The inclusion of skateboarding in the Olympics has sparked a lot of debate, but it’s undeniable that it has brought a new level of excitement to the sport. One of the most intriguing developments is the rise of sportsbooks offering betting on skateboarding events. For those who enjoy a bit of risk, this opens up a new way to engage with the competitions, turning casual viewing into a more invested experience.
While gambling isn’t for everyone, we decided to delve into this world by speaking with a professional sports gambler. We wanted to understand how odds are calculated for skateboarding events, especially given the relatively new nature of competitive skateboarding on this scale. We also wanted to explore whether the gambling scene is as shady as movies and TV often portray it to be.
Skateboarder in action during Olympics
The Legality of Sports Betting in the US
The legality of sports betting in the United States is a complex patchwork. Like cannabis, some states have legalized it while others haven’t. As our expert explained, this can lead to absurd situations. For example, you might be able to play online poker up until a state border, where the app will abruptly shut down due to geolocation restrictions. However, the legal landscape is constantly evolving, and more states are embracing legalized sports betting.
Old-School Bookies Still Exist
Despite the rise of online sportsbooks, old-school, in-person bookies are still around. Many have been operating for decades, often relying on established relationships and word-of-mouth. Dealing with these bookies can be different from using legal online platforms. Unlike the legal options, where you have to deposit funds upfront, illegal bookies often operate on a credit system, allowing you to bet without immediately paying. This credit system can lead to trouble if you lose and can’t pay your debts, potentially involving payment plans and high interest rates. This is different from the legal gambling, where you have to front the cash.
Betting on Skateboarding: A Nascent Market
While there’s a market for betting on skateboarding, it’s not as established as markets for other sports. On platforms like Betfair, which allows buyers and sellers to match bets, there’s not much active participation in skateboarding events yet. The market is still very young, but as the sport gains more popularity and data, more action is expected. In comparison, a major soccer match can see millions of dollars exchanging hands.
Live Betting: A Growing Trend
Live betting, or betting during an event, has become increasingly popular in recent years. While some actions like free throws might be too quick, timeouts and pauses in play offer opportunities for live bets. For example, in tennis, every single point can be bet on, creating a dynamic and engaging betting experience for viewers.
How Odds Are Calculated
Bookmakers use past performance data to calculate odds. They analyze how skateboarders have performed in previous competitions against each other, using algorithms to generate the most accurate odds. However, with skateboarding being a relatively new addition to the Olympic scene, there’s not as much historical data available compared to other sports. As a result, many sites offer similar odds, often copying each other’s calculations.
Close up shot of skateboarding
Adjusting Odds Based on Betting Patterns
Bookies don’t just rely on past performances. They also adjust odds based on how people are betting. If a large number of bets come in for a specific skater, the bookies might cut those odds to reduce their risk. By monitoring betting patterns, they learn and tweak the odds to favor themselves.
Local biases can also affect the odds offered by certain sportsbooks. For instance, a Chicago-based sportsbook might offer slightly different odds for games involving Chicago teams compared to New York teams.
The Gambler’s Background
Our expert is a professional trader by day. He used to work on the trading floor in the 2000s before everything went digital, and during his 20s, he gambled professionally to pay his bills. Now sports betting is more of a hobby. He shares tips and insights on gambling markets on Australian sports radio, applying his trading experience to sports betting.
Cocaine on the Trading Floor
When asked about the prevalence of cocaine in the trading floor during the 80s, our expert only could speak on the 2000s. According to him, the 2000s had a ton of cocaine, with residue often found on the metal toilet paper holders in the bathroom stalls. While it was often used for partying, some used it as a functional tool. The bigger problem in his era was the abuse of pills such as Vicodin, which led to several people suffering kidney failures or needing rehab.
Skateboarder competing during Olympics
Traps in Gambling
While our expert doesn’t plan on betting on skateboarding at the Olympics, he’s always ready to bet when he thinks he has an edge. However, he’s cautious about traps set by the bookies. He explained that tempting odds can be set to draw in the average gambler, while still being unfavorable.
In events where there is not a clear winner, the odds are often in favor of the bookmakers. For instance, if a skater has a very low chance of winning, the bookies might list them at 50/1, even when they should be at 500/1. In the future, there could be head-to-head bets, which are bets between two specific competitors instead of betting on the winner of the whole event. This system is similar to betting on a football game where the odds are generally closer because there is an equal playing field. As skateboarding grows in popularity, these types of bets may become more available.
Traits of a Great Sports Gambler
The most important trait for a great sports gambler is discipline. This requires being logical, mathematical, and unemotional. A systematic approach is crucial. The gambler needs to focus on the numbers and odds, ignoring emotions and personal biases.
It’s also important to start with a specific bankroll and bet a small percentage of it. For example, if your bankroll is $1,000, you might bet 3%, or $30, on each event. As your bankroll grows, your bet amounts increase by the same percentage. Starting with an amount you are willing to lose is an important part of the game.
Skateboarder portrait with helmet
The Best Time to Bet
This year could be the most advantageous time to bet on skateboarding at the Olympics. Because the bookies have limited data for skateboarding, the odds could potentially be more favorable. By next year, they will have more data to make more accurate odds. Therefore, it’s good to take advantage of the uncertainty while you can.
Conclusion
The world of sports betting in skateboarding is a new and dynamic arena. While the legality and practices may seem complex, understanding the basics can allow you to make more informed decisions. If you’re planning to dive into betting on skateboarding, remember to be disciplined, logical, and always bet within your means. This year, with less data for the bookies, you may have an advantage.
Interview by: Ian Michna
