Sports betting: what are the good and bad sides to it?

Well,I was having a chat with one of my very good friends,bright,a
business owner,who just added sports betting agency to his line of
business. He was telling me how I could start playing sports betting
with as little as a hundred bucks just for the fun of it like he does
sometimes. I didn't know he was marketing his new business at the time
until I saw his new shop complete with all the paraphernalia for that
sort of business by the next week after we had the discussion.

I've always had misgivings about any form of gambling cos of my
childhood frustration with promos by beverage companies which I'd
participated in actively then without really winning anything tangible
besides free drinks I readily found under the crown corks.

Sports betting is becoming increasingly popular around here such that
a lot of people are making it a means of livelihood, since there's
hardly a week that matches aren't played;I hear people are buying
cars,paying rent and even getting married from proceeds gotten from
it. This got me doing a little research on it to understand it better.

Today,gambling takes a variety of forms:
lotteries,casinos, sports betting, quick-stop gaming stands(video poker,
etc.),and perhaps the most prevalent type today, online or internet

Sports betting is the activity of predicting sports results and
placing a wager on the outcome. It is generally considered to be a
form of gambling.

Types of bets

 The many types of bets include:

▪ Straight Bets are wagers that are made against the spread. The
spread, or line, is a number assigned by the bookmakers which
handicaps one team and favors another. For example, in the NBA, when
two teams play each other, one is perceived as being more likely to
win. To attempt to make wagering on the underdog desirable, the
bookmaker will give them points. Before game 5 of the 2012 NBA Finals,
the Miami Heat were expected to beat the Oklahoma City Thunder. The
line read: Miami -3, Oklahoma City +3. To determine who wins against
the spread, the line is either added or subtracted from a team's final
score. In the above example, if the bettor chose Miami, he would
subtract 3 points from Miami's final score and compare that to
Oklahoma's final score. For him to win his bet, Miami would have to
win the game by 4 points or more. This is the most common type of bet
in sports.

▪ Proposition bets are wagers made on a very specific outcome of a
match. Examples include predicting the number of goals each team
scores in a handball match, betting whether a player will score in a
football game, or wagering that a baseball player on one team will
accumulate more hits than another player on the opposing team.

▪ Parlays involve multiple bets (usually up to 12) and will reward a
successful bettor with a large payout. For example, a bettor could
include four different wagers in a four-team parlay, whereby he is
wagering that all four bets will win. If any of the four bets fails to
cover, the bettor loses the parlay, but if all four bets win, the
bettor receives a substantially higher payout (usually 10-1 in the
case of a four-teamer) than if he made the four wagers separately.

▪ Progressive parlays. A progressive parlay involves multiple bets
(usually up to 12) and rewards successful bettors with a large payout,
though not as large as normal parlays. However in a progressive
parlay, unlike a regular parlay, a reduced payout will still be made
even should some of the bets lose.

▪ Teasers. A teaser allows the bettor to combine his bets on two or
more different games. The bettor can adjust the point spreads for the
two games, but must get all the games correct to win and recognizes a
lower return in comparison to parlays.

There are other types like if bets,Run line, puck line, or goal line
bets,Future wagers,Head-to-Head, Totalizators,2nd half bets and
In-play betting.

Bookmaking

The general role of the bookmaker is to function as a
market maker for sports wagers, most of which have a binary outcome: a
team either wins or loses. The bookmaker accepts both wagers, and
maintains a spread (the vigorish) which will ensure a profit
regardless of the outcome of the wager. Bookmakers usually hold an
11-10 advantage over their customers—for small wagers it is closer to
a 6-5 advantage—so the bookmaker will most likely survive over the
long term. Successful bookmakers must be able to withstand a large
short term loss. (Boyd, 1981)

Odds

Odds for different outcomes in single bet are presented either in
European format (decimal odds), UK format (fractional odds), or
American format (moneyline odds). European format (decimal odds) are
favored in continental Europe, Canada, and Australia. They are the
ratio of the full payout to the stake, in a decimal format. Decimal
odds of 2.00 are an even bet. UK format (fractional odds) are favored
by British bookmakers. They are the ratio of the amount won to the
stake. Fractional odds of 1/1 are an even bet. US format odds are
favored in the United States. They are the amount won on a 100 stake
when positive and the stake needed to win 100 when negative.

The subject of gambling is multi-faceted and
something that has opposing views even among Christians. On one side
of the fence,there are
those who argue that it is only a game and,like anything else (eating,
drinking, etc.),it is acceptable as long as it does not become controlling
or addicting. On the other side are believers who argue that gambling on
any level is morally wrong. Though the scriptures are not quite clear
on gambling but a few verses tend to show some disapproval for it.
Scripture makes it clear that money is to be gained through work and
labor: "In all toil there is profit,but mere talk tends only to
poverty" (Proverbs
14:23 and "Whoever works
his land will have plenty of bread,but he who follows worthless pursuits
will have plenty of poverty" (Proverbs 28:19)

First,gambling betrays the following
internal attitudes:

• Materialism
• Greed
• Discontent
• Reliance on chance vs. reliance on God's providence
• Exploitation
• Laziness vs. working
• Thwarting of charity
• Seeking to gain from the loss of others

Second, from a philosophical perspective, gambling shows itself to be
devoid of value and worth. Philosophically speaking,the nature of any
"thing" can be known by the effects it produces. From an internal, personal
standpoint, the attributes above show that gambling results in very poor
personal effects. Externally,gambling shows itself to be no better,
producing the following effects:

• Addiction
• Poverty
• Crime
• Dishonesty
• Family strife and divorce
• Escape into alcoholism
• Exploitation of the poor

When both its external and internal effects are examined, it is impossible
to avoid the conclusion that gambling demonstrates itself to be spiritually
bankrupt.

In conclusion,my friend tried to justify sports betting as he claimed
it has reduced crime in a way since many now take to it rather than
other dangerous ways of eking a living,but studies show gambling is
addictive and mostly done by people who can ill afford to be involved
in it as it leads to further financial difficulties over
time,besides,most people who engaged in it can hardly manage the
fortunes derived from it to create greater wealth. You can share your
thoughts on the subject.