I have never played sports betting so I will leave the answer to the first three questions out. For the last question, I believe common sense even without betting sports should make one to know that the two is very necessary. Players can disappoint sometimes no matter how much you believe in their ability. Small players have beaten bigger players before, so most times, it is still centered on luck. we cannot predict the future and we can only assume what would happen, but there is no strategy unless for you to just do your thing and leave the rest to luck.
But it is very difficult to say how much money is at stake in gambling. Now the betting market has become a global trade. Experts estimate, worldwide gambling benefits can reach tens of millions and even billions