sounds. More specifically, it’s a strategy that involves betting against the public or popular sentiment, based on the notion that the average bettor is uninformed and biased towards specific outcomes or markets.

It may also assume that bettors are placing emotive wagers on their favorite sides, causing the most supported teams to carry a disproportionately short price (especially in the most popular sports). So, in certain instances, there’s value in going against the grain and betting on alternative and higher priced outcomes.

Central to this sports betting strategy is the analysis of ‘public money’. This describes the amount of money that the general public have wagered on a specific outcome, with this having a direct impact on odds and how they fluctuate over time.

So, if your analysis suggests an outcome that goes against the flow of public money, you can bet at enhanced odds and unlock far better returns.

Cashing Out Early

Most sportsbooks enable you to cash out before bets have been settled, although the T&Cs deployed by each operator may vary wildly. Some allow particularly early cash outs, for example, which can help you to minimize loss in the event of wagers going awry.

Obviously, timing is key when cashing out early, especially when wagering in-play on high-scoring and fast-paced sports such as basketball. However, this affords you more control over your active bets, and allows you to contend better with the unpredictable nature of sports! Conversely, this is why live betting has become so popular amongst bettors.

For example, let’s say that you backed the Boston Celtics to defeat the LA Lakers with a spread of -4.5 points (at pre-game odds of -110).  If you staked $100, you’d be in line to win $90.91 if the Celtics covered the spread, but you quickly find that Joe Mazzulla’s side are up against and down by 10 at the beginning of the fourth quarter.

Suddenly, the prospect of a Celtics win has diminished, while the chances of them prevailing by five points or more are negligible at best. At this stage, your bookie may offer an early-cash out option that allows you to recoup a percentage of your stake, which may be considerably smaller than your payout in event of a win but far better than losing the full $100.

However, when using some bonuses and promotions offered by sportsbooks, it’s possible that cashing out early won’t be an option. Make sure to read the terms and conditions before placing your wagers!

Become an Expert

Experts sport bettors are simply individuals who boast extensive knowledge of specific disciplines, teams, and players. They subsequently leverage this to identify and create value in published odds, while many such bettors hone their skills over time.

So, if you’re an avid NFL or NBA fan and have extensive knowledge of these leagues, you have all the tools you need to become an informed and strategic bettor. The key is to start slowly and scale your efforts in line with increased success and experience, while also identifying the best resources to help guide you on your journey.

Here at ReadWrite, for example, we offer objective information and insight across a broad range of sports. We also publish informational articles that help you to get to grips with the intricacies of sports betting and strategies such as bankroll management.

If you’re just getting started, we’d urge you to check out our comprehensive sports betting glossary and understand some of the most widely used terms.

The Difference Between Sports Betting Strategies and Sports Betting Systems

Often, you’ll notice that the terms ‘sports betting strategies’ and ‘sports betting systems’ are used interchangeably.

This is understandable but wholly unhelpful, as these describe two very concepts in the world of sports betting. For example, a sports betting system describes a number of tested rules, methodologies and principles that you use when placing bets, such as your starting bet unit.

Conversely, your sports betting strategy provides an holistic and overarching approach to minimizing losses and optimizing returns over time. So, you may use one or more betting systems (such as matched betting) as key components of a much broader strategy across different sports.

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Best Betting Strategy by Sports

Of course, the key systems and sports betting strategies that you deploy will vary wildly from one discipline to another. Here’s our take on some of the best sports betting strategies for specific categories and leagues.

NBA Betting Strategy

You can access some detailed data when betting on NBA matches, including real-time public money information and the percentage of bets placed on specific teams. Therefore, betting against the public can be a viable strategy here, particularly given the popularity of the NBA and the number of emotive wagers placed by fans.

To do this successfully, you’ll need to monitor initial betting lines and observe their movements over time, while using ATS and similar datasets to identify where the public may have gotten it wrong!

MLB Betting Strategy

Over/under betting is particularly popular when wagering on baseball and the Major Baseball League (MLB). This is especially true if the pitching matchup sways you in a particular game, while you can fare particularly well by targeting games with significantly high over/under lines (such as +7.5 lines).

High-scoring games can also favor betting underdogs, which may unlock high-value moneylines and point spreads, too. Much will depend on your individual match analysis, while combination betting and parlays may also prove valuable in some instances.

NFL Betting Strategy

We’ve already touched on how NFL bettors can access weekly rankings based on how they’ve performed in relation to covering the spread set by bookies. So, point spread betting can be particularly effective in the NFL, as you can use past performances to identify the best value spreads and set optimal stake amounts. The top NFL betting sites should offer up-to-date lines, but always shopping around is important.

This also helps to create value when betting on NFL matches. Often, matches are incredibly competitive and difficult to call, while bookmakers are known to boast a 50.3% when covering the spread.

NHL Betting Strategy

Home-field advantage is a key consideration in any sports betting strategy, but this varies from one sport to another. Interestingly, just 59% of NHL matches are won by the home side, which highlights the competitive nature of the league and how open, free-scoring games can lead to surprise results.

This makes the practice of hedging bets particularly effective in the NHL. This way, you can strategically deploy free bet offers and cover all potential match outcomes at the same odds, enabling you to bank nominal (and, most importantly, guaranteed) profits throughout a season.

Soccer Betting Strategy

On the subject of home-field advantage, it’s soccer teams that are most likely to win in front of their own fans. This trend is particularly prevalent in the MLS, where a staggering 69.1% of all games are won by the home team.

So, you should definitely factor this into your weekly picks while paying close attention to the respective home and away forms of competing teams. Where appropriate, you can also execute point spread bets to handicap betting favorites and unlock enhanced odds, but this option should only be used sparingly.

Golf Betting Strategy

Golf is quite a unique sport from a betting perspective, but there are a couple of wagering strategies that you can use to achieve a competitive edge.

Firstly, aim to study specific courses and the past performances of players at selected venues. Some tracks favor big-hitting and driving players, for example, whereas others tend to encounter challenging weather conditions and suit artful professionals or those with a more rounded skillset.

Secondly, leverage the value in futures odds by betting early and spreading your stake across several potential winners. Just be sure to deploy your stake in a way that guarantees at least some level of profit while tailoring your betting units to suit the odds of each particular outcome.

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Responsible Sports Betting

As you can see, no single sports betting strategy guarantees long-term success. Also, no strategy or system can completely negate the unpredictable nature of sports events and matches, so you’ll always incur the risk of loss as a bettor. Responsible gambling is imperative to a fun and exciting sports betting experience.

This is why disciplined bankroll management is a key facet of successful sports betting strategies. After all, it caps the amount that you wager at an amount you can afford to lose over a specified period of time, while you can also use each sportsbook’s daily, weekly, and monthly deposit limits to manage this practically.

However, if you find yourself betting outside of your means or chasing losses, your first call should be to contact the National Problem Gambling Helpline. You can call them directly at 1-800-GAMBLER or visit their official website to learn more about their purpose and how they can help you overcome your compulsion.

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The post Sports Betting Strategy – The Best Betting Strategies Explained appeared first on ReadWrite.

Bankroll management is one of the most important tenets of sports betting, especially in an age where online gambling is prevalent. In the digital realm, online sportsbooks are constantly at your fingertips, while in-play wagering unlocks potentially thousands of props across the NFL, NBA and MLB. Simply put, bankroll management is a key sports betting strategy for any bettor.

By prioritizing money management in sports betting, you can simultaneously look to minimize loss while optimizing potential returns. But what exactly do we mean by bankroll management, and how can you put this into practice online?

What is Bankroll Management?

If you’re wondering, “What is a bankroll in betting?” This describes the amount of money that you set aside for sports wagering. Typically, you’ll deposit this into your chosen sportsbook account, creating a fixed sum to bet with during a specified timeframe.

‘Bankroll management’ simply refers to the subsequent organization and deployment of this money, ensuring that you have enough to cover your desired bets without ever wagering outside of your financial means.

Because of this, effective bankroll management solves the perennial issue of responsible gambling, which can affect bettors of all ages and experience levels. It also helps to introduce order and strategy when betting on unpredictable sports events, especially in calculating stake amounts using the odds and implied probability of a particular outcome occurring.

Is Bankroll Management Important?

Sports betting bankroll management is a fundamental principle of successful sports wagering, and one that’s fully embraced by professional and profitable bettors. So, it makes sense that amateurs and novices should also prioritize bet management, as part of a much broader wagering strategy.

Arguably, understanding bankroll management in sports betting is even more important for inexperienced bettors, who may be at a competitive disadvantage in the marketplace. Here are some of the reasons why carefully managing your bankroll and stake amounts is so important:

• Minimize the Risk Posed by Emotive Betting: Emotive betting is highly problematic in sports wagering, as inexperienced bettors may start out by backing their favorite team or players. While picking match winners or outcomes based on tribal support isn’t recommended, however, bankroll management at least helps to cap your losses at an amount you can comfortably afford.
• Create a More Even Playing Field: Whether you’re a seasoned or inexperienced bettor, you’re always at a disadvantage when wagering at online sportsbooks. This is because of how bets are structured and outcomes are priced, while sites also apply a commission (or vigorish) to ensure nominal profits. However, by using a bankroll management strategy, you can minimize long-term losses while establishing optimal unit bets and stake amounts.
• Avoid the Perils of Irresponsible Gambling: We’ll touch more on the practical elements of sports betting bankroll management below, but this essentially affords you some level of control over your money and gambling activity. By initially setting aside a sum of money that you can comfortably afford to lose, you can continue to wager freely while avoiding the pitfalls of irresponsible betting. This is arguably one of the most important factors in favor of disciplined bankroll management.

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How does Betting Bankroll Management Work?

The really good news is that bankroll management in sports betting is relatively straightforward. In fact, successful bankroll management depends largely on your ability to adhere to a predetermined set of rules and wager in a disciplined manner at all times. Here’s a brief overview of the rules and mechanics that underpin bankroll management.

