A lot of people make a living betting on sports. But how do they do it? It’s hard work. It takes a lot of money to win enough to turn a profit. And even the biggest winners still live like regular people, with their own sets of problems.
It’s a good idea to start small, so you can build up a cushion when you lose. This will allow you to weather the early losses and keep betting, until you see some profits. A good rule of thumb is to risk no more than 1% to 5% of your bankroll on each bet. This will prevent you from chasing your losses, which can be very dangerous.
Keeping track of your bets is an essential part of sports betting. Pro sports bettors usually keep near-obsessive records, analyzing the data to see what they’re doing right and wrong. For example, if a certain team’s left-handed pitcher always loses, that’s a clue to avoid placing bets on them. It’s also important to stick to sports that you’re familiar with from a rules standpoint and to follow them closely regarding news. This will allow you to be more informed about betting lines and take advantage of any new information about players or coaches that could change them.
The decision to legalize sports betting has been driven primarily by state interest in maximizing taxable revenue. While some states have been slow to adopt legal sports betting, most have been quick to move in this direction since the Supreme Court struck down PASPA.
One of the most significant developments in sports betting was the NBA’s adoption of an official “Model Legislation” for states to use as a framework for their own sports wagering regulations. The model includes a recommended tax rate of 10% and allows for up to 40 retail sportsbooks, both in-person and online.
The NHL and PGA are currently working on their own models. All of the leagues’ top officials have endorsed the new approach, which focuses on sports integrity as well as a level playing field for both consumers and the industry. The model also gives the leagues an opportunity to regulate their own sportsbooks, as well as to create their own national sports gambling pools.
It’s a safe bet that, as the new year unfolds, the momentum behind legal sports betting will continue to grow. It’s a much better option than rampant, unregulated sports gambling in illicit markets, and it’s good for the leagues as well. While regulated sports betting won’t be perfect, it’s a big step in the right direction.