10 Sports Betting Myths That You Should Immediately Forget

Las Vegas

Photo: Flickr Ashtynn Renee

Like anything that’s been around for hundreds of years, sports betting has a lot of conventional wisdom.But things are starting to change.

Sports betting is starting to creep into the mainstream, with more players betting online and more journalists willing to report about it.

As a result, some of these time-honored assumptions about gambling on sports are starting to fall apart.

You're doing something wrong

The stigma surrounding sports betting is eroding fast.

The internet has increased accessibility, giving gambling more exposure and making the street-corner bookie unnecessary.

Heck, even the editor in chief of ESPN The Magazine is a gambling writer.

The betting stops once the game begins

This was the case until recently.

But companies like Cantor Gaming are starting to post in-game lines.

This makes betting more like the stock market.

Why would you ONLY be allowed to buy and sell stocks before the opening bell? In-game betting lets you hedge and navigate your way to cash.

The NFL is the best sport to bet

It's the most popular and the most fun, but not the best.

Sports like college football and basketball have so many teams that the odds of Vegas making a mistake are way higher than the NFL.

If you know your stuff, you can grab value there.

Lines are DESIGNED to be right around where the final score ends up.

So so-called 'bad beats' aren't bad luck as much as they are a part of the game.

Teasers are for amateurs

Teasers -- where you bet on multiple teams but get to add points to their point spreads -- are often viewed as a sucker bet.

But if you do it smart (by teasing a line of over a touchdown to under a field goal, for example), it can be worth it.

Plus it's one of the most fun bets to follow on a Sunday.

Public money moves lines

On a recent podcast, ESPN The Mag editor in chief Chad Millman held a pretty interesting debate on this.

His theory: the public has gotten smart enough that wiseguy money is the only real thing that can push the line around.

You should wait until you have all available information before you make an NFL bet

Yes, things like injuries and weather are super important to making a bet.

But betting on NFL games early in the week gives players the best value.

Buying numbers before the wiseguys come in and move the line can be the difference between winning and losing.

Lines are dictated by the market, not by the teams themselves

Yes, lots of public and wiseguy money can move the line.

But consider the fact that college football favourites were 129-128-5 against the spread as of last week.

That means these lines are being set right where the final scores end up.

Suckers bet the over

This is true as a general rule.

But football is changing. Receivers have more leeway and passing has become the dominant form of offence.

That means (for the time being), betting the over is not completely out of the question.

Volume betting makes you a degenerate

The best bettors cash their bets maybe 55% of the time.

So betting early and often is the best way to turn a significant profit.

Obviously gambling addiction is a series issue, but if you know what you're doing and are in control of your betting, making a high volume of bets is a good strategy.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.