• Set your bankroll at an amount that you can comfortably afford to lose
• Ensure that this covers a fixed period of time or season duration
• Calculate your average unit bet to create a typical, single stake amount
• Refine your stakes for each selection according to your analysis of the odds and implied probability
• Track your bets and their performance to derive insights for the future

How to Manage a Sports Betting Bankroll

Now that you have a broad understanding of how sports betting bankroll management works, it’s time to drill down deeper into the finer points and principles. Each of these are key to successfully managing your bankroll over an extended period of time.

Determining the Size of Your Bankroll

As we’ve touched on, your bankroll should never exceed an amount of money that you can comfortably afford to lose. Of course, this will vary from one person to another, based on your incomings and outgoings, but it’s important to ensure that your bankroll never puts your financial security or solvency at risk.

You can also take steps to boost the size of your bankroll without putting yourself at the risk of financial harm. For example, you can use welcome bonuses and free bet offers to create fixed amounts of free play when you register for an account, while ensuring that the wagering requirements associated with each promotion don’t force you to bet outside your means.

Understanding a ROI in Sports Betting

ROI stands for ‘Return on Investment’, and is a broad financial term that’s in widespread use. In the case of sports betting, ROI provides a measure of how much your bankroll has increased during a predetermined period of time, while it can also be used to describe your level of return on a single wager.

This is an excellent measure of whether you’re placing good or bad bets, while it may also highlight issues surrounding individual stake amounts and the odds at which you wager. We’d recommend that you measure ROI during the period of time that your bankroll covers, whether this is monthly or the course of the regular NBA season.

Betting in Units

A unit bet is a measure that’s used to standardize sports wagering performance, and it may be expressed as either a dollar or percentage value. You can usually calculate your unit bet by dividing your total bankroll by the number of wagers that you’d like to place during a particular season or event, while using this to inform your betting strategy.

For example, let’s say that you establish a bankroll of $2000 for the 2024/25 NFL regular season. You would simply divide this by the number of gameweeks ($2000 / 18) to create a weekly budget of $111.11, which can then be divided further by the precise number of matches that you choose to bet on.

This creates an average unit bet that can be adjusted depending on your choice of market and the associated odds.

When dealing with percentage terms, you should broadly aim to create individual betting units that are between 1% and 5% of your bankroll. However, it’s rare to see professional and successful bettors wager more than 1% of their bankroll on a single event, so aim to cap units at no more than 3%.

Evaluate Your Bankroll Often

We’ve already discussed the importance of regularly evaluating the ROI produced by individual bets and your bankroll.

However, you should also review and analyze your sports betting bankroll in relation to other factors, such as your wider financial circumstances, the deployment of bonus offers and any profits that you’ve been able to bank.

In some instances, you may be able to incrementally increase your bankroll, so long as this remains within your broader financial means. However, you may also have to reduce your bankroll in some instances, such as a reduction in income or rise in your general cost of living.

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Bankroll Management Sports Betting Strategies

Successful money management in sports betting involves a number of different strategies. Some of these are quite complex and widely used by professional bettors, while others are more suited to beginners!

Confidence Models

‘Confidence’ feels like a strange word to use in the context of sports betting, where outcomes are largely unpredictable and impacted by several different variables.

However, this model encourages you to increase your unit bet in games where you feel more confident about the outcome, whether this is the result of your analysis or the odds that have been provided by sportsbooks.

Let’s say that Manchester United are priced at 5/9 to beat Fulham in the Premier League. However, your analysis of United’s current form and Fulham’s poor performance on the road (allied with their absence of key players) may make you think that the Reds Devils should have an even shorter price. So, you may increase your stake amount or introduce spread betting to pursue much higher returns.

In this case, your initial betting unit will remain unchanged. However, you could look to multiply this by two, three or even five units under the guise of the confidence model, which is often preferred by experienced sports bettors.

Kelly Criterion Model

While the Kelly Criterion model is now synonymous with financial trading and investment, it actually started out as a system for gambling and sports betting. It’s used to determine the optimal amount of money to commit to a single wager, while there’s even an equation to help calculate this for sports betting:

F = (BP – Q) / B

In this instance, ‘F’ refers to the bet sized based on a percentage of your total bankroll. ‘B’ is the wager’s decimal odds -1, while ‘P’ represents the implied probability of your wager being successful. Finally, ‘Q’ is the probability of your bet losing, which is usually expressed as 1 – P.

For example, let’s say that you fancied Liverpool to defeat Chelsea in the Carabao Cup final at odds of 1.82. This implies a 55% probability of a win for the Reds, while the chances of your bet being unsuccessful are 45% as the draw is not a consideration here. This equation will read as follows:

0.0012 = (0.82*0.55 – 0.45) / 0.82

You can then multiply 0.0012 by 100 to create a unit bet worth just 0.12% of your total bankroll. In this instance, you should either consider incrementally reducing your average stake or wagering no more than a single unit bet. Of course, if your analysis reveals that the actual probability of a Red’s win is higher, you can increase your stake accordingly.

Flat Betting

This is the most straightforward sports betting bankroll management strategy, and one that simply requires you to set an initial betting unit and not deviate from this. This essentially means that you’ll stake the same amount on each match or outcome, regardless of confidence levels, odds and your own form analysis.

So, you would wager the same amount whether you’re backing a 1.50 favorite or 7.00 underdog. For example, if your single betting unit was $5 and you successfully backed a 1.50 outcome, you’d bank a total return of $7.50 (inclusive of your stake). However, placing a winning $5 bet on a 7.00 underdog will see you earn $35.00 in total.

In some cases, you may decide to factor in the sportsbook’s vigorish into your flat betting strategy. This is especially true when backing heavy betting favorites with American odds of -110, as you’ll need to incrementally increase your unit bet to 1.1 if you’re to win 1.0.

Regardless, the goal here is to keep your betting unit as consistent as possible and avoid incurring considerable losses. This strategy is focused on minimizing losses over time, even at the expense of potentially higher and increased returns.

Percentage Betting

The percentage betting model is similar to the flat wagering strategy. In fact, the only tangible difference here is that you set betting units according to the size of your bankroll, which is liable to fluctuate over time. However, you won’t factor in any alternative considerations.

Let’s say that you have $1000 left in your bankroll and are halfway through the NFL season. Your unit bet is 2.5% of this sum ($25), and your next wager wins at odds of 2.00. This immediately boosts your bankroll to $1050, and 2.5% of this sum will now be $26.50.

The main advantage of this strategy is that it enables you to capitalize on wins and increase your unit bets in a responsible manner. However, it also requires you to regularly recalibrate and calculate your bankroll, while a succession of losses can significantly reduce the amount you have to wager over time.

Bankroll Management Tips from Our Sports Betting Experts

Bankroll management in sports betting is certainly key to your long-term success as a bettor, while there are various strategies to help you minimize losses and negate the risk of problem gambling. So, we’ve prepared some expert sports betting bankroll tips to help you make the most of your budget!

Avoid Betting on Bad Lines

Maximizing your bankroll in sports betting may depend in part on your ability to distinguish between good and bad betting lines. Remember, not all lines are created equal, as while some offer inherent value, others may be priced erroneously and in a way that makes wagering prohibitive.

To start evaluating betting lines, use the odds to calculate the implied probability of one or more outcomes occurring.

Sportsbooks use this calculation to help set odds in the first place, using a combination of detailed form analysis, head-to-head data and similar metrics. So, you can use the same calculation to estimate probability and see how this measures against your own game insights.

Over time, you can also measure your bets against the ‘closing line value’ (CLV) metric. This tells you whether you’ve wagered at odds that are superior to the closing price (beaten the market), or achieved a negative CLV by failing to bet at optimal odds.

Stop Yourself from Chasing Losses

We’ve already touched on how disciplined bankroll management can help you to avoid emotive wagering in sports betting markets. Emotive betting is at the other end of the spectrum to smart and insightful wagering, whether you blindly back your favorite team to win or respond to losses by recklessly increasing your subsequent stake amounts.

Make no mistake; chasing your losses is both harmful and irresponsible, while it puts your bankroll at risk and may encourage you to wager outside of your means.

Chasing losses can be built on an erroneous belief that there’s some order in winning and losing streaks. However, each sports betting event and match is a completely individual entity, and one in which there are variable probabilities, odds and deterministic factors in play. So, even if you endure a series of losses, there’s no guarantee that your luck will suddenly take a turn for the better.

It’s far better to accept loss as an inevitable part of sports betting, while adhering to your unit bet size and wider bankroll management strategy as closely as possible.

Stick to Your Budget and Only Bet What You Can Afford to Lose

The main risk of chasing losses is that it encourages you to either wager more frequently or increase your stake amounts. Over time, this could cause you to bet outside of your financial means, breaking the single most important rule of bankroll management in the process.

Remember, your bankroll should over include a finite amount of money that you can comfortably afford to lose, ideally within a specified period of time. Whether this is a week, month or the duration of a competition, the amount you wager should be determined by your incoming, outgoings (and wider financial circumstances).

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Point spread betting comes in all shapes and sizes, not just game outright odds. Top online sportsbooks will offer odds on things like the number of touchdowns a player will score in a game, the number of three-pointers in a basketball game, etc. But, nothing beats the classic format of taking the points in the big game. So, let’s dive right in and explore the many facets of point spread betting in today’s sports betting world.

What is Point Spread Betting?

A point spread is a number set by sportsbooks that levels the playing field between two teams, to drive betting action on both sides. The spread relates directly to the margin of victory in any given game. To “cover the spread”, a team must win by a final margin larger than the point spread or, in the case of an underdog, lose by fewer points than the spread (or win outright).

However, it is fair to say that by some distance, the most popular point spreads are winning margin lines. Point spreads are regarded as one of the ‘big three’ betting types, along with moneyline and totals (over/under).

