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Go big or go home: America’s multi-billion dollar sports betting business.
Super Bowl Sunday is the biggest sporting -- and betting -- event of the year. Despite the pandemic, bookkeepers are expecting wagers worth more than $4 billion this year. Since its expansion outside Nevada in 2018, the legal betting industry has ballooned, with New Jersey emerging as the biggest market in the country. Hari Sreenivasan reports on why, the odds are, the industry will keep growing.
Read the Full Transcript.
Hari Sreenivasan:
It's Super Bowl weekend, which means that in addition to two teams playing for the NFL championship, it's also the biggest betting event of the year. 23 million people will wager an estimated $4.3 billion dollars on the game according to industry estimates.
Betting has always been part of sports – legal or not, but since the expansion of legal sports betting outside of Nevada in 2018. It's suddenly much more visible.
Just over the Hudson River from New York City, at the Fanduel Sportsbook at the Meadowlands in New Jersey, capacity is limited to 35 percent as a COVID precaution. But that doesn't mean that it's not busy.
Andrew Kleiman:
We've done our best to create an environment where they're able to at least feel comfortable being in here and be socially distanced so I don't think the excitement is any different. I think, if anything, the excitement is more this year than it was last year.
Hari Sreenivasan:
Andrew Kleiman is the Senior Director of Operations for the sportsbook. It is the largest sports betting operation in the country, and part of the dramatic growth of the industry in New Jersey since becoming legal.
Last year, New Jersey sportsbooks took in nearly $400 million in revenue. It was nearly $100 million more than 2019, despite the pandemic. And it generated more than $50 million in state taxes.
Andrew Kleiman:
When we were able to open up, it almost was like a perfect storm where all the sports came back, and people actually wagered more than they did last year. So needless to say, it was a really good year for us.
Hari Sreenivasan:
The growth has also been driven by the fact that in New Jersey, you don't have to physically be here, you can just use your phone. In fact, more than 90 percent of the wagers in New Jersey are done online.
It's part of a huge change since New Jersey led the effort nationally to legalize sports gambling outside of Nevada. As Newshour Weekend reported back in 2015, boosters of sports betting in the Garden State had been pushing to legalize the practice for years. In central New Jersey one racetrack even preemptively built out this space in anticipation of the rules changing.
In May of 2018, the Supreme Court struck down a 1992 law that had prohibited it. and within months, New Jersey Governor Phil Murphy was placing a legal bet in that same sports book that had been built years earlier. Today, 20 states and Washington D.C. have legalized sports gambling in some form, with another 19 either considering legislation or working on regulations to actually start operations.
Chris Grove:
We're unlikely to see another expansion of gambling that occurs this rapidly for a generation, if not more.
Hari Sreenivasan:
Chris Grove is a partner at Eilers and Kreijek Gaming, an independent research firm that follows the industry.
Chris Grove:
I think that it's certainly possible that we could see the number of states where sports betting is available crest over 30 by the end of the year. Some of that increased interest in state legislatures does come from the budgetary pressures brought about by the global pandemic. But to be honest, much of that momentum was already existing in state capitals.
Hari Sreenivasan:
New Jersey, is currently the biggest market in the country with more than $6 billion in wagers in 2020. But Grove says this will change as the industry matures and more states legalize sports betting.
Chris Grove:
It is a temporary crown, unfortunately, for the good folks in the Garden State. Generally speaking, with some exceptions on the margins, the largest states from a sports betting revenue perspective are going to be the states with the largest populations.
Hari Sreenivasan:
Grove also says that the growth has come as media and sports leagues themselves have embraced gambling. Both ESPN and FS1 feature daily shows devoted to sports betting. Information on betting odds are now displayed on the ticker on networks like ESPN, and media companies and teams have official gambling partners, and feature betting content during games.
NBA Halftime show:
Right now the Nets are underdogs, getting six and a half points.
Chris Grove:
I think you're also going to see those partnerships continue to deepen and you are going to see increased integrations, whether it's some of the more subtle things, or more all-in integrations like like custom blocks of content that are gambling first and sports second. I don't think it's overstating it to use the word ubiquitous. I think you are going to see that kind of ubiquitous integration.
