Sports Betting Syndicates Explained
Syndicates are certainly an interesting piece of the sports betting landscape. The majority of sports bettors will act alone, doing their research, maybe subscribing to gambling picks service or reading content from their most trusted sports gambling advisers. Sports betting is not a full-time job for most people, so not everybody has the time to research for hours and hours to make the most informed wager possible.
But what if all of that was done in a group? That’s what a sports betting syndicate is. The syndicates will likely have in-depth models and formulas to determine where to invest their money before making their next bet. This could be a big business and potentially the way they make a living, so hours of research need to go into this for it to be a successful operation.
Sports betting is typically just a way to make a sporting event more entertaining than it otherwise would be. Not in this case. It could be a big deal and if the bets are not working, people are losing money and it can be an ugly outcome. However, if the bets are working and the syndicate is operating to its fullest, this could be an incredibly rewarding feeling making a few extra bucks with a friend or potentially earning a living betting on sports.
It sounds like an incredible life to even the casual sports bettors who like to place wagers just to have some fun. Let’s dive in and learn more about sports betting syndicates.
What is a sports betting syndicate?
A sports betting syndicate is when two or more people put their heads together in addition to their money and go in on sports betting. They pool their resources and wager on sports, spreading the winnings out to the group.
This can be as simple as you and a friend who enjoy watching sports together betting as a tandem. It could be as sophisticated as doing this full time and having the entire group operating as if it was an actual business.
Syndicates have their advantages and disadvantages, so there are plenty of factors to think about before deciding to form a sports betting syndicate, especially in the early stages of planning out your strategy as a sports bettor.
Are betting syndicates legal in Virginia?
Sports betting syndicate laws vary by location. There has been no ruling on sports betting syndicates in Virginia as the state has not officially launched sports betting yet. Be sure to research the law before investing your time into a sports betting syndicate.
One thing to note is even some of the popular sportsbooks in the U.S. will not allow sports betting syndicates to place wagers, though this is a difficult item to track down for sportsbooks. It’s important to familiarize yourself with the rules and regulations concerning betting syndicates no matter what type of betting you are getting into.
Why do people form betting syndicates?
Sports betting syndicates are formed for the simple purpose of gamblers deciding this is the best way to make a profit wagering on sports. Just adding a second person to your gambling world increases the time and money that can be spent on bets and research. Sometimes outside investors will hand in a decent amount of money to help the syndicate get going.
Members of the syndicate would likely try to identify their betting strategies and the niches they are most comfortable with. This could be one sport the group is passionate about, a lesser talked about event that may not have much action on it, or betting anything and everything depending on how large and knowledgeable the group is.
Outside of the investors who may not be a part of the actual wagers being made, everybody in the syndicate likely has shared responsibilities in addition to items they specialize in. One person could be constantly monitoring the odds and line movements and seeing where the advantage could be had. While they are doing that, another person in the group may be researching the next day’s games to find an edge.
Bettors likely understand their strengths and weaknesses, so it’s helpful to have people within the syndicate doing what they like to do, which would also help make this process less of a grind and more enjoyable for everyone. Some bettors are good with live betting and deciding how teams will perform in a particular half of play, while others may do well deciding how full games will play out in regards to the point total. Everybody could have their defined role and track how well each member has been performing and adjust.
Depending on how sophisticated the operation is, members of the syndicate can be stationed in front of their preferred device, analyzing all the line movement at multiple sportsbooks and finding the best numbers at the right time. If the betting public isn’t going the right way on something, that’s when the syndicate can pounce. Sports bettors likely aren’t using the same information the syndicate is, so that’s a valuable way for a syndicate to take advantage of inaccurate lines.
A common practice among sports betting syndicates would be using particular systems found by developing models and formulas that would rank teams against each other and find the most accurate number.
Another advantage of being part of a syndicate is being able to avoid reaching betting limits. Sportsbooks may have a limit on how much money can be wagered on a specific event but in this system, bets could come from multiple locations from people within the syndicate. Bettors can easily skate around betting limits.
Like we said earlier, a sports betting syndicate does not have to be a full-functioning operation where losses can be crucial and hours of research turn into a major loss of money a group of adults lose sleep over. It could just be a fun process to bet with a friend instead of going in on the action yourself. Sports betting is entertainment for most bettors.
Things to consider before starting a betting syndicate
In addition to whether or not it’s legal or if sportsbooks will allow it, there are plenty of items to look at before even considering starting a sports betting syndicate, so let’s break it all down.
The first item to consider is basic trust. Can you trust the person or people you are betting with, to be honest with you? If you know people in the group well, consider moments in life where they could be seen as untrustworthy even if it was outside of betting. This may seem a bit deep and detailed but especially if you’re planning on investing a large amount of money in this syndicate, it’s important to know whether you can trust the members of the group.
Determine how the payouts will work. Does everyone deserve an equal share? If somebody is putting in 70 hours a week researching and making money, should that person get more than somebody who spends significantly less time in the operation? That’s something that should be discussed before getting started.
This is a bit of an obvious one, but determine whether you are that great of a sports bettor. If you are new to sports betting and don’t have much experience, it’s probably not a great idea to go in on a sports betting syndicate, especially if it’s for big money on the line. Even for those who have plenty of gambling experience, if nobody in the group has found a winning strategy, it could be difficult to satisfy those inside of the syndicate including potential investors.
How to form a betting syndicate
There is no clear-cut way to go about this. It could be as simple as reaching out to a friend you know has an interest in sports betting. However, the most intense syndicates will treat sports betting as if it was their full-time job.
That’s about it. All you need is another person or people who have an interest in sports betting, good internet access, which could just be wherever you are living, and a desire to make some money betting on sports. Also, you should have a working betting system and the drive to evolve as a sports bettor as sportsbooks catch on to a particular betting strategy.
After the sports betting syndicate is started, it’s up to the members of the group to decide what happens next. Determine how much of a priority this syndicate is to your lives. Is it something where you will be spending the majority of your day working on it? Or will you be checking in and doing some research for just a few hours for the week?
As a group, decide what you all want out of the syndicate. Identify specific goals or what would make this a successful venture. Also, it might make sense to divvy out individual responsibilities to the group based on their strengths and weaknesses and the group’s intended betting volume.
A sports betting syndicate can be a profitable way to go if the members of the group have the time and dedication to make the smartest wagers possible. Putting the minds, money, and strategies together to make a bet with the most information possible is the reason sports betting syndicates exist. The group loses and wins money as a collective team, so the members are in this together. It can be a fun way to go for a few friends to go into sports betting as a group, while it could be a full-time job for others. It’s all about what sports bettors want to make out of their sports betting experience.