The Game Day, an online entertainment network focused on North American sports and sports betting, has run various simulations and compiled research that shows how sports wagering, if done responsibly, can be a low cost pursuit.
The key statistic to emerge from the study is that sports betting as entertainment can cost roughly the same (over time) as a Netflix subscription or similar monthly cost.
Said the firm: “As US sports betting reaches new markets, bettors are turning to sportsbooks as a new form of entertainment, and the ongoing cost of the hobby is lower than it may first appear.”
The Game Day’s analysis features various simulations, each showcasing a different $300 monthly betting strategy involving different betting sizes. The findings tell an interesting story. Namely, sports betting as a form of entertainment can cost roughly $13 per month, provided bettors stick to point spreads and specific wager amounts.
In one simulation, placing 20 individual point spread wagers at $15 apiece revealed that most bettors can expect to lose only $13.64 per month. Increasing the bet predictably increases the risk, and also the reward. One simulation saw bettors placing 10 bets at $30 each. 17% of bettors lost $128 or more, but a separate 17% won $100 or more.
A simulation comprising smaller bet units yielded equally intriguing results. Placing 30 $10 bets revealed that 42.6% of bettors were profitable, while only 4.81% lost more than $100. 93% of bettors, meanwhile, netted between $81.82 and -$90.
Overall, The Game Day’s simulations support the claim that a smart, consistent betting strategy with consistent units wagered upfront roughly equates to the cost of a monthly streaming service subscription and can be significantly cheaper than a gym membership.
Kevin Davis, Betting Analyst at The Game Day, said: “Most US residents don’t think twice about paying $13 for Netflix, Hulu, Disney+ or any other streaming service. But the possible cost of sports betting can be a barrier to entry.
“Our simulations reveal that over time and with a smart betting strategy, sportsbooks offer a relatively cheap entertainment channel. Take a look at our suggestions on how you can limit your losses with a small bankroll.”