Only a select few sharps in the world can say that they have made millions of dollars over their lifetime betting on sports. A large number however can say the opposite that they lost millions to the sportsbooks and to their bookies over their lifetime.
Finding the right sportsbook to place your bets at are almost as important as the wagers that you place. The reason for this is that the majority of sportsbooks located in Casinos are legitimate and are able to make the pay outs to you after the game or match has been finalized and made official.
There are however instances where big hits for millions of dollars have been made both in person and at offshore sportsbooks and the risk manager did not lay off the risk and the book became defunct or defaulted on the payment.
This is not as big of a risk today in 2015-2016 but this was once an issue for big time sharps who made millions betting. One of the most famous sports bettors in the world is Billy Walters a home grown Kentucky boy who ventured out west to Las Vegas, Nevada and started the computer group to simulate odds and find inefficiencies in the sports betting market similar to how inefficiencies are found in the stock market. Once something called Delta is found then the bettor takes on the risk of placing the wager until the line moves out of favor. Another famous but reclusive sports bettor who has done the same over the course of the years is Jonathon Price a professional sports bettor from Sports Information Traders uses Delta and other modern day technologies to practically spy on the competition (the sportsbooks) to gain that extra edge and beat out the competition of both the bettors on the other side as well as the sportsbooks.
Modern day betting has changed drastically from the old back room alley days. There is a documentary coming out that will have a Hawaiian guy who calls himself Its Vegas Dave who gives out free picks on Instagram. The days of sports betting is also evolving with Cantor Gaming who runs both Las Vegas sportsbooks and now the Atlantis Sportsbook in the Bahamas using cloud technologies to link books together all over the world. On top of that Cantor recently was approved by the state of Nevada to allow a Sports Betting Hedge Fund in Nevada which they will control both sides.
The future is bright for sports betting and many will win and more will lose over the long run. The William Hills, Paddy Powers, Bovada.lv, and BETUS offshore books of the world stand to all turn large profits while bettors try their best to beat them year in and year out.