How Point Spread Betting Works

Point spread betting is all about the favorite winning by more than the spread margin, or the dog winning the game by less, or just winning the game. If the Dolphins are -7 on the spread against the Eagles, then anyone that places a point spread wager on the Dolphins needs them to win the game by at least 8 points to cover the spread. Anything less, and it’s a losing wager.

When you place a spread wager, the betting odds will always include juice/vig, which varies from sportsbook to sportsbook. A strong team with a high outright win percentage could have a point spread of -2, but that bet could also come with a high cost, like -200 or even higher, with the +12 underdogs returning +180 or more.

In the 2024 Superbowl, the 49ers were -2 on the point spread against the Kansas City Chiefs. Anyone with that bet needed the 49ers to win the game by at least 3pts. Unfortunately, they lost it by three points, so the 49ers failed to cover the spread.

It’s not just in tight encounters that the teams fail to meet point-spread expectations. In 2013, the Denver Broncos went into their home game with Jacksonville as the hottest offense in the NFL. Averaging 46pts per game against a team averaging just over 10pts per game, the hosts were justifiably expected to cover a 28pts spread but the Broncos didn’t get close to covering the spread against an improved defensive performance from the Jaguars.

How to Read Point Spreads

Point spreads are super easy to understand once you get the basics. The spreads themselves correlate directly with moneyline odds – the shorter the moneyline odds of a favorite, the bigger the spread they will have to cover.

• Handicaps: How to Spot Them – Point spreads effectively handicap bets because the spread is effectively the expected winning margin for the favorite.
• Finding the Favorite – Point spreads are always built around the favorite and their expected winning margin. If it’s a close game and you are not sure who is the favorite, check out the moneyline odds.
• Identifying an Underdog – The underdog is always the biggest moneyline odds. The spread effectively gives them a head start in the game. If an underdog wins a game, no matter what the spread line, they beat the spread.

The Importance of Shopping for Lines

With so many sportsbooks now in the marketplace, it’s well worth pointing out that point spread lines will vary, as will all game odds. With this in mind, it is always really important to to shop around and find the best lines or odds as a part of your betting strategy. If you fancy the favorite to cover a -5 spread but another book is going -4 about the same team, you should be taking that -4, assuming the spread odds are the same. Similarly, if you fancy a dog, the bigger the line the better your chance of landing a winning bet. Small margins can make a big long-term difference if you find the best value each time.

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How to Bet Against the Spread (ATS)

Betting against the spread can be a great way to beat the book, especially if you think the spread is too high. To bet against the spread, you are simply backing the underdog (+) option. If a favorite is -5 on the spread, the underdog will be +5. You are betting on the underdog to lose by less than the spread – it’s normally referred to as ‘betting against the spread’.

Why would you bet against the spread? There are a million angles and it largely depends on what you place more store in. The favorite might not have a particularly good record at a stadium, they might have traveled a lot, or they might be missing a key forward.

What Does “Covering the Spread” Mean?

Covering the spread simply means beating the spread line. So, if a team is -12 on the spread, they will cover it if they win the game by 13pts or more. Similarly, if the underdog is +12 on the spread, they need to lose by no more than 11pts.

On either side, if the margin matches the spread, the bet is a push, and stakes are refunded. If the spread involves half-point numbers, eg -8.5/+8.5, then there has to be a winner and loser.

Live Betting Point Spreads

Live spread betting is an in-running line that moves according to the current game state. Lines are constantly changing throughout the game, depending on what is happening on the field. If the favorite is heavily on top, their point spread will increase, and vice versa. This fast-paced, volatile type of bet isn’t for everyone, especially as your bet could look in trouble just a couple of plays later.

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How to Place a Point Spread Bet

To place point spread bets, you will need an account at an online sportsbook. Here, we’ll walk you through the steps required to get a sports betting account up and running.

Point Spread Betting by Sport

You can place point spread bets on most team sports but there is no doubt that NBA, NFL, MLB, and NHL are the most popular for a point spread wager. Let’s take a closer look at how point spreads work within each of these.

NBA Point Spread Betting

A high-scoring game like basketball lends itself perfectly to a point spread wager so it’s no surprise that NBA point spread betting is super popular. Bettors assess factors like home-court advantage, head-to-head records, recent form, and coaching strategy to evaluate NBA lines.

NFL Point Spread Betting

US sports fans love NFL betting like nothing else, and point spread lines are one of the most popular ways to enjoy a big Sunday game. Because of the nature of football scoring, NFL betting spreads are typically set around these key numbers: 2.5, 3, 3.5, 6, 6.5, 7, 7.5. Team news around an NFL football game is generally only truly meaningful if it involves a team’s quarterback, although cluster injuries around a particular position might also have an impact. Recent form is a huge factor when assessing NFL point spread lines.

MLB Point Spread Betting

MLB’s version of the point spread is the run line. However, run lines tend not to have as much variation as spreads in other sports because just a single run decides such a big chunk (around 30%) of MLB games. With that in mind, run lines are generally set at 1.5 (-1.5 for the fav, +1.5 for the dog). Run line bettors should dig into the starting pitchers, batting lineups, home/away splits, injuries, and weather when sizing up that day’s baseball run line betting options.

NHL Point Spread Betting

The NHL version of the point spread is the puck line, which stipulates a certain number of goals between two sides. Because ice hockey is generally a low-scoring sport, puck lines are typically set at 1.5. If a line is set at 1.5 goals, then the favorite needs to win by two goals, or the dog needs to win or lose by no more than a single goal.

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Point Spread Betting Tips From Our Experts

Assessing point spread lines involves research and understanding. Here are our top five tips for finding point spread line value.

• Do your research: Know your numbers, player stats, head-to-head data, recent form, etc. It’s a great foundation.
• Keep on top of team news: Team news can have a huge impact on speed lines, especially if it involves a pitcher or a quarterback. However, if you are slow to react, you will have missed any potential value in the point spread change.
• Shop around: Find the best lines and point spread bet odds by having multiple sportsbook accounts. The differential might seem small and immaterial, but in the long term, these edges add up.
• Keep on top of staking: Disciplined staking is essential, especially when you are taking negative prices on point spread bets. Whatever your staking plan, stick to it.
• Don’t combine point spreads in parlays: The prospect of turning three point-spread wagers into a +500 return might look appealing but each leg of a parlay multiples the vig, so the more individual legs of the parlay there are, the worse total value the bet will be.

Pros and Cons of Point Spread Betting

Betting the spreads won’t be for everyone, especially the in-game lines. Let’s look at the pros and cons of this type of sports bet.

Final Thoughts on Point Spread Betting

Point spreads are a great option for sports fans, especially in high-scoring games like NFL and NBA. It’s a vehicle that can be used to get better odds on a favorite or provide yourself with a bigger cushion on an underdog. Don’t be one-dimensional and bet spreads all the time, but do see this wager type as a valuable tool in your betting armory.

Responsible Betting

Like all forms of gambling, betting on sports comes with significant risks. With this in mind, you must bet sensibly, responsibly, and within your means. Responsible gambling tools are available on all sportsbooks that can help with this process, such as adding deposit limits, play times, and even complete exclusion, if your betting has got out of control.

Related Betting Guides

Point Spread Betting FAQs

The post Point Spread Betting – How to Master Betting on Point Spreads appeared first on ReadWrite.

You may have heard the term ‘betting system’ if you regularly wager at online sportsbooks. After all, this can incorporate any number of rules and methodologies to help select your bets. These systems can form part of a much broader betting strategy, too.

Of course, sports betting systems can be hard to understand and implement. Formulating the one that works for you is also complicated. So, let’s take a closer look at betting systems and how they work in the realm of sports wagering!

What is a Betting System?

A quick Google search of the sports betting term ‘betting system’ will bring up plenty of articles that focus on strategy. However, while there’s a significant crossover between sports betting systems and betting strategies (we’ll touch more on this later in the guide), they’re also separate entities that need to be treated as such.

A betting system describes a set of predetermined rules and processes that precisely define how you make wagering selections. Whether picking the winner of the next NFL regular season or betting on specific gameweeks and matches, your system will enable you to make the best value selections and wager at optimal odds.

Interestingly, different betting systems are more suited to specific sports, while others may be more or less viable depending on your appetite for risk. So, it’s essential to understand specific betting systems in detail before you choose one that’s most likely to work for you.

How Betting Systems Work

As sports betting involves results influenced by unpredictable variables, you have no deterministic edge as a bettor. Sportsbooks actively use betting systems to help set more accurate and enticing odds. They also factor in a commission of around 10% into their odds calculation. This creates a de facto edge on every wager they accept.

So, it makes sense that creating your own betting systems can help to counter this edge and optimize your own chances of winning. Specific systems may also focus on minimizing losses or maximizing returns, depending on your appetite for risk and preferred wagering strategy. We’ll use the classic ‘Martingale’ system for our example. This system works as an effective football betting system.

The Martingale system aims to maximize each win’s value. Typically, you’ll double your unit bet after every loss. Conversely, bettors will wager their base stake immediately after a win. In sports betting, you’ll also target even matchups where the implied probability of at least two outcomes is close to 50%.

So, you may decide to bet on the outcome of a clash between the Los Angeles Lakers and Los Angeles Clippers in the NBA. The Lakers are priced at +155, implying a 39.3% probability of a home win. The Clippers are priced at -155 and have a 60.7% chance of prevailing. Let’s say you choose to back the underdogs with a unit bet of $5. If this wager is unsuccessful, you’ll target a match with similar odds, increasing your stake to $10. You’ll continue this until one of your selections wins. After that win, you’ll return to wagering a single unit bet.

The goal is to cover successive losses with a relatively sizable win. It’s a betting system that’s focused solely on maximizing returns.

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Are Betting Systems Legal?

Sports betting systems are completely and unequivocally legal. No federal or state laws exist to prohibit examples such as matched betting or progressive wagering.

