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Since time immortal, one of the favorite pastimes of sport freaks has been gambling. Gambling is exciting, considering the risk involved, the luck factor and also the chance to make a lot of cash in a couple of hours. Online gambling is becoming popular with millions of men and women across the globe, with more visiting betting sites and online casinos popping up via the internet than in the past. One great benefit from having this facility online is as always, that 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 fantastic online soccer gambling betting industry as well as the sort of profits many sites are enjoying now is unimaginable. Online casinos are not to be left behind, as there is a rapid explosion of these as well. Actually, 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 keep in mind, the most successful story will be the rise of sports betting. Fans that have enjoyed betting on games like soccer, football, polo, baseball, hockey and horse racing, can now do so online with the help of these sites. A whole new number 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 being at the field themselves. Welcome to the world of virtual reality.

You will discover innumerable so-called gambling experts ready 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 won’t do that. I will simply give you information about bookmakers, odds and gambling that you should use (or forget) as you see fit.

The very first thing to mention is that the great majority of men and women who engage in gambling will be net losers over time. This is the very reason there are actually so many bookmakers making so much cash throughout the world.

While bookmakers can sometimes take big hits, as an 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 make money over the medium to long-term, if not the short term. Which is, as long as they got their sums right.

When setting their odds for a particular event, bookmakers must first assess 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. Remember, if sport was 100% predictable, it will soon lose its appeal, and while the bookies will often be spot on with their assessments of the probability of an event, they can be sometimes way off the mark, mainly because a match or contest goes against conventional wisdom and statistical likelihood.

Just look at any sport and also you will find an occasion in the event the underdog triumphs against all the odds, literally. Wimbledon beating the then mighty Liverpool within the FA Cup Final of 1988, as an example, or the USA beating the then mighty USSR at ice hockey in the 1980 Olympics are two illustrations of when you might have got handsome odds on the underdog. And could have won a reliable wedge.

The big bookmakers spend a lot of time and expense ensuring they have the right odds that ensure they take under consideration the perceived probability of the event, and then add that extra little 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 is, two to one against that event occurring.

On the flip side, 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. Within this way they have integrated the margin that ensures, over time, they will benefit from people betting on this selection. It’s 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 of the ways is to get very good at mathematical modelling and setup a model that takes into mind as many of the variables that affect the outcome of an event as it can be. The problem with this tactic is 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. Moreover, the maths can start getting pretty darn complicated.

Alternatively you can find yourself a sporting niche. Bookmakers will concentrate their resources on the events that make 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 will have further information than you.

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