How to Avoid Sports Betting Scams
As legal sports betting emerges in a growing number of states, millions of new bettors are navigating the landscape. The anti-gambling stigma that dominated for decades is disappearing quickly, opening the door to a multibillion-dollar industry. But the legal sports betting world is not without its pitfalls, and some bettors have fallen prey to scams designed to take their money.
A good first step to avoiding scams is to open a bank account dedicated solely to placing bets. This accounts should be large enough to cover your maximum loss, and each bet you place should represent no more than 1% or 2% of your total bankroll (the starting amount of funds you have at your disposal to make bets).
Another key piece of advice is to shop around for the best line. Different sportsbooks have varying clienteles, and this can lead to differences in the lines they post for particular games. For example, one site may have the Cavs at -8, while another has them at -7.5. This extra half-point might not seem like much, but over time it can add up to a big difference in your winnings.
Finally, understand that sportsbooks are in the business to make money. They offer lines on every game, and they are designed to attract a certain type of bettor by offering them odds that reflect the likelihood that the bet will win. In fact, even if a team has a long-term losing streak, they will still turn a profit by accepting bets from the public.