A bookmaker is an individual, organization or legal company, the basis of which is taken to provide the opportunity to conclude financial transactions related to the outcome of sports competitions. Naturally, bookmakers can take bets not only on sports events, but also on the results of events in the cultural, political, secular and other spheres of public life.
Basics of betting shops
Work as a bookmaker is based mainly on the use of high-precision mathematical calculations. In particular, knowledge from the fields of statistics, combinatorics, and probability theory is widely used here.
The main task of any professional bookmaker is to develop and build their own line of possible outcomes of events, each of which is assigned a separate, most favorable coefficient. In other words, the bookmakers are doing everything possible to obtain data with the correct assessment of the chances of implementing each available outcome.
The bookmaker is, first of all, a specialist who is able to form the right balance between attracting and losing financial resources. Dozens, even hundreds of professionals, are working on building effective lines of activity in reputable betting companies.
Small bookmakers, just starting to develop, mainly use ready-made lines of direct competitors and only make their own minor adjustments. At the same time, small bookmakers often give insignificant odds on bets. This allows you to reduce the cost of business development.
What do bookmakers need to calculate the probabilities of event outcomes?
What does a bookmaker use to evaluate probabilities? An office that deals with sports betting can focus on the following:
- statistics of previous games, competitions, events;
- the position of teams in the standings, the relationship between coaches and players, the motivation of athletes, the overall internal microclimate;
- lists of players at their peak and injured athletes;
- goals of teams in specific sports;
- venue of events, especially weather conditions, level of support of fans;
- the identity, reputation and loyalty of the arbitrators.
What is the main share of the bookmaker’s earnings?
What do bookmakers mostly earn on? A bookmaker is a businessman who, in fact, doesn’t care whether the player wins or is mistaken in his own calculations, since the so-called margin plays a decisive role in his activity.
The total probability of outcomes in individual bookmakers is about 115%, but not at all familiar 100%. This difference is the profit of the bookmaker, or margin, and it is initially present in any coefficients. Why does the bookmaker act in a similar way? Sports betting does not allow to calculate the chances of certain teams with full confidence in the expected result. Therefore, to stay afloat, bookmakers always try to overestimate the chances of favorites, adding about 15-20% to the probability of their victory.
How realistic is it to beat the bookmaker?
What is the likelihood that when playing on bets a bookmaker will be beaten? The office, which deals with sports betting, undoubtedly has an undeniable advantage over any professional player. However, with a well-thought-out strategy of behavior, the player has excellent chances of obtaining impressive profits.
The bookmaker is primarily a person who is prone to make mistakes. An ideal solution for a player can be bets on the same event in several offices. In this case, the observance of a favorable balance between the coefficients plays a decisive role. Usually, in order to remain a winner, it is enough to understand the features of a future event, bet on events where the probability of a successful outcome is at least 30%, and you must adhere to proven strategies.
Eventually
Of course, a good bookmaker is a true connoisseur of his own business. However, in some cases, when calculating coefficients favorable for offices, significant inaccuracies occur. Well versed in all the intricacies of betting on sporting events, the player has an excellent opportunity to use knowledge with his own benefit.
Currently, professional betting players recommend using exclusively the services of foreign bookmakers, which offer more profitable odds, all kinds of bonuses and guaranteed payments. Moreover, reputable foreign bookmakers value their own reputation, and therefore try to avoid conflict situations.