However, there are some betting systems that may be discouraged or frowned upon in some quarters. Take the aforementioned Martingale System, which doubles your unit bet with every successive loss. While the goal here is to maximize the value of each win, it requires you to exhaust your bankroll relatively quickly and effectively chase losses aggressively.

Of course, loss-chasing (either emotive or otherwise) is widely discouraged in sports betting, as it can make you wager outside your means and trigger mounting debts. So, despite its popularity (especially among well-resourced bettors and high rollers), the Martingale System is one of the most criticized betting techniques in existence.

Other, less popular, betting systems are also lacking in merit and arguably a little one-dimensional. Take backing the second favorite in horse races, for example, which theoretically enable you to wager on relatively fancied runners at superior odds.

However, it’s never wise to pick winners based on just one factor or trend, even if it does achieve minimal success from time to time. Ideally, you should prioritize more in-depth and thoughtful betting systems that take a broader selection of factors into account.

Why are Betting Systems Important?

We’ll talk more about the best and most effective sports betting systems below, but it’s important to first reinforce the importance of using certain methodologies to introduce order into your gambling activity and effectively counter the prevailing house edge. Here are some factors in favor of developing a viable betting system:

• Gain a Competitive Advantage: While there’s no such thing as a gambling system that never loses, it’s important to remember that sportsbooks use commission and their own unique betting systems to generate a house edge. So, it’s important to negate this edge and use sports betting systems to gain your own competitive advantage.
• Create Opportunities for Guaranteed Profits: With systems like matched betting, successful execution can also unlock guaranteed (albeit nominal) profits. For example, you could lay a back bet on the Lakers to beat the Clippers in the NBA, at identical odds through a dedicated betting exchange. By using one or more free bets, you can secure at least some level of profit in some instances.
• Set Optimal Stake Amounts: When you use systems such as the Kelly Criterion, you can use a mathematical formula to establish the optimal amount of money to commit to each individual wager. This is based on the live odds of your chosen outcome and the implied probability values on a particular match, while it ultimately recommends a percentage of your bankroll that you should consider wagering. We’ll touch more on this later in the guide too.

Betting Systems You Should Give a Try

Now it’s time to explore the best and most effective sports betting systems in a little more detail. Remember, we’ve already covered the controversial but high profile Martingale system, so here are some alternatives that are worth considering!

Fibonacci System

We’ll start with the Fibonacci system. This system offers mathematical sports betting and has similarities with the Martingale system. While it also encourages you to increase your bet size whenever you lose a wager, the scale at which you raise your unit bet is a little more gradual.

More specifically, this system requires your next bet to be determined by adding your two previous stakes together. For example, let’s say that your unit bet is $5 and your initial wager losses. Let’s see how your stake amounts would progress following five successive losses using both the Fibonacci and Martingale systems:

As you can see, your stake amount after five wagers is doubled when using the Martingale system. This creates a far greater strain on your bankroll and a more aggressive approach. However, the Fibonacci is less effective at recovering previous losses. So the Martingale system’s heightened risk does unlock potentially higher returns and profits if it can be sustained.

Paroli System

Both the Fibonacci and Martingale systems are known as ‘negative progression’ betting systems, which see you increase your stake with each loss. The Paroli system, however, requires you to double your wager after each win until three successive triumphs are achieved, with this known as a ‘positive’ progression system.

So, let’s say that your first stake on an NFL regular season game is $100, placed at odds of +200. A win here would see you increase your stake to $200, while a further triumph would see you subsequently wager $400. Regardless of the result of your third bet, you’ll then return to your initial stake, ensuring that you bank a sizable profit over the course of these four wagers.

The idea here is to capitalize on wins and minimize the risk of losing money from your original bankroll. It’s therefore favored by risk-averse or less experienced bettors across a broad range of sports.

Labouchere System

The Labouchere System is one of the most complicated sports betting techniques, as it involves creating a bespoke sequence of numbers that should ideally equate to your desired level of profit.

Unit bets are determined by the total sum of the first and last numbers in the sequence, while the system offers innate flexibility by allowing you to set your own digits and adjust them over time. For example, if you create a simple 1-2-3 sequence, the potential profit for each cycle of wagers is $6, while your stake should be equal to the first and last numbers ($4).

If your bet is successful, remove the first and last number from the sequence (1 and 3 in this instance). If you lose, you’ll be required to add the amount staked to the end of the sequence (4), with this sequence continuing until you win.

Of course, this is a highly complex betting system, and one that is synonymous with roulette rather than sports wagering. However, it does afford you a more flexible approach to risk-management, and is ideal if you have full comprehension of how the system works.

Labouchere Reverse System

As the name suggests, the ‘Labouchere Reverse System’ is a progressive iteration of the classic alternative. In fact, you’ll simply invert the rules and bare the bets on the sequence following losses, before adding the last stake amount played following a win.

Like the standard Labouchere System, this requires significant understanding and disciplined application. As an inherently progressive betting system that requires you to build on successes, this is a relatively risk-averse approach that minimizes the risk of incurring sizable losses over time. It also retains the same level of flexibility.

D’Alembert System

The intriguingly named ‘D’Alembert System’ is known as quite a conservative betting system, which sees you increase your wager size by a single unit bet after each individual loss. You’ll also decrease your stake by one unit bet after a win, and it’s driven by a balanced approach that’s incredibly easy to understand.

Over time, you’re unlikely to record ever big wins or losses by using the D’Alembert System. Instead, you can expect an RTP rate that’s modest and helps you to retain as much of your starting bankroll as possible, enabling steady progression and incremental returns.

Kelly Criterion

The ‘Kelly Criterion’ model is best known as a tool for use in financial trading and investment markets, but it actually started out life as a betting system in roulette. However, it now has huge appeal in the sports betting realm, while its core purpose is to calculate the optimal amount of cash to commit to each individual wager. There’s even an equation to help you calculate this:

F = (BP – Q) / B

F = Bet size (expressed as a percentage of your bankroll)

B = Wager Odds (expressed in decimal format)

P = The implied probability of your wager being successful

Q = Relays the probability of your bet losing (expressed as 1 – P).

To provide some context, let’s look at the NBA clash between the Golden State Warriors and New York Nicks. You can back the Warriors to prevail at decimal odds of 1.82, which implies a 55% probability of a home win. This means that the chances of you losing are approximately 45%, with the draw not a viable consideration here.

In this instance, the equation will read as follows:

0.0012 = (0.82*0.55 – 0.45) / 0.82

This creates a minimal bankroll percentage, but you can multiply this by 100 to establish a value of 0.12%. So, the recommendation would be to either wager your minimal unit bet (depending on its size) or reduce your average stake. Conversely, consider creating value and altering the odds through markets such as point spread betting and parlay wagering.

Regardless, the key is to calculate an optimal stake amount based on the odds and implied probability associated with each individual match.

The Unit Betting System

If you don’t fancy either progressive or negative betting systems, you could consider unit betting. This is an incredibly straightforward and consistent technique. Unit Betting is based on staking your unit bet value in variable increments depending on the specific market or wager in question.

Your unit bet should be expressed as a percentage of your bankroll, based on its total size and how you intend to deploy this over a specific timeframe or event. For example, your unit bet value may be $5, and this will be the average stake amount that you commit when engaging in sports betting.

Depending on each betting lines’ odds, implied probability and potential returns, you can then scale your unit bet accordingly. For example, you may double your unit bet (to $10) when wagering on short price favorites that are widely expected to win, while minimizing your stake when backing less fancied outcomes that unlock inherently higher returns.

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Tips for Incorporating Betting Systems

Regardless of your preferred betting system, it’s important to incorporate this successfully and in full as part of a wider wagering strategy. Here are some universal tips that can be applied regardless of how you deploy your bankroll.

• Start With a Solid Bankroll: All sports betting systems require you to start from a solid foundation. That solid base must include a carefully calculated and managed bankroll. This should be an amount that you can comfortably afford to lose. Those boundaries must be established to cover a predetermined period of time.
• Understand Your Risk Appetite: Each betting system has its own approach to managing risk and losses. Positive and negative progression systems are also different in this regard. So, not only do you need to understand the mechanisms of each betting system, but you should also comprehend how this meshes with your own risk profile.
• Combine Different Betting Systems Where Possible: It’s possible to combine multiple betting systems and techniques into a single wagering strategy. This is something you should consider. Systems like the Kelly Criterion have universal merit and help you calculate optimal stake amounts for each bet. This certainly works well in combination with a flat or unit betting system.
• Determine Which Systems Suit Specific Sports: Due to the differences between betting systems, each has its unique pros and cons. Alternative systems may also be particularly suited to certain sports. Specific systems are based on the level of skill involved in picking winners and the available wagering requirements. It’s important to understand this to identify the best system for you!

The Betting Markets for Different Betting Systems

If you decide to pick specific betting systems to suit individual sports, how can you make selections? Here’s our take on the best betting systems for individual sporting events and markets!

NBA Betting System

The NBA schedule is hectic, with franchises playing 82 matches during the regular season. This puts teams at the mercy of injuries and load management demands. With all that strain, it can make it hard for sides to string together consecutive wins.

This is especially true when backing teams who won by a close margin their last time out. Between 2018 and 2023, such teams had a win-loss record of 184-94. However, they were 112-157-9 against the spread (ATS) in the following game when favored again.

This may also reflect the fact that sides are overvalued after a close win. Either way, it suggests that any kind of progressive betting system may be flawed here. Instead, you should consider unit betting when wagering on the NBA.

MLB Betting System

Over/under betting is particularly popular in baseball and MLB, especially in matchups featuring big wagering lines (such as + or – 7.5 runs). The presence of such lines means that sportsbooks are expecting high-scoring games. This favors betting underdogs and may help to create value in match wagering.

Underdog betting can be particularly fruitful during April when sportsbooks are still calibrating their odds and gauging the form of competing sides. Interestingly, the last ten years of MLB action have seen underdogs go 1,487 – 1,866, and while this equates to a win percentage of just 44.43%, you can improve this further by targeting potentially high-scoring games.

