Sports Betting as a Hobby – What Players Should Look Out For

Anyone who has ever dealt with the subject of sports betting has probably asked themselves this question. Wouldn’t it be wonderful to watch soccer every day and read through specialist magazines? Who wouldn’t do all this just to be able to declare it as their job? But how realistic is this line of thought? Can you get rich from sports betting? Is it possible to earn a living from your own home with your beloved hobby? There are certain things that can help you figuring that out: Game-by-game analysis from 22Bet.

What to Keep in Mind

Sport keeps you fit and healthy. Sport draws crowds to the TV and the stadium. But sport can also entertain in a completely different way: with sports betting. An area that has grown in recent years – mainly due to the increasing presence of online sports betting providers.

In Germany, sports betting falls under the gambling and lottery regulations. Essentially, it involves betting money on the outcome of certain sporting events. The best-known area in which sports betting has been practiced for decades is horse racing. But bets can also be placed today on sports such as soccer, tennis, volleyball, handball and archery.

The Game of Chance

The basis of a sports bet is formed by different odds, which are set by special companies. Take soccer, for example: in addition to win, loss and draw, goal bets are also possible – a certain number of goals (winning goals, total number of goals, etc.).

There are basically two main types of odds today: fixed odds and variable odds.

Fixed odds remain the same and are not subject to change. An example of variable odds is live betting. Here, the odds change as the game progresses – depending on how the event develops. In principle, sports betting can be categorized into one of two groups. However, there are considerable differences between the individual sports in terms of the details – which result from the specific framework conditions.

Virtual Betting

By the way: interested parties can now not only bet on real sporting events. Some providers have developed virtual sports. These are not computer games, but virtual dog or horse races and soccer. This technical innovation shortens a championship to just a few hours – and allows ultra-fast betting. In this country, the market is still in its infancy. However, it could develop into a real driving force in the online betting sector.

Basically, sports betting is based on chance. The player has no way of influencing the outcome of the event. This strong emphasis on probabilities and statistical variables also explains the classification of sports betting within the legal framework.

More Risk Means a Bigger Margin

Those who are interested in betting usually do so for fun, but of course also hope to win big. Nevertheless, chance based on the principle of a coin toss is only one side of the coin. The results of sporting events are also influenced by who is competing against each other. For example, if the league leader in soccer plays against the last team in the table, there is a clear favorite.

The odds look accordingly. There are usually only betting odds close to 1 – around 1.04 – for the very clear favorite to win. This means that if you bet 100 euros, you will only receive a payout of 104 euros if they win. If you bet on the “underdog”, you are taking a higher risk, but in the event of a win, it pays off twice and three times over: If the odds here are 6.34, the win would be worth 634 euros. Betting providers (bookmakers) have developed systems with which they determine the probability of a certain match outcome. They set their odds according to these probabilities, whereby a certain margin is always added.

Please note: The bookmakers (also known as bookies) calculate individual odds for each event. It therefore pays off quickly if interested parties briefly compare the betting odds. As a passionate bettor, it can also be useful to develop a small system of probabilities for game outcomes yourself. This allows you to determine which odds are actually fair and which odds seem rather unfair compared to the probability.

The fact that the bookies calculate odds for each individual bet should be an indication to take a closer look at the statistics of the individual events. It is not only the development of the individual opponents over the last few weeks and months that plays a role here. It also pays to take a closer look at the most recent clashes and consider the points/goals ratio.

Strict Legal Regulations

The differences in betting odds are an aspect that every interested party should pay attention to. However, there are other reasons why sports betting and bookmakers need to be scrutinized. Gambling and lotteries are subject to very strict regulations in Germany and many other countries.

Due to the legally uncertain framework conditions – including the State Treaty on Gambling – a special case has arisen in Germany: Only in Schleswig-Holstein are licenses also issued to private betting providers. You should always check the provider’s license. This is the only way to find out whether the betting provider is subject to state regulation. The latter ensures that certain rules are observed when dealing with customers. What else is important?

• Bonus programs: At first glance, the bookmakers’ bonuses seem tempting. However, interested parties should not overlook the fact that they are backed by bonus conditions that stipulate minimum odds and turnover rules. Only those who can and want to meet these conditions should claim the bonuses.
• Customer service: Newcomers often ignore the support offered by online service providers. However, this is the only way to clarify questions about account management or bonuses. Features such as live chat and German-language customer service are ideal.
• Cashier area: There is no way around deposits. Today, e-wallets, credit cards and bank transfers are common payment methods. Anyone interested should take a close look at whether the bookie’s range is sufficient and whether withdrawals are really free of charge.