Basic Principles Every Bettor Should Know

The goal of each bookmaker is to make a profit. Contrary to popular belief, the income of such a company depends not only on the number of won and lost bets, but also on correctly placed odds, margins, additional functions. To understand how bookmakers work, you should familiarize yourself with the basic principles of the gambling business.

What are bookmaker shops?

A betting shop – a gambling establishment whose function is to accept bets. The bookmaker estimates the probability of an outcome, calculates and sets the odds. The player bets on predetermined odds. If the bet is played, the bookmaker pays the player the amount of the bet multiplied by the odds.

Before you start working with specific sports, you should familiarize yourself with what bookmakers are. All shops can be divided into two groups: operating in online and offline modes. Each type has its pros and cons.

Online bookmakers work in the global network. The main advantage of such shops is time saving and convenience. To place a bet, just open the site from any available gadget or computer and make a bet with a few mouse clicks. Odds in online shops are often higher than in “booths”. This is facilitated by high competition: the player can have accounts in several bookmaker companies. You can play arbs online and bet in real time.

There are some advantages to offline bookmakers. So, in the shop, the player always deals with a live person. In the case of a dishonest game, improper calculation of odds or other problems, this person can always be sued. An online bookmaker can block a player’s account or cut a maximum only because of suspicion of playing arbs or because winnings are too high. Another advantage of the offline bookmaker is that there are very few thoughtless bets. To make a bet online, you do not even need to leave the table: just a few mouse clicks. Before visiting the shop of the player, the player has time to think and, possibly, change the decision.

Regardless of whether the player prefers to bet online or offline, he always plays against the bookmaker and knows in advance how much he can win from each bet. Some players prefer betting exchanges. The main difference between totalisators and betting exchanges from classic bookmakers is that their organizer does not act as a participant in the transaction, but only provides a platform. On the betting exchange, players play against each other; on the totalizator, the win depends on the total number of bets made and the correct outcomes.

The principle of the bookmaker

The principle of operation of the betting shop is based on a mathematical model that allows the calculation of the probability odds of different outcomes so that the bookmaker has great chances of profit. Ideally, the bookmaker has a profit, regardless of the outcome.

What to look for in betting shops?

First of all, betting shop – a line of events on which players can bet. Depending on the size of the shop line can include from several tens to several thousand events. Here one more nuance should be taken into account: not a single betting shop can hold an individual specialist in the staff of each of the existing sports.

Each event has several possible outcomes. The exact number of outcomes depends on the sport, match status, etc. There are main outcomes for which bets can be made at any betting shop, and additional. For example, in football, you can bet on the victory of one of the two teams, on a draw, on a victory with a handicap, on a total match or half-time. The additional bets, the number of which for individual matches can reach up to a thousand, include bets on statistics, on the author of a goal, on an event that will occur or not happen in a selected period of time.

Player profit depends on the ratio. Each shop calculates odds in its own way. Some work with such odds, calculate the likelihood of an event, make a forecast and derive the odds. In other shops there is no staff of analysts. Their betting line is based on the forecasts of the largest international bookmakers, who put out their line before other companies.

The principle of forming the odds can be disassembled on the classic example with a coin. Each coin has two sides – obverse and reverse. The chances of one side falling out are 50/50. In theory, with equal chances, the odds should be equal to 2.0: if you win, the bet amount doubles, if you lose, it goes into the income of the BS. In practice, each bookmaker takes margins into account when forming odds and slightly understates performance. Taking into account the margin, the odds in the coin example would be 1.88-1.93. Accordingly, with a bet of one hundred dollars, the player would receive a win of $90, and a bookmaker – a profit of $10.

How do bookmakers earn?

The main source of earnings of the betting shop is margin. To the “pure” odds, calculated on the basis of the statistical probability of a particular result, the bookmaker’s commission, or margin, is added. As a result, markets in excess of 100% are created.

Example of calculating the bookmaker margin

Suppose we have two players who are betting $100 on equal odds of 1.96. Bookmaker margin in this case is 2%. The odds 1.96 corresponds to 51% probability. Both events add up to 51% + 51% = 102%. Excess of the market in the amount of 2% – this is the commission of the betting shop. In fact, this means that if one player wins and the other loses, then the bookmaker takes the money of the loser player and transfers it to the winner, minus a commission of $4. As a result, the winning player receives a refund of the bet + 96 dollars of profit, the loser is left with nothing, the bookmaker receives a four dollar commission.

Most bookmakers work with a margin of 8-10 percent. And many professional players make up to a thousand bets per period. This greatly increases the profit of BS.

There are certain risks. At any time, an outsider can beat a definite favorite, and the bookmaker will have to pay winnings in two-digit odds. However, few win on outsiders, and they rarely win.

Good bookmaker receives earnings at express bets. Among the beginners and experienced betters there have always been a lot of express-lovers who bet on 5-7-10 matches at the same time. In theory, if at least one such bet plays, it can compensate for several losers. In practice, if at least one of the outcomes that make up the express is incorrect, the entire amount of the bet goes into the income of the betting shop.

Why bookmakers give bonuses?

In order to attract customers, most bookmakers offer to use bonuses. Some are limited to the standard welcome bonus: when you first deposit the player receives a certain amount that can be used for sports betting. Other bookmakers develop loyalty programs, conduct promotions.

Giving and wagering bonus

To use bonuses or not – each player decides for himself. The fact is that each bonus requires mandatory testing. As a rule, the amount must be stamped several times on sports betting with the given parameters for a certain period of time. For example, a bookmaker can provide a welcome bonus in the amount of $5000, which must be put down on single bets three times with odds of at least 1.5, and this must be done within a week.

You should not count on the fact that the bookmaker wants to go broke and gives gold mountains to everyone. If the shop promises fabulous bonuses without working out, this is another reason to get acquainted with the conditions and reviews of players.

Choosing a bookmaker

The principle of work of the bookmakers is the same: they offer everyone a chance to make a bet on a sports outcome. Many professional players register with several bookmakers, compare conditions and quotes for a certain outcome, and make bets according to the best offers.

To select the best bookmaker, you need to compare several indicators. Among them there are reliability, age, license availability, size of odds and margins, convenient ways to deposit and withdraw money. Fans of bets in real time pay attention to the presence of a mobile site and applications for gadgets.