You can also apply the D’Alembert System when betting on underdogs in the MLB. This enables you to progress your stake and maximize the value of underdog wins.

NFL Betting System

Interestingly, backing selected underdogs can also prove fruitful in NFL betting, although in this instance, it requires you to focus on lower-scoring games. For example, underdogs who scored less than (or equal to) 42 points are 205-150-10 (57.7%) since 2018.

In divisional matchups, underdogs with 42 or fewer points scored have won 59.6% of the time ATS. Those dogs produced a cumulative record of 84-57-4. So, you can target matches based on the published over/under odds and betting lines, before selecting underdogs and setting your stake.

Given historical performance and the right execution, this betting system also calls for a progressive approach. In this case, the D’Alembert or Labouchere systems may offer significant value. But this also depends on your appetite for risk and your level of experience in sports betting.

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What is Progressive Betting?

We’ve already spoken extensively about progressive betting, which describes a system whereby you increase your unit bet after each wager. How you increase your unit bet will vary from one system to another, with ‘positive’ and ‘negative’ progressive systems available. These can be broken down as follows:

• Positive Progression Systems: With positive progression systems, you’ll increase your unit bet after each win. Popular examples include the Labouchere Reverse and Paroli Systems. These entities tend to be more preoccupied with minimizing losses and conservative bankroll management.
• Negative Progression Systems: With this type of betting system, you’ll increase your unit bet value with each loss. The Martingale and Fibonacci systems are common negative progression examples, while they’re focused on maximizing the value of individual wins. However, there are more conservative negative progression systems in play, including the D’Alembert System.

Responsible Gambling

Even if you are on a roll with a specific betting system, it is important to always keep your eye on the bigger picture and make sure you’re not betting outside of your financial means. Responsible gambling is the best betting system to utilize when wagering on sports. But, if your betting habits become overwhelming and are beginning to affect your life and those around you, know that help is just a click away.

There are several resources dedicated to helping problem gamblers and their families, such as:

• National Council on Problem Gambling (NCPG)
• Gamblers Anonymous

Our Final Thoughts on Betting Systems

As you can see, there are plenty of sports betting systems available when gambling online. These vary between positive and negative progression systems, while they also have different levels of complexity and associated risk. Some are also frowned upon, with examples like the Martingale system encouraging aggressive loss chasing over time.

Still, you need to compare and review different betting systems in detail. That means measuring them against the size of your bankroll, appetite for risk and core objectives when wagering on sport. You should also identify a betting system that suits your preferred sports and wager types.

Related Sports Betting Guides

Sports Betting FAQs

The post Betting Systems – How They Work and Which Ones Work Best appeared first on ReadWrite.

DraftKings has announced the launch of its online sportsbook in North Carolina, as of 11 March 2024.

A company press release detailed the latest expansion for the gambling platform, representing its proliferation across 27 US states as well as Ontario in Canada. The arrival of online and mobile DraftKings betting in North Carolina follows on from an agreement earlier this year with NASCAR, which opened up its initial foray into digital sports entertainment and gaming in the state.

The online sportsbook platform will provide users with features such as same-game parlays, in-game betting and special odds boosts.

With responsible gambling protocols in mind, the platform will operate within the regulatory framework which includes safeguards on each account such as deposit limits, help resources and a ‘My stat sheet’ tracker to monitor the betting activity.

The launch comes on the back of dialogue and collaboration with local stakeholders and the relevant authorities to bring Draft Kings in line with the sports entertainment landscape in the Southeastern state.

Official reaction to the launch

Matt Kalish, DraftKings North America President expressed his satisfaction with the latest growth for the brand.

“With the NCAA Tournament right around the corner and the NASCAR season in full throttle, we are thrilled to be launching our top-rated sportsbook app in North Carolina,” he said.

“The Tar Heel State is home to a passionate fanbase and some of the most iconic college basketball programs of all time, making this an exciting time to introduce legalized online sports betting. We’re proud to be working alongside NASCAR as our market access partner and look forward to enhancing the fan experience across North Carolina with a fun, safe and seamless sports betting product.”

Another recent addition to the gambling market, as North Carolina embraces mobile sports betting, is the official partnership between FanDuel and NFL side Carolina Panthers.

That launch is also set for 11 March, after the green light was granted by the North Carolina State Lottery Commission, but fans aged 21 and over can pre-register on the Sportsbook app now.

Featured credit:  andres/pexels

The post DraftKings confirms arrival into North Carolina gambling market appeared first on ReadWrite.

FanDuel has confirmed an official partnership with NFL side Carolina Panthers, as the state of North Carolina prepares to usher in the beginning of the mobile sports betting market.

The launch is set for 11 March, after the green light was granted by the North Carolina State Lottery Commission, but fans aged 21 and over can pre-register on the Sportsbook app now.

FanDuel, the number one sports gambling brand in the United States, has signed terms on a multiyear agreement with the Panthers which will see the Flutter-owned company “leverage team marks across its marketing channels and partner with the team on digital and social media content.”

The official press release also indicated “fans can also expect digital signage and exclusive events at Bank of America Stadium.”

Reaction to the FanDuel x Carolina Panthers deal

North Carolina becomes the 22nd state in which FanDuel is active, reflecting the dominant position it enjoys with a market share of 43%. The further expansion of the company was welcomed by chief commercial officer, Mike Raffensperger.

“Bringing FanDuel to sports fans across North Carolina is an important moment for our business and we are thrilled to be able to work with the Carolina Panthers to introduce their fanbase to America’s number one sportsbook,” he said.

“We look forward to supporting the team next season and to engaging the passionate sports fans across North Carolina with our product,” added Raffensperger.

Kristi Coleman, Carolina Panthers president, welcomed the opportunities to be unlocked from the partnership.

“We are thrilled to welcome FanDuel as an official sports betting partner,” commented MS Coleman. ”

“As we look ahead to the 2024 season, we’re excited about the opportunities this partnership presents to deliver unique and engaging experiences to our fans while they are in North Carolina.”

The partnership will be celebrated in a special edition of FanDuel TV’s “Up & Adams” with sportscaster Kay Adams, broadcast live from the Bank of America Stadium on Wednesday 6 March. Panthers representatives will be present with other guests, including former NFL star Luke Kuechly.

Image credit: ML Football/X

The post FanDuel expands to 22nd state, confirms betting partnership with Carolina Panthers appeared first on ReadWrite.

In a time when the US is experiencing a sports betting boom, the gambling giant 888 has announced they’re set to be leaving the market.

In an update from this morning (Mar. 6) on the London Stock Exchange, the firm has announced a ‘strategic review of its US B2C operations.’

Currently, 888 is active in four states, with SI Sportsbook and SI Casino in Michigan, SI Sportsbook in Colorado and Virginia, and 888casino in New Jersey.

The company has seen huge success in the UK and other countries like Israel, Portugal, Spain, Sweden, Italy, and more, with 888 Holdings plc owning brands such as 888casino, 888poker, Mr Green, 888sport, and William Hill.

The international sports betting company goes on to explain the reasonings behind taking a thorough look at their US arm: “The gross profit margin in the US is lower than the group level, reflecting significant direct costs of operating in the market including duties, market access fees, and license fees, in addition to intense competition from well-capitalized incumbent participants.”

As they go forward, they’ll be looking at all ‘potential alternatives that can deliver value for the business,’ which could include the sale of the Group’s US B2C business, the controlled exit of US B2C operations, or other possible strategic transactions.

CEO of 888, Per Widerström said: “…we have concluded that achieving sufficient scale in the US market to generate positive returns within an accelerated timeframe is unlikely.”

US sports betting boom continues

Online betting has been on the rise in the US since the 1992 ban on sports betting was overturned in 2018. Before this, anyone who wanted to bet on sports legally had to travel to casinos in Nevada or three other states which were exempt from the ban.

Now, punters can legally take part in some form of sports betting in 38 states and you can do so online in 25 jurisdictions.

Since betting was legalized, Americans have gambled more than $245bn. In 2022, over 25 million people engaged in sports betting in the US, with the figure forecast to increase by 47 percent by 2025.

Featured Image: Via Ideogram.ai

The post Gambling giant 888 to quit the US market appeared first on ReadWrite.

Every aspiring player needs to master the fundamentals of poker bankroll management. Without any money management skills, you’ll never move up the ranks and stay there. Here’s everything you need to devise your own bankroll management poker strategy and improve your results.

What is Bankroll Management in Poker?

Bankroll management in poker is a set of rules that govern the stakes you play based on the money you have. For example, if you’ve got $1,000 to play poker with, a bankroll management poker strategy would tell you which cash games or tournaments are appropriate for your budget.

We’ll give you the specifics of how to build a bankroll and the amount of money you need to play at certain stakes later on. First, it’s important to define what a bankroll is.

A bankroll isn’t all the money you’ve got in the world. It should be disposable income that you can comfortably lose. Put simply, bankroll bucks should be distinct from the money you need for other parts of your life.

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Building a Bigger Bankroll in Poker

Bulk up your bankroll so you can move up the ranks in poker with these 5 top tips:

Suggested Bankroll Bucks in Online Poker

Poker bankroll management is a general term for the financial constraints we use to determine which games we can and can’t play. However, as we’re about to explain, there isn’t a single set of universal rules.

For example, online poker bankroll management is slightly different from live bankroll handling because, in general, online games are tougher. Therefore, you need a more conservative bankroll management poker strategy when you’re playing online compared to live.

In the same way that you need to enter different variables into your bankroll calculator based on where you play, you also need to adjust your settings based on the type of game you’re playing. Specifically, there are different poker money management rules for cash games and tournaments.

We’ll explain why there’s a fundamental difference between cash game and poker tournament bankroll management in a moment. Before that, the tables below show the recommended amount of money you need to play cash games, tournaments, and Sit & Gos (SNGs) at various stakes:

Cash Game Bankroll Management Recommendations

The general rule for cash games is 30 to 50 buy-ins. Some people suggest being more conservative, particularly if you’re playing online games. However, 30 to 50 is a solid starting point.

