Sports betting is an area of business that has grown incredibly in the US over the last few years. There was always some sports betting allowed in a few states – and illegal gambling has always been around. But it was not until 2018 when the Supreme Court effectively handed over the legality issue to individual states that we saw the start of the boom. Much of that interest has been helped with the offers from the sportsbooks, such as the Bovada bonus for new customers.
Betting Skills That Can Be Applied to Business
Now over 30 states in the country have legalized sports betting, with many more trying to push through legislation. If you are unfamiliar with betting you may think that it is a complete game of chance and not worth the risk. But you might be interested to know that there are a number of betting skills that can be translated over into business and the boardroom. They could be useful, even if you never actually want to place a bet in your life.
Networking
One of the ways that bettors have always informed their sports wagers is by picking up tips. These might be from people in the know at sports teams, journalists, or just from other betting fans who know a little bit more. Taking all that knowledge and expertise can help with their own bets.
In the business world this is known as networking and is regarded as one of the basics for being successful. Knowing who to turn to – and having someone to turn to – to help with a deal or a project is seen as an attractive skill to possess. So it is definitely a factor in both betting and business circles.
Analysis
No one goes into a sportsbook, or logs into their online customer account, and blindly places a bet. Or, if they do, they are not going to be very successful in the long run. Doing your research is key to sports betting, as it gives you the chance to find the strengths and weaknesses of the participants and place your bet accordingly.
This analysis strength is also crucial to becoming successful in any business. Weighing up the strengths and weaknesses throughout a company is vital to the ongoing success. It is also useful when making competitor comparisons and planning for the future.
Risk-Taking
This is probably the main reason why some people may disagree with the comparisons between sports betting and running a business. But everything here is a series of decisions made on the likely risks. Gamblers may have a bad reputation for taking unnecessary risks. But the best ones make calculated risks.
Risk-taking is something that should be admired in business. Being courageous enough to make that next step will appeal to investors, as long as the risk can be backed up with evidence. No one is expecting you to go gung-ho into a business deal – but an element of risk is very worthwhile.
Organization
This is another factor that the uninformed may not immediately associate with sports betting. Gambling may be seen as reckless by some, and a pastime that can only end in ruin. But the most successful gamblers are probably more organized than most of the business people you know.
There are so many levels to organizing when it comes to sports betting. Whether it is archiving tips and statistics, or just being on top of when events are. The same skills are needed when it comes to running a business. Without organization there would be chaos – and that isn’t good for either betting or business.
Budgeting
Anyone who is used to filing tax returns will know that budgeting skills are highly sought after. Being able to look after the books, while making investments and paying on time is something that keeps a business going behind the scenes. Well, these skills are exactly the same when it comes to sports betting.
Some gamblers obviously get into financial trouble at times. But the vast majority know how much they can bet – and, more importantly, how much they can afford to lose. These budget skills are just as important for a sports bettor as they are for a tech start-up.
