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Since time immortal, one of the favorite pastimes of sport freaks has been gambling. Gambling is exciting, thinking about the risk involved, the luck factor and the chance to make lots of money in a couple of hours. Online gambling is becoming popular with millions of folks world wide, with more visiting betting sites and online casinos popping up over the internet than in the past. One great good thing about having this facility online is remember, which it is accessible from any place which has an active internet connection. This has made gambling a sport in itself, available to millions of new people.

There’s been a boom within the online betting industry as well as the sort of profits many sites are enjoying now is unimaginable. fantastic online football casinos are not to be left behind, as there is a rapid explosion of these as well. In reality, online poker gives gambling, a glamour quotient by roping in celebrities for high profile tournaments. Therefore reaching out to a whole new market in itself.

But of course, the most successful story will be the rise of sports betting. Fans who have enjoyed betting on games like soccer, football, polo, baseball, hockey and horse racing, can now do so online with the aid of these sites. A whole new variety of sports events are cropping up to encourage the already soaring popularity of online betting. It may be correct to state that audiences are now enjoying the betting experience without having to be at the field themselves. Welcome to the world of virtual reality.

There are actually innumerable so-called gambling experts prepared to dish out information of their systems to ‘beat the bookie’ or to make a second income from gambling, for a cost of course. I won’t do that. I will simply give you details about bookmakers, odds and gambling that you can use (or forget) while you see fit.

The very first thing to mention is the fact that a large proportion of people who engage in gambling will be net losers over time. This is the very reason there are a lot of bookmakers making so much cash through the world.

While bookmakers can sometimes take big hits, for example if a favourite wins the Grand National, they spread their risk so widely and they setup markets that incorporate a margin, so they’re going to always generate a profit over the medium to long-term, if not the short-run. That is, as long as they got their sums right.

When setting their odds for a particular event, bookmakers must first study the probability of that event occurring. To do this they us various statistical models based on data collated over years, sometime decades, about the sport and team/competitor in question. Of course, if sport was 100% predictable, it will soon lose its appeal, and while the bookies tend to be spot on with their assessments of the probability of an event, they’re sometimes way off the mark, mainly because a match or contest goes against conventional wisdom and statistical likelihood.

Just look-at any sport and you shall find an occasion when the underdog triumphs against all of the odds, literally. Wimbledon beating the then mighty Liverpool within the FA Cup Final of 1988, as an example, or perhaps the United States of America beating the then mighty USSR at ice hockey within the 1980 Olympics are two instances of whenever you could have got handsome odds on the underdog. And could have won a reliable wedge.

The big bookmakers spend a great deal of time and expense ensuring they have the right odds that ensure they take into consideration the perceived probability of the event, and then add that extra tiny bit that gives them the profit margin. So if an event has a probability of, say, 1/3, the odds that reflect that probability will be 2/1. That’s, two to one against that event occurring.

On the other hand, a bookie who set these odds would, over time, break even (assuming their stats are correct). So instead they might set the odds at, say, 6/4. In this particular way they have built-in the margin that ensures, over-time, they will benefit from people betting on this selection. It really is the same concept as a casino roulette.

Now how can you spot the occasions when bookmakers have got it wrong? Well, it’s easier said than done, but far from impossible.

One way is to get excellent at mathematical modelling and set up a model which takes into account as many of the variables that affect the outcome of an event as is possible. The problem with this tactic is that however complex the model, and however all inclusive it seems, it can never account for the minutiae of variables relating to individual human states of mind. Whether a golfer manages to hole a major-winning five foot putt on the 18th at St Andrews it’s as much down to their concentration as to the weather or day of the week. On top of that, the maths can start getting pretty darn complicated.

Alternatively you may find yourself a sporting niche. Bookmakers will concentrate their resources on the events that produce them the most money, generally found to be football (soccer), American football and horse racing. So trying to beat the bookies while betting on a Manchester United v Chelsea match will be tough. Unless you work with one of the clubs, or are married to among the players or managers, it’s very likely the bookmaker setting the odds shall have more information than you.

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