One thing to note is that you use the maximum table buy-in as the basis of your calculation. For example, the maximum buy-in for a $0.50/$1 poker table is 100x the big blind i.e., $1 x 100 = $100. Plug that number into your poker bankroll calculator, and it will give you a figure between $3,000 and $5,000, i.e., 100 x 30 / 100 x 50.

The above recommendations are intended for Pot Limit and No Limit cash games. There is scope to be slightly more liberal if you’re playing Limit poker because the games, in general, aren’t as volatile.

Let’s imagine you have a poker roll of $1,000. That puts you at the top end of the $0.10/$0.25 range for Pot Limit and No Limit poker games. It’s worth considering a shot at $0.25/$0.50 and, possibly, $0.50/$1 if it’s a good Limit cash game.

Poker Tournament Bankroll Management Recommendations

Poker tournament bankroll management rules are based on the entry fees you pay. All live and online poker tournaments have a secondary fee known as the rake. For example, a $10 tournament will cost $10 + $1 = $11. You don’t need to worry about this. The poker tournament bankroll table below takes this into account.

You’ll notice that our bankroll management rules change as we move from $5 MTTs to $10 tournaments. The general rule for poker tournaments is that you need at least 100 buy-ins. This rule applies at all levels.

However, as you move up the limits, you may need to become more conservative and edge toward the 200 buy-in mark. The simple reason for this is that MTTs get harder. They’re volatile by their very nature, so when you combine this with more skilled players, it gets harder to win. That’s why it’s wise to be more conservative as you move from micro to low-stakes MTTs and beyond.

SNG Bankroll Management Recommendations

SNGs are self-contained tournaments, so the bankroll management rules are similar to the ones we’ve just outlined. However, because you’re competing against fewer players in these tournaments, you don’t have to be quite as conservative. That’s why a suitable SNG poker roll is anywhere between 50 and 75 buy-ins for the games you want to play.

Our previous point about tournaments getting harder to beat as you move up the levels applies in this situation as well. Therefore, if you’re thinking about how to build a bankroll with the least risk possible, become increasingly more conservative as you move up the ranks.

Why Do Bankroll Management Poker Rules Differ?

We said before that poker bankroll management rules differ depending on whether you play live or online and, in turn, the types of games you play. The reason the recommended cash amounts vary between cash games, tournaments, and SNGs is volatility.

Cash games aren’t as volatile as tournaments. That’s a general statement. We’re not saying you won’t experience wild swings in cash games because it’s entirely possible. The point we’re making is that you have more control when it comes to cash games because you can leave at any point.

When you enter an online poker tournament, you pay the buy-in, and you either survive long enough to make money or you don’t. The same goes for SNGs.

In a cash game, you sit down at a poker table and leave whenever you want. That means you could win a big all-in and leave straight away to lock up a profit. This ability to control the length of your sessions means you don’t need to be as conservative with your bankroll management rules in cash games as you do in tournaments.

Poker Bankroll Management - Moving Up Gears

An important part of our bankroll management poker strategy is skills over limits. To repeat our previous point, you shouldn’t move up just because you’ve got enough money. You can never know for sure if you’re skilled enough to move up to a new level, but there is a metric you can use. This metric is your win rate.

The process is fairly simple:

• You track your win rate at the level you’re playing using a product such as PokerTracker or Holdem Manager.

• You compare that win rate to what other successful players have achieved over time.

• If you’re a winning player at your current level, consider moving up.

Poker win rates are calculated by looking at the number of big blinds you win, on average, per 100 hands you play, aka bb/100. You need a sample size of at least 50,000 hands to get an accurate representation of your win rate. To be more accurate, you should have a sample size of at least 100,000 hands.

What’s a good win rate in poker? It’s hard to give a definite answer here, but here’s a general breakdown of win rates and what they might tell you:

• <1bb/100 = you’re a losing or break-even player at your current level and shouldn’t move up

• 1bb to 4bb/100 = you’re a solid player at your current level and can think about moving up

• 5bb to 9bb/100 = you’re a strong player at your current level and should move up

As we’ve stressed throughout this online poker bankroll management guide, there are no hard and fast rules. You don’t have to move up if you’re winning 9bb/100 at a certain level. However, if you’re someone who wants to climb the ranks, these are the win rates you should be aiming for.

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Top 5 Bankroll Management Tips

Here are 5 online poker bankroll management tips you can use to maximize your time and enjoyment at the tables:

#1. Always Keep Your Bankroll Separate

Perhaps the biggest mistake people make when it comes to bankroll management is not keeping their poker roll separate from other money they have. Indeed, that’s why people often ask the question: how much is a bankroll? The answer isn’t a cash amount, it’s any amount of money you can afford to lose.

That doesn’t mean you want to or will lose. It’s more a reflection of the money’s status, i.e., your life wouldn’t be materially affected if you lose your poker roll. That’s why your bankroll should always be separate from the money you have set aside for other parts of life.

#2. Always Have More Than You Need

Using a poker bankroll calculator to determine how much money you need for a certain level is great, but don’t live and die by those numbers. Poker can be unpredictable, and there will be times when negative variance deals you a series of unexpected losses. Having more money than you need will help you get through these times without having to drop down a level or two.

#3. It’s OK to Move Down

The goal in poker is to move up the stakes and win as much money as possible. Wrapped up in this goal is the concept of preservation. As much as you’re aiming to win money, you’re also trying to preserve the bankroll bucks you’ve already got. Therefore, if you’ve hit a rough patch and your bankroll is dwindling, don’t be afraid to play lower-stakes games until you recover.

#4. Study, Study, Study

There’s little value in learning how to build a bankroll if you’re not prepared to study other aspects of the game. You’ll never move up the ranks by having a solid bankroll management poker strategy and nothing else. Poker is a multifaceted game that requires a variety of skills, so make sure you take the time to study the different types of poker and strategy concepts, such as value betting and bluffing.

#5. Play Smart and Be Responsible

The whole point of bankroll management is to give you a framework within which to play smart, sensible poker. Winning is great, but poker should be fun. The only way to enjoy the process of playing is to do it without any financial stress.

You can only reduce the amount of financial stress you experience if you have a solid grasp of poker money management. Therefore, if you can master bankroll management, you’ll give yourself the best chance of having fun while playing responsibly. If things ever feel like they’re getting out of hand, contact a problem gambling organization such as GamblingTherapy.org.

Poker Bankroll Tools & Software

Here are three pieces of software that can help tournament players, micro-stakes grinders, and cash game players to get ahead:

PokerTracker

This piece of software is what professional poker players use. It tracks every hand you play so you can establish your win rate, store results, and get stats on other players. You can use it to identify leaks in your game and when it’s time to move up or down a level.

PokerCharts

(Source: Poker Charts)

Track and log your results to find out where you’re winning or losing in cash or multi-table tournaments. The great thing about PokerCharts is that it creates handy graphs so you can quickly analyze data.

Poker Bankroll Tracker

(Source: Poker Bankroll Tracker)

This mobile app allows you to record live or online sessions, even at a smaller bankroll. As well as an odds calculator, payout calculator, and statistics, this app has a hand re-player that allows you to share sessions with your friends.

Read More About Online Poker

• Best Offshore Poker Sites
• A Complete Guide to Online Gambling
• How to Win in Poker
• Basics of How to Play Poker
• Beginners’ Online Poker Strategy Guide

Final Thoughts

Poker bankroll management is the foundation of any winning strategy. Whether you're a tournament or cash game player, you need to look after your money and be patient. With the right amount of skill and timing, you’ve got a great shot at climbing the ladder as a winning No Limit Hold'em player.

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The post Poker Bankroll Management – Best Strategy for Poker Money appeared first on ReadWrite.

The Martingale betting system is a negative progression betting system with a simple premise — double your bet size every time you lose. The long-term logic behind this strategy is that when you use it on even-money bets, you’ll be able to recoup the losses that have built up following any losses. But does the Martingale system really reduce your chance of losing?

What is the Martingale System?

Martingale betting emerged in the 18th century as a viable attempt by players to manipulate the odds in games of chance. It’s a progression system, and like all progression systems, you must either decrease or increase the size of your bet when you lose. With the Martingale in place, you double the size of your bet every time you lose.

The most crucial point about Martingale system strategy is that the wins should be sufficient enough to cover the losses and leave you with a small profit. It’s primarily used in casino games like roulette, with equal application via online casino apps or at your local casino.

The Martingale system is designed for bets that pay even money, such as odd/even, red/black, 1–18, and 19–36 in roulette. The aim is to make small winnings from an initial bet, making the Martingale one of the key roulette betting strategies around.

Now, it’s time for probability — the single most important aspect of our Martingale system explained series. In roulette, you have a 48.6% chance of landing such a wager due to that green zero socket on the roulette wheel. These bets pay even money, or 1:1, hence the reason why roulette is probably the best game for the Martingale system. However, the system also applies to even-money wagers such as Pass and Don’t Pass in Craps or the Player bet in Baccarat.

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Using the Martingale System in Practice

Say you want to use the Martingale strategy in roulette. Here’s how this roulette system works in practice. The table minimum is $1, so you decide to start small, and it’s a smart decision since you’ll be able to recover the losses faster without risking too much of your bankroll.

So, you’ve placed a $1 bet on black, and the ball landed on red. For the next round, you are supposed to bet twice as much, or $2. You lose that wager as well, so the next one should be $4. If you get it right, you’ll be looking at a payout of $8, which is enough to cover the stake so far ($7) and give you a $1 profit.

Here’s another example, this time using $10 wagers on even-money (1:1) bets on an American Roulette table. 

Best Casino Games for Martingale Betting Strategy

The Martingale system relies solely on the near-equal probability of even money bets found in roulette, baccarat, and blackjack. Essentially, it boils down to a near coin flip when you select your wagers.

