Sports betting is provably fair by itself - you can always verify the result by reading the news(if you missed the live stream of the event).
This should apply to sports-bettings that cannot change/control the outcome of matches/games bettors are betting on. ~
In other words, to all sports betting platforms that accept bets on main events rather than bets on a boxing match in the nearby village.
In many cases, yes, but not always. Let me give you an example. (...)
So, although it's true that luck plays a big part in sports betting, there are cases when info plays a bigger one.
The point to me is, how often do these cases happen?
Not often, that's for sure. But, on the other hand, no one is forcing you to bet often, in the first place. Also, considering that there are so many various events you can bet on, these cases might appear to be happening not that rare.
Right, and since we are talking about myths, let's bust another one.
They say "the house always wins", in a sense that you will eventually go bankrupt, but in reality it's not what the house edge is doing. The house edge is there to make all the gamblers, in total, on a betting platform lose a small part from their bets. Almost nobody is losing exactly the house edge after, say, 100 bets. One particular bettor can be either in profit or loss, and it is uncertain, how many bets it can take to lose everything to the house. It can take 20 years of constant betting, or 200 years, nobody knows.
I talked a little bit about this on another post, but this is the law of large numbers, a specific player will have a lot of variance on his results and it will take him a long time before his results line up with the EV but as the number of bets approaches infinity then we will see the EV line up with reality, this is how casinos make money, they are not mad if a particular player is turning out a profit on their platform, assuming they take 10k bets per day and the average house edge on their platform is 5% then they are bound to lose 47.5% of the time and win 52.5% of the time over the long term and even if they suffer from variance from time to time as well especially if a whale bets a lot of money on their casino and they happen to lose as long as their money management is responsible and their risk of bankruptcy is zero the law of large numbers assures them they will get their money back sooner or later.
Regarding the law of large numbers, consider the following. For most bettors, on average, 600-700 bets could be enough for getting pretty close to the EV. But if there are millions of bettors, there are also outliers, meaning that even after thousands of bets made, they are still far from the EV, either in a negative or positive way.
