Compared to slot machines, sports betting is a game of skill – but how skilled is it?
According to a study cited Chicago Sun TimesThese days, the majority of sports bettors view it as a side hustle. “60% of respondents said they bet on sports to earn extra income,” the report said.
While this is the goal of bettors 6 out of 10, the report stated that another survey question showed that many bettors are unable to make it a success. The report stated that “75% of the respondents reported a tie”.
The survey appears to align with a late 2020 survey that asks a similar question.
a exploratory study A quantitative research from Whistle Wise Quantitative of 470 people between the ages of 21 and 34 found that 76% see sports gambling as a “form of entrepreneurship.”
Younger sports bettors seem more inclined to view sports betting as a game of skill. Gaming revenue information from the American gambling capital supports some of this.
Over the last 12 months in Nevada, casinos and sportsbooks have taken 4.8% of the handle in winnings. This percentage retention is the lowest among all the home casino offerings. (There is no poker retention.)
However, the perception of the long-term winning ability in sports betting is much higher than it actually is. Legal sports betting outside of Nevada only became a thing after the 2018 US Supreme Court ruling, so the long run hasn’t really reached for most American sports bettors.
Some appreciate it Only 3% of sports bettors profitable in the long run.