In fact, the principle of doubling the bet after a loss, creating a scenario where a single win can recover all previous losses and yield a profit equal to the original bet, is only available in these games.

Roulette

The Martingale betting system is primarily applied to the following bets in roulette:

• Red/Black
• Odd/Even
• High/Low

These betting options offer a payout of 1:1, meaning if you bet $1 and win, you receive $1 in profit plus your original bet back. The rationale for using the Martingale in roulette hinges on these bets having the closest to a 50-50 chance of winning.

The probability greatly depends on the type of roulette you are playing. Most, if not all, online roulette casinos offer both European and American versions, where the former offers 48.6% probability on these wagers and the latter just 47.37% due to two zero pockets. Make sure to check out our Martingale strategy chart to see.

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Blackjack

In blackjack, all winning bets are paid even money (1:1), except the natural blackjack, making it a viable option for a Martingale betting strategy.

However, one pitfall with blackjack and the Martingale system is the Insurance bet. This bet is designed to safeguard you from the dealer getting a blackjack, but it’s a statistically losing proposition over time. Namely, the odds of the dealer having a blackjack are approximately 9:4, or about 30.8%, which is in direct conflict with the very nature of the system.

Baccarat

The Martingale system is particularly effective with Player bets in baccarat for various reasons. The Player bet entails no commission, and a straightforward 1:1 payout you get in baccarat games at online casinos, which makes it perfect for the Martingale betting system.

On the other hand, the Banker bet, despite the greater winning probability of 45.86% compared to the 44.62% of the Player bet, incurs a 5% commission on wins, affecting the overall profitability of the Martingale system.

Martingale System in Sports Betting

Does the Martingale system work when it comes to sports betting? Well, no, there are certain hurdles if you want to win higher amounts. Namely, the hurdle comes down to even-money odds (+100) in bets being subject to the “vig”, a built-in percentage that bookmakers charge for taking in your bet. That vig can go up to 10%, so that’s why the lines for the NFL spreads are the standard -110.

To illustrate, let’s say wagered on the Kansas City Chiefs to cover the spread on -110 with a $110 wager. They failed to do so and so you’ve opted to back the Bengals in the next round instead. Now, with double the stake, plus the potential profit and the vig (which after two rounds was sitting at $20), your next wager is $231.

That one didn’t pan out either, so your next bet is $474.10. Now, the Chiefs cover the spread and win against the Bengals. However, you are still short because of that vig, making the system futile regarding sports betting.

Pros & Cons of the Martingale Betting System

For all the advantages that come from the Martingale betting system, there are a couple of drawbacks, too. Let’s take a closer look at both.

Martingale vs. Other Roulette Systems

Martingale is not the only doubling roulette strategy out there. Let’s take a closer look at other roulette systems you can use in top offshore online casinos with different versions of the game.

Reverse Martingale System

We can see the reverse Martingale strategy as a counterweight to the Martingale betting system since it encourages players to double their bets after wins rather than losses. This anti-Martingale strategy aims to maximize the potential of winning streaks, allowing you to increase the wins while having the hot hand.

With the reverse Martingale, the logic is that wins as well as losses come in streaks and that by betting more on the winning end of it, you should walk away with the profit, especially if you can leverage funds from casino promotions to do so.

You begin with the lowest bet possible on even money wagers and build from there. You keep betting the same amount until you win. After that, you double the next bet. When you lose, you start from scratch with the lowest bet.

D’Alembert System

The D’Alembert system bears some resemblance to the Martingale one since both are negative progression betting strategies, meaning you will increase the stake when you lose. However, the D’Alembert brings the best from both worlds, which makes it a great betting strategy when learning to play roulette. Here’s the deal.

The system implies that you need to increase the stake gradually after a loss and decrease it when you are enjoying a hot streak. It’s a flat progression strategy, not nearly as aggressive as the Martingale betting system, but it won’t be bringing in any huge wins either.

Like the Martingale strategy in roulette, it works best with even bets, like red/black, even/odd, and 1–18/19–36, all of which boast the probability of a payout close to 50%. Experts claim that starting with the bet that’s just 1% of your bankroll is the best way forward.

Cover-the-Table

Cover-the-Table is a roulette strategy where you hedge your bets against the losing outcome by covering as many wagers as possible. There are many ways to cover the table, especially at new betting casinos with loads of roulette games, but the fact remains — it is a risky proposition for a small profit.

For example, you can bet on 35 numbers minus the zero and place a $1 bet on each. If one of them comes through, you will be looking at a profit of $1. However, if the ball lands on the zero, you lose all.

Final Thoughts

The Martingale system is a great strategy for casino bets that involve near-coin tosses. It capitalizes on doubling bets after losses to recover losses quickly. It’s also simple, and the promise of recouping all losses with a single win is what makes it the go-to roulette system for many beginners. Why not try it out at the play-money tables to see how it works for you?

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Professional sports bettors have been able to do something most of us dream about. They all turned a hobby into an extremely lucrative career. But, with multi-million dollar wins also comes the danger of multi-million dollar losses. But how does someone become a full-time all-star sports bettor? What are their secrets? And most importantly, who are these sports betting professionals and how did they gain their fame? Our experts take a look and also offer tips to help you become a pro at any online sportsbook. 

What is a Professional Sports Bettor?

If you’re logging onto your favorite online sportsbook and placing a few bets every weekend, you are probably not a pro. But, all sports bettors have to start somewhere, right? 

A professional sports bettor is someone who makes a living betting on sports. That usually means doing intensive research, creating expert betting models, and in some cases, curating weekly picks for their fanbases. 

In most cases, the most high-profile professional sports betting icons have a solid grasp on bankroll management and use a specific betting system, such as arbitrage betting or middling, to amass their fortunes. Others have created perfect models that allow them to create double-digit team parlays or find value in overlooked markets. A keen eye for detail is crucial when a bettor wants to turn pro. 

The Top Pro Sports Bettors of All Time

We all know the names of the best NFL players to step onto the court or the greatest NFL icons to own the gridiron, but who are the top pro sports bettors of all time? Our experts have compiled the ultimate list of successful sports bettors and why you should know them!

Billy Walters

Billy Walters began his sports betting career at the age of nine when he took the money he made on his paper route and bet it on the New York Yankees to beat the Brooklyn Dodgers in the 1955 World Series. For some bettors, a loss on their first wager might have deterred them from starting a betting career, but Walters was hooked regardless of the Dodgers win in seven games. 

In the 1980s, Walters joined the Computer Group, which uses computers to analyze potential sports outcomes. Over the following 39 years, Walters had a 30-year winning streak and only tallied one losing year. Some of Walters’ biggest wins include a $3.5 million payout from the New Orleans Saints victory in Super Bowl XLIV and a $2.2 million win thanks to USC beating Michigan in the 2007 Rose Bowl. But College Football and the NFL bets are not how most sports fans may have heard of Walters. That would be thanks to his connection with one of the world’s best golfers.

In his memoir, “Gambler: Secrets From a Life at Risk,” Walters reveals that former PGA Tour legend Phil Mickelson bet more than $1 billion from 2010 to 2014, accruing losses of around $100 million. One of those instances was the 39th Ryder Cup, in which Mickelson called Walters hoping to place a $400,000 bet on the U.S. Team. The only problem with that wager is that Mickelson was on that U.S. Team, which eventually lost the Ryder Cup to Europe.

Steve Fezzik

A Chess Candidate Master, later a Fellow in the Society Of Actuaries, and the Vice President for a Major Los Angeles Insurance Company from 1995-2001, Steve Fezzik has quite the resume. However, the real crowning achievement in Fezzik’s career is being considered the best NFL sports betting tournament player in the world.

In the 1990s, Fezzik would spend his weekends betting on football in Nevada, eventually making more on Saturday and Sunday than at his regular 9-to-5. After a decade of interstate betting success, Fezzik moved to Las Vegas in 2001, quickly becoming a superstar, winning six major sports betting tournaments, totaling nearly $1 million over the next decade.

In two of those sports betting tournaments, the 2008 and 2009 Las Vegas Hilton SuperConest, Fezzik beat out 300+ entrants to win back-to-back titles in what is commonly referred to as the World Series of Sports Betting. To this day, Fezzik is the only two-time winner.

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Marco D’Angelo

While most professional bettors on our list got their start in sports betting, Marco D’Angelo earned a name for himself at the racetrack. Using his horse betting acumen, D’Angelo could easily pivot to sports betting, where he found great success. 

But that success didn’t come without some bumps along the way. Initially, D’Angelo failed to make a splash with his sports bets, leading him to create his own betting strategy. Using his percentage-based system, D’Angelo has become a font of betting knowledge for amateur bettors with a track record of success. 

Gadoon “Spanky” Kyrollos

From one high-stakes profession to another, Gadoon “Spanky” Kyrollos left a high-pressure Stock Market career for one in sports betting and never looked back. The Rutgers alum has since become one of the biggest names in the sports betting industry thanks partly to his website, SpankOdds.com. 

The idea was simple: create a website that crawls other sites with sportsbook odds and finds discrepancies. These discrepancies can then be used to help bettors place wagers on the best lines and also help understand what oddsmakers see in each contest. The idea is brilliant, and it helped launch Kyrollos into the stratosphere. “I always say I’m a computer scientist disguised as a sports bettor,” he said to the Las Vegas Review-Journal in 2023. “I’m all about building software to be able to make life easier, and Spank Odds is one of them.”

Kyrollos built his career and bankroll off two strategies: middling and arbitrage betting. Middling is a strategy where a bettor places bets on both sides of a game at different lines, creating the opportunity to cash in both wagers. Arbitrage betting, also known as scalping, is based on betting on both sides of a game at plus prices with different sportsbooks for guaranteed profit. The entire strategy is based on identifying the house edge by line shopping point spreads and then making your betting decisions by taking advantage of that research.