Hari Sreenivasan:
Grove believes it is in this area where we could see new regulation in the future.
Chris Grove:
I think it's going to be an interesting dialog between sports teams, leagues, betting operators, consumers and, of course, regulators who do have a history in the US of weighing in on what kind of advertising, in what context is appropriate.
Hari Sreenivasan:
Back in New Jersey, despite the availability of online betting, Andrew Kleiman says many people still prefer to place bets in person, which is the only way to use just cash.
While there's a lot of focus on who will win the game, Kleiman says keep an eye on the pregame coin toss: it's one of the most popular bets not related to the game's outcome..
Andrew Kleiman:
It's a 50-50 opportunity. And it's just one of those things that you sit there and you just hope for the best, but you also want your customers to win too.
Hari Sreenivasan:
And in case you're wondering, as of yesterday, the heavy favorite in terms of money wagered at least, was tails.


9 Books On Sports Betting You Should Read Before You Bet.
Online sports betting in the past decade has spread rapidly. As the demand for online betting grows rapidly so too does the need for information worldwide. Betting companies and bettors are ready to soak in as much information they can in order to help them understand the market thoroughly and hopefully turn in a profit.
You could easily read information online, but with a book, you’re guaranteed to receive advice and tips by proven professionals in the industry. We are looking at information that will truly be of use and will keep on being valuable throughout time. Alpha Sports betting has compiled a list of the top books worldwide on sports bettings. A book from an established author will guarantee advice and tips proven by professionals in the industry. Be sure to invest your time and in turn, you will surely turn in a profit.
‘Gambling Wizards’: Conversations with the World’s Greatest Gamblers’ By Richard Munchkin.
The book starts off by explaining how he made his way through college by playing backgammon for money. The book proceeds in describing his experience throughout his betting life, it includes a blackjack dealer, a Vegas pit boss and also a TV producer. One of his most well-known accomplishments is Gambling Wizards .
Along with Munchkin’s intuitive betting advice, his book also includes conversations with the one-time resident backgammon player at the Playboy Mansion, a consecutive WSOP champion and also an exclusive interview with a worldly renowned race bettor! Apart from this book offering better insight into the betting world it also presents invigorating candid conversations that are both educations and entertaining.
‘The Man with the $100,000 Breasts: and Other Gambling Stories’ by Michael Konik.
This book aims to offer the reader a glimpse into the truly unique world of betting. Konik perfectly chronicles the high roller, the debased gamblers and the sports betting hustlers in between.
From cover to cover this book is riddled with unbelievable stories of various high profile bettors and most importantly the paths they chose to get there. The author highlights betting tips for any level bettor and provides the reader with that competitive edge you’ve been looking for all along.
If you are looking to add a book to your sports library, which will surely be welcome when it comes to turning in a profit, this book is for you!
‘Fixed-Odds Sports Betting’ by Joseph Buchdahl.
Adopting a more formal tone, this book is not a light read. Take your time, and ingest everything that it has to offer. This book is intended for the more disciplined bettor and a staple for a sports betting enthusiast. Do not bother with this book if you are not an avid bettor, here you will get into the nitty-gritty of the subject.
Joseph Buchdal covers the concepts needed to build your sports betting foundation. He goes to extensive lengths to give you all the detail needed explaining a guide to staking, bankroll-building tips amongst other topics which you most probably won’t find anywhere else.
If your intent is to meticulously review your betting system whilst also maximising the power of your bankroll than a copy of Buchdal’s book is an easy decision. Find value in just about any sports market and implement the author’s tips in your daily bets.
This book also gives insight on prediction and how to go about it, so be sure to check it out!
‘Lay the Favourite’ by Beth Raymer.
Beth Raymer wrote this book after spending 4 consecutive years as pay and collect agent for a bookie.
This book is considered more of a memoir and through it, you will get a clear insight into the sports betting world which may come across to some people more like an abyss. If you are looking for a book dedicated to the more darker side of the sports betting industry than this book is just for you.
An interesting note, this book is the only book on this list that was later made into a film.
‘Mathletics’ by Wayne L. Winston.
