Some call it a “crossword” but I call it a “crossword” because the three letters can actually be interchanged. To me, these three letters are about the nature of sports betting, money, and the business of sports.
Sports betting is the practice of buying and selling games of professional sports for a fixed money. This means that a particular team may be involved in a given game, but that team’s entire revenue will stay tied to that game. The money is fixed for a given game, meaning that if a team loses a game, that team is stuck with the loss. For a fixed money bet, the amount that you are willing to pay can be anything.
For the purposes of sports betting, “money” is made up of the fixed value of a game. We can’t be certain how much money is being spent in any given game, but let’s say it is several billion dollars. Because fixed game revenue is tied to that game, losing that game means losing that fixed amount of money. Because these bets are not tied to outcomes, they are not subject to human error.
Like most fixed games, when a team loses, it makes the fixed game revenue go up. But fixed game revenue is not subject to human error. Because it is tied to a fixed game, a loss means that your team’s fixed game revenue is gone. If a team wins, then that fixed game revenue will go back down and so the game becomes more valuable.
But like most sports, fixed games are not subject to human error. Because there is fixed money, it is the goal of the game to make it a success. A team’s fixed game revenue is always at the top of the list for determining how valuable a game is in the eyes of the competition. Anytime you lose money, it’s not because you made some mistake, it’s because you lost.
Sports betting can be a very fickle business. A game that has fixed game revenue is going to be more valuable to the teams that win, because the amount of money they can make off of it is bigger. But when teams lose the fixed game revenue, it is because they made a mistake.
I’ve never really understood how the revenue of sports gambling is tracked. It always seemed like that data was completely unverifiable and that it was just tossed into whatever database the league used. I’m still not entirely sure if games are being tracked at all. This is because it’s not entirely clear just what the various leagues and organizations are using to track money raised by the teams.
The best way to get a sense of where the money is going is to look at the leagues and organizations who are profiting from sports gambling. And that’s exactly what sports betting websites do. They track the money raised and the amounts each sports team is betting. So you can figure out which teams are winning and losing and which ones are making a profit. Then you can figure out how much you need to bet on their games to be profitable.
So how is sports betting going to impact people in the long-term? I mean the guys with the fancy cars and the women with the long silences and the big houses and the people with the long hours and the money that seems to be going to the teams? The gambling sites are just going to get bigger and the players just get worse. The more money that ends up on the field the more money that ends up in the pockets of the owners of these gambling firms.
The betting industry is currently being run largely by one guy, William Hill. Although in the beginning the companies were run by an assortment of individuals, they eventually came to be run by William Hill. Since then the betting companies have evolved into a sort of giant conglomerate of players, companies, and individuals who own teams each with their own board of directors who decide which players to keep and which players to sell.