Teddy “Covers” Sevransky

Six years after graduating from the University of Michigan, Teddy Sevransky, better known as Teddy Covers, moved to Las Vegas to become a full-time sports bettor. While other professional bettors on this list may have kept a lot of their success private, Sevransky has been a prominent figure in the sports betting world, primarily through the media. 

Sevransky’s writing has been featured in the New York Times, Wall Street Journal, Washington Post, Boston Globe, Las Vegas Review-Journal, and Playboy magazine, while his TV highlights include CBS This Morning, CNBC, and PBS, to name a few. Bettors can also see Teddy Covers in action in the documentary “Life on the Line,” following Sevransky and other professional bettors maneuvering Las Vegas sportsbooks.

Sevransky is still an active pro bettor today. Teddy can be found selling picks to casual bettors on his website, where you can pay for more advanced advice, as well as offering odds analysis, shopping lines, and free picks on his YouTube channel.

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Haralabos “Bob” Voulgaris

The only professional sports bettor on our list who owns a Spanish soccer club, Haralabos “Bob” Voulgaris has one of the most interesting non-sports betting resumes. Born in Canada to Greek immigrants, Voulgaris rose to notoriety betting on a single sport: the NBA. That’s it. Nothing else. No college football, no PGA Tour, no March Madness. The NBA was Voulgaris’ forte.

After graduating college, Voulgaris placed a single bet that changed his life. Bob took his life savings, $70,000, and placed it on the Los Angeles Lakers to win the 1999/2000 NBA Championship. That bet would prove successful, and Voulgaris would cash in his bet slip for almost 500,000. Over a decade later, ESPN would call Voulgaris the World’s “Top NBA Gambler.”

A savant when it came to poker and NBA betting, Voulgaris’s intensive research and keen eye for invisible advantages caught the attention of NBA owner and billionaire Mark Cuban. In 2018, the Dallas Mavericks hired Voulgaris as Director of Quantitative Research and Development. However, his stint with the Mavs would only last so a few years as a rift with Luka Doncic would eventually lead to his departure from the franchise.

Ben Patz

Ben “Parlay” Patz has been in the headlines these past few years, but not for good reasons. The famed parlay builder, known for massive payouts on double-digit team parlays, got into hot water after threatening DMs were sent from Patz to players ranging from Pepperdine basketball players to Atlanta Braves team members. Patz would receive a sentence of 36 months probation and was barred from any sports betting activities. 

Patz is somewhat of a cautionary tale of how being a pro sports bettor is about the long game, not the short-term successes. While Patz may be well-known for the negative side of his betting activities, there’s hope that he can return to the industry and make a positive change. 

Jimmy “The Greek” Snyder

Jimmy “the Greek” Snyder made a name for himself as a betting analyst and a commentator on The NFL Today in the 1980s. Snyder started betting almost 40 years prior when he bet $10,000 on the 1948 presidential election. Snyder claims to have bet on Truman, who had 17-1 odds, all because of his opponent’s mustache. According to Snyder, Dewey didn’t stand a chance because “American women didn’t trust men with a mustache.”

As a TV commentator, Snyder made the NFL Today appointment TV, as his picks were always well-researched and had a fantastic success rate. In a way, Snyder is partially responsible for bringing sports betting analysis into the mainstream, using his platform to bring betting concepts to the masses.

The Best Celebrity Sports Bettors of All Time

While the aforementioned professionals are regarded as the best, they aren’t the most famous names you’ll hear in a sportsbook. That distinction belongs to the following group of stars who have made sports betting their second career after making millions as professional athletes. But does success in a sport always translate into success at a sportsbook? We’ve already taken a look at the winnings and losing of Phil Mickelson’s big bets, but which professional athletes attempted to become professional gamblers?

Floyd Mayweather

Floyd Mayweather made his name by going undefeated in the ring and by betting hundreds of millions of dollars on sports. After all, you don’t earn the nickname “Money” by losing bets. 

Mayweather’s bet slip has featured some big names across the years, both in the ring, on the court, and the field. The boxing legend has won multiple millions betting on the Super Bowl and college games, reportedly making $1 million on Marcus Mariota’s Oregon Ducks during a midseason Pac-12 college football meetup with the Arizona Wildcats. Mayweather has also been known to roll his winnings into other bets immediately. Mayweather once took his college basketball winnings from a successful March Madness run and put it onto a fighter he believed in. After all, if you’re acing your college basketball bets in March, you might as well ride the hot hand.

However, the one thing Mayweather has made the most money betting on? Himself. Floyd Mayweather has made upwards of $750 million betting on himself to win in the ring. 

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Michael Jordan

Michael Jordan’s love of gambling is well-documented. Air Jordan loved a good wager, whether it was during his career, on the golf course, or even in the Chicago Bulls’ locker room ahead of basketball games. 

In 1993, when rumors of his gambling became widespread, Jordan took to the airwaves in an interview with Ahmad Rashad and put himself on the record. According to his Airness, MJ didn’t have a gambling problem; he had a “competition problem.” That “competition problem” led Jordan to rack up a debt of $300,000 from wagers made on the golf course. 

In the documentary series, “The Last Dance” which chronicled Michael Jordan’s career with Chicago, as well as his foray into Major League Baseball and the final season of the Jordan Bulls, Michael can be seen “pitching pennies” with security guard John Michael Wozniak. Although Wozniak beat Jordan (and hit MJ’s iconic shrug pose too), it’s unclear whether or not Michael could win back his money in the end. It just goes to show that even the most successful bettors lose now and then!

Pete Rose

Shoeless Joe Jackson and Pete Rose are probably the two names most sports fans think of when it comes to betting on baseball. While Jackson was banned from the sport for life following the Black Sox Scandal that saw them throw the World Series, Rose lost even more once his betting allegations surfaced. 

Pete Rose, the all-time hit leader in MLB history, was banned for life after it was revealed that he regularly bet on games he managed. At the time of the MLB’s investigation, Rose denied betting on baseball but did admit to betting on horse racing, basketball, and football. The Dowd Report, which outlined MLB’s findings from their Rose investigation, found that admission to be untruthful. The report noted that Rose bet on 52 Reds games, with an average daily wager of $10,000. To Rose’s credit, the Dowd Report noted a lack of evidence that he bet against the Reds while managing them. 

In recent years, the public perception around Pete Rose’s lifetime ban has flipped, with more fans calling for his recognition. As for Rose’s role in the legal sports betting industry? He’s never been more involved. It was the Cincinnati Reds legend himself who placed the first legal sports bet in Ohio. 

Wayne Rooney

Only two men have scored more Premier League goals than Wayne Rooney. So it comes as no surprise that Rooney also loved scoring off the pitch, thanks to a love of sports betting. “I was a young lad who’d just come into a lot of money,” Rooney would say years after his United playing days were over. Noting a tone of free time with little else to do, Rooney would place bets from his hotel room over the phone. 

“It was easy to place bets by phone. It didn’t feel like real money,” the English legend said. “It wasn’t like I had to go into a bookie’s and put bets where there are limits.” 

Those early losses piled up and soon Rooney began emotively betting, something he now speaks out on. Rooney has taken part in multiple responsible gambling initiatives, even with sportsbook operators who were sponsors of the football clubs he played on! He may not have been our list’s most successful sports bettor, but he’s one of the biggest names.

Charles Barkley

Michael Jordan wasn’t the only NBA legend with a penchant for betting in the 1990s. Charles Barkley, the “Round Mound of Rebound” began betting on sports in the 1980s when he was a member of the Phoenix Suns. 

While we don’t know what his sport of choice was (his alma mater is well-known for its college football prowess), we do know that Barkley lost more than $1 million in a single day on multiple occasions. So, although he’s a professional sports analyst, this NBA star might not be a professional gambler from whom to take sports betting tips.

Professional Sports Betting Secrets and Tips

Each of the biggest sports bettors we’ve featured has their weapon of choice when determining their wagers. These tips and secrets don’t come easy, but they can lead to success once implemented. Here are a few sports betting tips and secrets our experts have extracted from researching our professional gambling icons.

Effective Bankroll Management

The best sports bettors understand that the only game that matters is the bankroll numbers game. Without a growing bankroll, bettors can assume they aren’t getting the wins they need from their bets. After all, if you’re breaking even you haven’t begun to start winning.

This is where bankroll management comes in. Knowing the precise amount to wager when placing bets to ensure your bankroll grows is something all of our pro bettors understand. It’s never about the game you’re betting on, it’s about making sure you’re money is growing with every win.

In-Depth Research Ahead of Time

If you’re a bettor who enjoys betting on one set of odds of one game with an offshore sportsbook, you’ll still be doing a fair amount of research ahead of time. But all sporting events have their own set of variables, and each one may contain a nugget of insight into how things will shake out.

The very basic idea of this concept is looking at a player or team’s home and away splits. Some basketball players play better with certain teammates or hit certain metrics when coming off the bench. Some teams cannot play in cold weather. This research can help you read a point spread better or lead you to better player props. This type of game information can be the difference between winning by one point or losing by 20.

Discipline and Separating Your Mind From Your Money

Week 5 in the NFL season shouldn’t feel like the Super Bowl to bettors. The key to keeping a clear head about the money you’re wagering and your betting strategy. Your research and strategy should lead your betting odds selection, not emotion. This is the main pitfall for bettors. If you want to become a pro, you need to come to terms with the fact that this is your livelihood and you’re self-employed, so you need to stay disciplined and keep your heart out of your bet slip.

Responsible Gambling

Betting on anything is obviously risky; even the pros know that. After all, not all of us have multi-million dollar contracts to fall back on. If your betting habits become overwhelming, know that you’re not alone and there are resources out there that can help. Responsible gambling is the key to a positive wagering experience!

We recommend contacting the National Problem Gambling Helpline at 1-800-GAMBLER if your betting gets out of hand. You can also find more information by visiting the official website or speaking to customer support at your preferred betting site!

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