Handicapping, Sportsbooks and Profits - OH MY!
Do you like betting on Sports? If so, what do you like most today?
* The thrill of action and winning? * The ease of betting online from anywhere in world? * The potential to win substantial amounts of money?
All of these are part of fun. But of course, gambling isn't for everyone. For some it is against their beliefs, for others it is too powerful an addiction, and for others...well, you get idea.
But for those that can treat sports betting like investing in stock market, there are substantial benefits. You need a system. You need to do your homework. You need to realize it is not a get-rich-quick scheme, but rather a long-term investment of time, money, research, and experience.
But once a person decides to get involved, what should they do?
1. You should contact a lawyer about whether it is legal for you to engage in offshore betting where you live. This is often an overlooked step which can lead to big headaches later on. Don't forget to do this!
2. Set up an accounting system so you can report your winnings. You should always report your winnings, period. If you have gambling losses, make sure you report them separately from all other sources (including lottery losses).
3. If you have a proven, winning system at betting on sports then you have an edge. This makes you an advantage player. However, most people don't have this level of knowledge and experience, and should rely on somebody else at least in beginning that has done research beyond looking up sports scores in daily newspapers. These experts are known as handicappers. If you are just starting out, it may be worthwhile for you to seek one out, one you can trust. Odds are that if you just try doing it yourself, or, pick just any tout claiming to be a handicapper, you'll probably wind up losing all your money.
4. Actual betting is done using Sportsbooks, also known as books or bookmakers. As a personal aside, I recommend you don't call them bookies as it carries a connotation of illegality and won't get you into their best graces if you know what I mean. Picking a sportsbook you can trust is vital since you will be giving your money to them to make your bets for you, and you are relying on them to pay you your winnings.