Some people think that sports betting and casino gambling are pretty much the same thing. While there is some truth to that idea, there are plenty of differences. While there are some differences in terminology — talking about what you use to gamble, casinos like Stake, while a sportsbook is more likely to just talk about a bet — one of the biggest and most important differences is in the way that a casino and a sportbook have a kind of house edge. Let's take a look at it.
Casino house edge
With casinos, the house always wins. This is, basically, the only way that the business is going to make any money, after all. This advantage is usually expressed as a percentage, which represents the average profit the casino expects to make over time. However, things are a bit different depending on what game you are playing. For instance, someone with a grasp of strategy might find that blackjack has a house edge of 0.5 percent, while some slot machines can have an edge of over 15 percent.
Bookmakers' overround
On the other hand, sports books operate an overround, or vig. This means that, while the odds, often expressed as fractions, are what you get, so if you place £10 on a 2/1 winner, you'll get £20 in winnings plus your £10 stake, meaning you'll get £30 back. However, if you were to turn the fractions into percentages and add them all up, then you'd end up with more than 100 per cent. This figure is called the overround, and this is what helps bookmakers stay in business, even if a lot of hot favorites win. However, the overround varies from event to event and from bookmaker to bookmaker. At a casino, the house's edge is fixed, unlike with a sportsbook.
How the games differ
Casino games are, basically, all about luck. As we will explore later, some card games can be played strategically, but they still have a random factor that helps the house a great deal. With the likes of roulette or slot machines, though, it is down to pure chance whether you win or not. Sports betting is somewhat different. Yes, you can't control what happens on the pitch or on the track, but you can do your research and find out what you think is most likely to happen and how it compares with the overall odds being offered. This means there is a certain amount of skill involved in sports betting that you won't find in a casino.
Can you beat the edge?
While you can't ever quite beat a casino's edge, you can reduce it if you play some games strategically. Although card counting in blackjack is banned at most casinos, it is still perfectly legal to have a strategy and even make a note of it and keep it with you. This way, you can still opt out when things look tougher and get involved when you have more of a chance. With sportsbooks, though, you can, theoretically, beat the odds. For instance, with skill and discipline, you can shop around for the best odds and, in some cases, find markets where you know more than the bookies. This could, at least in theory, mean that you can find something to bet on where you know the odds are good and, with a bit of luck, you can exploit that. It is important to remember, though, that you need to do your research and gamble responsibly.