Sports Betting: A Comprehensive Overview

Sports betting involves predicting sports outcomes and placing wagers on the results. Bettors place their wagers through bookmakers or sportsbooks, both legal and illegal.

Types of Sports Bets

There are various types of sports bets, including:

  • Moneyline bets (no spread or handicap)
  • Spread betting (assigns a point advantage or disadvantage to one team)
  • Total bets (over/under, wagering on total score)
  • Proposition bets (specific outcomes unrelated to the final score)
  • Parlays (multiple bets with higher payouts but requiring all bets to win)
  • Teasers (parlay with reduced odds and increased advantage to the bettor)

Bookmaking

Bookmakers act as market makers for sports wagers, maintaining a spread (vigorish) to ensure a profit regardless of the outcome.

Odds

Odds represent the probability of different outcomes. They are displayed in various formats: European (decimal), UK (fractional), and American (money line).

Legality

Sports betting regulations vary widely around the world. Some countries have legalized it, while others have strict prohibitions. In many places, bookmaking is regulated but not criminalized.

American Sports League Positions

  • NBA: Supports legalized sports betting
  • MLB: Advocates for a regulated sports betting framework
  • NFL: Remains opposed to sports betting, despite the move of the Oakland Raiders to Las Vegas
  • NHL: Has not taken a public position

Other Leagues and Governing Bodies

  • NCAA: Strictly bans sports betting for college athletes
  • Football Association (English): Bans football betting for individuals involved in the sport
  • World Baseball Softball Confederation: Bans betting for participants in WBSC events
  • International Cricket Council: Prohibits "corrupt conduct" by participants, including betting and match-fixing

Betting Scandals

  • 1919 World Series: White Sox players were bribed to fix the series
  • Pete Rose: Banned from baseball in 1989 for betting on games
  • Cronje Affair: Match-fixing in a cricket match between India and South Africa
  • Daniel Köllerer: Banned from tennis for life for attempting to fix matches

Machine Learning in Sports Betting

Machine learning models can make predictions on sports events based on vast amounts of data, offering accuracy comparable to domain experts.