Online Bookmakers. How a bookmaker works[ 27.10.16 ]
The way a bookmaker works and makes profit is no secret to anyone. The main goal of any bookie is to offer good sports betting options which would be both attractive for bettors and profitable for a book maker.
Any sports bet is characterized by two things – possible outcomes and odds. But what is a possible outcome? Let’s take a standard football match. It may end with any of three outcomes: Team 1 wins, Team 2 wins, and a draw.
Odds is a number showing by how many times your bet will be multiplied if you win. For example, if your bet is $10 and the odds are 2.00, your winnings will amount to $20.
The major challenge faced by bookmaker analysts is to calculate odds correctly. Odds are the probability that a certain outcome will take place. Odds incorporate a bookmaker’s profit margin.
It may seem that calculating the odds for three possible outcomes of a standard football match is a piece of cake. The main rule is as follows: the favorite has low odds and the outsider has high odds. But it’s trickier than that, though. To calculate accurate odds, you need to take into account a number of factors, including previous performance, injuries of leading players, tournament table ranking, psychological state, season tasks, home matches, and fan support.
As you can see, book maker analysts need to consider multiple factors which requires deep knowledge and vast experience in sports industry.
Bookmakers are using two different approaches to calculate odds. To apply analytical approach, you need to take into account statistical parameters and use mathematical formulae to determine probabilities.
Then preliminary odds are adjusted for expert forecasts. Expert forecasts incorporate the impact of external factors.
Final odds – which incorporate a 6-8% profit margin – make it to a betting line published on a betting website.
A betting line is published several days or weeks before the match. It’s a signal for bettors to start placing sports bets. A bookie monitors bettors’ preferences (i.e. which outcome is attracting more bets) and adjusts the odds to balance payouts on all three outcomes and secure a profit.
Write a comment
- Required fields are marked with *.
Reply #1 on : Wed March 01, 2017, 22:46:36
- Sports Betting. Juventus vs AC Milan [10.03.17] : the tradition to beat Rossoneri in Turin
- Betting. Lyon vs Roma [09.03.17] : a goal-rich game
- Sports Betting. Napoli vs Real Madrid [07.03.17] : Partenopei to win but Blancos to qualify
- Betting. Lazio vs Roma [01.03.17] : the fierce Derby della Capitale
- Sports Betting. Leicester City vs Liverpool [27.02.17] : Reds to slay half dead Foxes
- Betting. Roma vs Villarreal [23.02.17] : the sunken submarine
- Betting sites: to trust or not to trust?
- How to pick the best betting sites?
- Sports betting sites: pros and cons
- How to Pick Best Betting Sites
- The 50th Super Bowl made history as an immensely expensive show followed by social unrest
- Super Bowl bets 2018 - 2021
- Super Bowl bets 2017
- Super Bowl 2016. Leading contenders
- NFL Super Bowl 2016. Where and when will Super Bowl 2016 take place?
- Another amazing NBA betting strategy
- Basketball betting strategy based on lineup changes
- NBA betting: Betting on favorite winning a quarter
- Even-Odd live basketball betting strategy
- Basketball betting: Odd/even score
- NBA Betting. Oscar’s Grind strategy in basketball betting
- NBA betting. How to earn on NBA arbitrage betting
- NBA Betting. How and where to place profitable basketball bets
- NBA betting. What makes NBA betting different from other basketball bets
- NBA Betting Strategies
- Yellow card football betting
- Football Betting. Live corners betting
- Corners football betting. Strategy and useful tips
- Football betting. How to make money on soccer bet
- Tips To Win At Football Betting
- Sports gambling: psychological aspect
- Basic things all online sports gambling fans should know
- Things Sports Gambling Fans Should Know
- What sets golf betting apart from other betting types
- Golf Betting. Top popular tournaments for successful golf betting
- Guide to golf betting
- Types of Golf Betting
- Spread betting. Spread betting types in tennis
- Sports spread betting. Spread betting types in football
- Sports Spread Betting: FAQ
- Types of spread betting
- Common mistakes by live betting lovers
- What makes live betting different from other online sports betting types
- Live Betting. How to succeed in live betting and minimize your losses
- What makes live betting special
- Live betting 101: Introduction
- Zero handicap and negative handicap in tennis betting
- Tennis player’s physical shape as a tennis betting strategy
- Tennis betting: long-term and combination
- Tennis betting strategies: double betting and game betting
- Tennis Betting Strategy
- Comparing the Strategies of Poker and Sports Betting
- Martingale sports betting strategy: pitfalls
- Sports betting strategies that preserve your bankroll. Money management strategies
- Sports betting strategy. How to use Kelly Criterion as a sports betting strategy
- Sports betting strategy. Martingale and D’Alembert financial strategies
- Flat Sports Betting Strategy Is Not Rocket Science
- NHL betting. How to make accurate NHL betting predictions
- Types of hockey bet
- About NHL betting and NHL betting strategies
- How many bookmakers to pick to make money on sports betting?
- How to start winning at sports betting
- Sports Betting. Basic betting terms
- Successful Sports Betting: Practical Tips
- What do I do if my bookmaker refuses to pay out my winnings?
- Online Bookmakers. How a bookmaker works
- Where to place safe sports bets. How to pick a reliable bookmaker
- How Bookmaker Works
- NFL betting. Where and how to succeed in NFL sports betting
- Beginner’s guide to NFL betting
- NFL betting: predictions and bets
- What makes NFL betting different
- Top popular horse betting types
- Horse betting: rules and strategies
- Horse betting: types and specifics
- Horse Racing Betting Strategies
- Arbitrage betting: best sports betting strategy
- Arbitrage Betting Strategy - your bets will be successful