22 Mar '13, 12am

March Madness tip: sports knowledge has no impact on sports betting success, study finds. (What a relief!)

Had the same experiment been repeated with regular season matches, where there's a much greater performance gradient between the best and worst teams, then we might have seen a different outcome. But in reality, no bookmaker is going to give you even odds in a match between Manchester United and Wigan. Betting is always arranged so that the statistically expected outcome of a bet is very close to its purchase price (*) -- and in that context, this study suggests that sports betting is no different from a lottery ticket. That's actually the main point of the study: to point out that pathological sports gamblers are fundamentally different from pathological casino gamblers, because they have the "illusion of control," and thus they need a different form of treatment.

Full article: http://www.runnersworld.com/fun/march-madness-pools-sport...

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