Spectators now wager tens of billions of dollars each year on sports they once watched with little or no financial interest. The boom in sports betting has transformed professional and college sports and created a new breed of gamblers. Many of them have been lured into the world of gambling by online and mobile apps that make it easier than ever to place bets. The increase in betting has also led to a dramatic jump in inquiries at the National Problem Gambling Helpline Network. Vin Bickler, who answers the phone at the Council on Compulsive Gambling of New Jersey, says calls to the help line have jumped by more than 45% over the past three years.
The entrepreneur behind the sportsbet brand is Matthew Tripp, who made a fortune by anticipating and facilitating a massive boom in online, phone, and app-based sports betting. He founded BetEasy, which was acquired by Crown Resorts in 2014 and re-branded as CrownBet. Tripp departed the company last year, selling his final stake for a reported AU$151 million.
Sportsbet is Australia’s biggest online bookmaker, but not because they have the best odds or treat their punters well. They’re big because they offer lots of gimmicky features and have a huge marketing budget.
In a competitive market, it’s important to shop around for the best odds and lines on your bets. This is called “line shopping,” and it’s one of the most effective ways to maximise your ROI. To do this, simply compare the odds and lines available at various sportsbooks.
A few things to keep in mind when betting on sports is that the more likely a bet is to win, the less money it will pay out. The payout on a bet is calculated by multiplying the implied probability of winning by the total amount wagered, and then subtracting the house edge. This calculation gives you a true picture of how much money can be won or lost on a particular bet, and how the sportsbook makes its money.
Sports bets can be placed on a single team or multiple teams, in individual games or as part of a round robin. The most popular bets are on the point spread, where the favored team must win by a certain number of points to cover the spread. This is usually offered at 11 to 10 odds, meaning that a $11 bet will win you $10.
Sportsbet offers a wide variety of racing and sports markets, including local and international horse racing and more than 1000 sporting events from all around the world. Its website is user friendly, with a straightforward three-column layout with sports listed on the left, markets and odds in the centre and the betting slip on the right. Sportsbet also has a unique group betting feature, where customers can invite their mates and bet together with the same account. They can even use emoji reactions to create an immersive social betting experience whether they are together or apart.