Every year sports fans wager thousands of dollars on their favorite sports. The global sports betting industry is today worth 203 billion US dollars.
And while figures like this look extremely healthy, there is good reason to believe that golf is an untapped market.
The History of Golf and Betting
The precise origins of the game of golf are indistinct, but it is generally accepted that it was first recorded in Scotland in the Middle Ages.
Much of its early success and growth can be put down King James IV of Scotland, who was known as the first golfing monarch.
The first 18-hole course was constructed at St Andrews in 1764, presenting a newly organized game with its own rules and regulations.
As the popularity of the game spread first down to England, and then throughout the British Empire, gold became a global sport.
Golf and gambling became formerly intertwined by the end of the 19th Century, when prize money was made available from gate attendances.
Nowadays the golf betting market is expanding every year. Recent developments such as every shot in major tournaments being digitally captured have made the sport more appealing to place a bet on.
Whereas in the pastbets might have only taken place near the end of a tournament, now there is interest at every stage.
In effect, this combination of golf and modern technology has provided a boost for the sport’s position in the betting market.
How the golf betting market works
Big golf competitions such as the Masters provide plenty of scope for those keen on placing a wager on the action. There are several factors to take into account when analyzing US masters betting.
Firstly, anyone looking to place a bet on the competition should learn how the tournament is organized. For example, the Masters is one of the four major golfing championships and each year includes 90 – 100 players.
To get to know the likelihood of any of these players having a good run in the tournament or even taking the main prize, it is a good idea to study the formbook. Player’s recent appearances will give a reasonable indication of how well they might do.
Stats such as scoring average and drive accuracy provide useful information for those new to betting on golf. This can provide clues as to how well each player is performing and how likely they will be to win.
A gambling strategy of putting money on a favorite, a middle ranker, and an underdog is a good strategy to take. Careful analysis of the stats offers this up as a potentially profitable approach.
Golf’s potential for growth
Golf has recently begun to seek out new opportunities for growth in the betting sector. A key way it has started to do this is via advertising deals and contracts.
Sponsorship from sports betting companies can be advantages for both commercial business and the growth of smallertournaments.
The Irish Open recently experienced the benefits of commercial sponsorship by boosting a flagging prize pot of £1.5 million to £6.5 million. This is evidence of how advertising deals can help out the sport expand.
Big competitions such as the Masters generally attract more fans keen to make a bet on the action. Placing a wager on the tournament as it is played is a popular way to feel engaged with the game.
As more casual fans watch the competition, the potential betting money will go up. This will have an impact on how much money is at stake overall.
Tips for betting on golf
Golf is such an intriguing sport for gambling preciselybecausethere is so much data available about each player and each stroke. As the bigger tournaments become even more equipped with digital camera capture, the fan can make ever more informed decisions about their wagers.
Some of this information and tech is filtering down to the mini-tour market which operates on a much smaller level than the major competitions. The previously untapped market of the mini-tour has recently seen a profitable upswing in the amount of money bet on it.
This has been partly explained by fans having a familiarity with players and form, as there is more continuity in these smaller tournaments.
It is also often more appealing to golf fans who do not consider themselves gambling experts, rather fans who enjoy a casual bet.
The future of gambling and golf
On the other side of the coin, the major golfing tournaments are sure to continue to raise millions in advertising, exposure and licensing deals. Players keen on studying the minutiae of statistics and form have great opportunities to make the most of the game and a bet.
Live betting, or in-play betting, is another factor that could raise the profile of gambling and golf even higher. This is a type of betting where the odds for different propositions, or prop bets, change throughout a round or tournament.
The golf fan has to pay strict attention to the game as the action unfolds, often making a new bet on the spur of the moment in reaction to a new incident.
Golf has the potential to grow even more withing the betting market. As technology allows the sport to become ever more accessible in both major and mini-tours, it should go from strength to strength.