Wayne L. Winston is a business professor by trade. He is an MIT – educated operations research specialist who also happens to be the producer of one of the most unparalleled sports betting texts yet to be written.
In his book, ‘Mathletics’, Winston provides the reader with a delightful yet educational read. As the title of the book suggests, the author applies mathematics into the betting game in order to increase your chances of winning. L. Winston wrote this book in a manner that can be understood by all, so don’t worry about not understanding because everything is explained thoroughly.
He reviews various sports such as baseball, basketball, football to explain maths concepts. Whether you happen to be a novice at betting or you’ve been betting for the past decade you will surely be grateful for Winston’s statistics and probability details.
The author also moves on to debunk various long-standing sports betting beliefs and the truth to debunk them all.
‘The Signal & the Noise’ by Nate Silver.
This books goes over and beyond betting. Nate Silver in his book writes his own history as the writer behind the popular blog ‘FiveThirtyEight’
‘The Signal & the Noise’ turns its attention on predictions but what’s different is that Silver backs up his explanations with actual real-life examples. This book is a recommended tool in your sports betting education.
This text is a smooth transition into concepts relating to probability and risk. He explains why it is so challenging to predict the outcomes of our bets. This should also be your go-to book for a thorough education about predictions in sports betting.
‘Sharp Sports Betting’ by Stanford Wong.
Amongst bettors and bookmakers, this book is regarded as a classic. This is unarguably a must-read for any bettor who is honestly willing to invest. This book is the sports betting bible, and upon reading it you will soon find out why.
It is long, and for some that may be disheartening but give it a chance. If you are familiar with the basics then you can skim past the first few chapters and get into the heavier stuff. This book covers everything there needs to be on sports betting.
‘ Conquering Risk: Attacking Vegas and Wall Street' by Elihu Feustel and George Howard.
This book has changed the game and the way we view sports betting. This is due to the successful strategies in the industry when it comes to conquering risk.
George Howard is a psychology professor and Elihu Feustel is a professional bettor and gambler hence you can expect that you are getting a detailed book written both from a psychological perspective and having them backed up by someone who is actually making a profit in betting.
This book might not be the best choice for beginners so we suggest starting with a different book if you are just starting out.
‘Mathematics in Games, Sports and Gambling' by Ronald J. Gould Review.
Similar to our previous mention regarding mathematics, this book applies theory to increase profits in games and sports. This book will reveal a lot about calculating statistics and probabilities of betting.
The writer claims that readers will only need to know the basics of algebra to understand the book. Some of the topics covered in the book are counting, distributions, discrete mathematics, data analysis, averages, combinatorics, bonuses, probability and others.
Ronald J. Gould writes in a very easy and flowing manner so understanding the book should not that much of a challenge. The writer uses examples from real-life situations in sports.
Final Words.
If you’re searching for a strategy, clearer betting insights or understanding the sports betting markets better, than these books on betting are sure to guide you through.
Grab a book and take a break, invest some time into research and you will reap the benefits quickly because you will start betting in a much smarter manner. These books offer advice unlike no other and they are backed up by the author’s reputations.
Undoubtedly there are several other books you could read about sports betting but one thing we’re sure of is that this list will most definitely give you that boost you might have been looking for all along.


Sports Betting Books.
Quotes Tagged “Sports Betting”
“BARRY GIFFORD, Author of "Wild at Heart", on DANGEROUS ODDS by Marisa Lankester:
"Marisa Lankester's unique chronicle of high crimes and low company is as wild a ride as any reader is likely to be taken on.
She was the lone woman in the eye of a predatory hurricane that blew across continents and devastated countless lives. That she survived is testament to her brains and bravery. The old-timers who invented violence as a second language contended that nothing is deadlier than the female, to cross her was to buck dangerous odds, and this book tells you why."
Film "Wild at Heart" won Palme D’Or at the Cannes Film Festival, Film by David Lynch” ― Barry Gifford.
“LAURA ATCHISON, Author of "What Would A Wise Woman Do?", on DANGEROUS ODDS by Marisa Lankester:
“Truth is always wilder than fiction. Hold on to your hats and enjoy this page turning look inside the world of sports betting from a good girl gone bad for love.” ― Laura Atchison.




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