Football betting is a huge and growing global industry that moves billions of dollars each year. Online betting sites like Covers.com provides a platform where one can place bets on NFL Odds, football odds or Super Bowl odds. This worldwide phenomenon has much of its trading carried out on the illegal markets in Asia, with the large sums wagered bringing with it the match-fixing threat.
How much is this industry worth?
According to Darren Small- the director of integrity at the betting and sports data analysis Sportsradar, the current situations, including both the legal and illegal markets, show that the sports betting industry is worth between $700bn and $1tn a year. About 70% of the trade has been said to come from betting on football. Sportsradar monitors betting on close to 55,000 matches a year, while running algorithms that cover 350 global bookmakers in order to detect suspicious betting patterns. An alarm is raised with close to 1% of fixtures being monitored.
Spread betting is one of the many kinds of wagering on an outcome of a match where the pay-off is established depending on the wager’s accuracy, rather than a simple “lose or win” outcome, like money-line or fixed odds betting of pari-mutuel betting. A spread refers to the range of outcomes while the bet is whether that outcome will be below or above the spread. During recent years, spread betting has been among the major growth markets in the UK, with close to one million gamblers. Spread betting aims at creating an active market for the two sides of the binary wager even when the outcome of a match may seem to be undoubtedly biased towards one side. In a sporting event, there could be a match between a strong team and a historically weaker one; this happens in almost every game where there is the favorite and the underdog. In the event that the wager is just “Will the favorite win?” Then people are more likely to make most bets for the favorite, with the possibility that very few betters will be willing to bet for the underdog.
Since the intention of the spread is to create equal numbers of wagers for both sides, the suggested probability is 50% for each side of the wager. To make a profit, the bookmaker has to pay one or both sides, less than the notional amount. In practice, spread betting may be perceived as somehow favoring one side. Therefore, bookmakers often have to revise their odds in order to control their event risk.