One of the main reasons most people bet on sports is the possibility of consistently making a profit from their wagers. Making a profit requires you to have an idea of what you are doing and why. Losses are part of the game, and this explains why people say that the bookmaker always wins. This article looks at several strategies used by betting sites which gives them an edge over players.
The Basic Principle of Bookmaking
The strategies employed by betting sites are straightforward. The strategies used are designed to ensure that the betting company gets more money than what it gives out. Considering that they cannot influence the outcome of a sporting event, they control the odds given and subsequently the magnitude of the payouts.
Setting Odds; the Vigorish
The inclusion of the vigorish is essentially the primary strategy employed by betting sites when coming up with the odds. Also known as the juice or the margin, the vigorish is a type of commission charged on punters when placing bets.
Setting odds for sports events tend to be somewhat complicated, considering that there are more than two possible outcomes expected. As betting companies must offer competitive odds, and at the same time make a profit, most firms employ betting compilers.
Betting compilers are known to be very knowledgeable in various markets. With a target margin in mind, compilers have to factor in several factors which might have a hand in the outcome of the match, such as form, home advantage, injuries, and fixtures.
Betting sites have to ensure they come up with a balanced book. This implies that the profit realised by the betting firm remains relatively consistent, regardless of the outcome. This does not mean that they will always win, but they have to make a profit in the long run.