With NFL football back in action and college basketball set to kick off in a few weeks, sportsbooks are readying themselves for the busiest time of the year. But there are several problems that can pop up during this busy season, and if bettors aren’t careful, they could lose money.
The first problem is that bettors can be lured into placing bets with inflated odds. These odds are often offered to attract new customers, but they can lead to huge losses for bettors. In order to avoid these losses, bettors should understand how betting odds are calculated. Betting odds are the ratios that a sportsbook uses to determine the probability of winning or losing a bet. Odds are usually displayed in decimal form, and they are typically represented as a team, spread, Moneyline, or total.
Another problem is that bettors can get confused by the different types of betting markets. For example, some sportsbooks will offer prop bets and futures bets in addition to standard wagering. However, bettors should note that futures bets are generally less likely to win than standard bets. This is because futures bets are based on the performance of an individual or group of individuals over a long period of time, and can be very risky.
Sportsbet has been in the news for some of its controversial advertising. In 2017, for instance, it ran an ad featuring Canadian sprinter Ben Johnson that was banned because it jokingly referred to the use of performance enhancing drugs in sport. Another controversy was caused by an ad featuring tennis player Nick Kyrgios at the 2018 Australian Open. That ad was also banned after the advertising standards board ruled it inappropriate because of its reference to doping.
In spite of these issues, Sportsbet remains one of Australia’s largest bookmakers. Its financial results show that it continues to grow, despite the challenges faced by the industry. In 2023, it reported an underlying profit of AU$215 million, with revenues of AU$740 million. The company’s growth was driven by its same game multi tracker product and by expansion of its social betting site Bet With Mates. It also introduced a number of responsible gambling initiatives, including the ability to self-exclude from its products. In addition, it helped establish the independent peak body for online wagering, Responsible Wagering Australia.