One of the less-talked-about aspects of sports is betting. It’s a huge industry that millions of fans across the world indulge in daily across sports. Basketball betting is not as popular as betting on football or soccer, but it’s still quite large. And with the number of variables in the sport, there are a number of things that fans can bet on before every game.
One of the most popular things that fans like to bet on is the outcomes of playoff series. Most series have a favorite that is favored by the oddsmakers, and a team that is considered an underdog. The odds are decided according to the players a team has, their winning record during the regular season and other such variables.
NBA Fan Broke Down The Odds Since 1989 And Explained How Betting On All The Favored Teams Would Result In A $7.7K Loss
One of the most wonderful aspects of social media is that it gives fans the opportunity to do some research and come up with interesting stories of their own. One fan on Reddit researched all the odds for series from 1989 and assuming that someone placed a $1,000 bet, laid out some pretty interesting results.
“If you did a blind bet of $1000 on every playoff series favorite since 1989, you would be down $7705.93 (Betting all underdogs would put you down $124,950!).
“I used basketball reference’s listed odds (they don’t have 2022 complete so some of those are missing but there are 487 series total), I calculated what your losses would be if you put $1000 on every series favorite, or vice-versa. Turns out you lose a little or a lot depending on your preference. Obviously not a wise way to bet, but does highlight that sports betting is probably a losing proposition (*no way*). Some other things of note:
“Only 13/35 years does betting all-favorites yield a profit.
2008 at $4935 (Favorites won 14/15 series, only losing the finals)
1997 at $4410 (Favorites won 15/15 series and you still only win $4410 by risking $15,000)
Only 8/35 years does betting all-underdogs yield a profit.
2007 at $9450 – Carried by the $12,000 payout from Golden State beating Dallas
1994 at $7600 – Carried by the $14,000 payout from Denver beating Seattle.”
This is a really interesting thing to look at and it goes to show exactly how betting companies always come out ahead. It would take a really avid bettor to beat the odds and turn a consistent profit over many decades. Ultimately, the randomness of the NBA is what people love, and also what clearly keeps making profits for the betting companies.
