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Since time immortal, one of the favorite pastimes of sport freaks has been gambling. Gambling is exciting, taking into consideration the risk involved, the luck factor and also the chance to make big money in a few of hours. Online gambling is now popular with millions of men and women across the globe, with more visiting betting sites and online casinos popping up on the net than ever before. One great benefit from having this facility online is bear in mind, that it is accessible from any place which has an active internet access. This has made gambling a sport in itself, available to millions of new people.

There’s been a boom in the online betting industry and the sort of profits many sites are enjoying now is unimaginable. Online casinos are not to be left behind, as there’s been a rapid explosion of these as well. In fact, 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 remember, 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 sports bet with the assistance of these sites. A whole new selection of professional sports 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 innumerable so-called gambling experts willing to dish out information of their systems to ‘beat the bookie’ or to make a second income from gambling, for a price of course. I will not do that. I will simply give you information regarding bookmakers, odds and gambling that you should use (or forget) while you see fit.

The very first thing to mention is that the vast majority of individuals who engage in gambling will be net losers over-time. This really is the very reason you can find numerous bookmakers making so much cash throughout the world.

While bookmakers can sometimes take big hits, by way of example if a favourite wins the Grand National, they spread their risk so widely and they set up markets that incorporate a margin, so they will always make money over the medium to long-term, if not the short-run. That’s, as long as they got their sums right.

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

Just look-at any sport and you will find an occasion in the event the underdog triumphs against all the odds, literally. Wimbledon beating the then mighty Liverpool in the FA Cup Final of 1988, for instance, or the United States beating the then mighty USSR at ice hockey in the 1980 Olympics are two instances of whenever you would have got handsome odds on the underdog. And could have won a quality wedge.

The big bookmakers spend a lot of time and expense ensuring they possess the right odds that ensure they bear in mind 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 could be 2/1. That is, 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 would set the odds at, say, 6/4. Within this way they have built in the margin that ensures, over time, they are going to make the most of people betting on this selection. It’s the exact same concept as a casino roulette.

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

One of the ways is to get great 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 the fact that however complex the model, and however all-encompassing 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 for one of the clubs, or are married to one of the players or managers, it is very likely the bookmaker setting the odds may have more information than you.

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