I am the Sports Editor for a sports news and gambling website. I have many years experience of gambling, sports journalism and study of mathematics. Am I a gambling expert? Well, I guess you could say that.
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 won’t do that. I will simply give you information about bookmakers, odds and gambling for you to use (or forget) as you see fit.
The first thing to mention is that the vast majority of people who engage in gambling will be net losers over time. This is the very reason there are so many bookmakers making so much money throughout the world.
While bookmakers can sometimes take big hits, for instance 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 a profit over the medium to long term, if not the short term. That 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 on data collated over years, sometime decades, about the sport and team/competitor in question. Of course, if sport was 100% predictable, it would 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. UFABET
Just look at any sport and you will find an occasion when 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 USA beating the then mighty USSR at ice hockey in the 1980 Olympics are two examples of when you would have got handsome odds on the underdog. And could have won a decent wedge.
The big bookmakers spend a lot of time and money ensuring they have the right odds that ensure they take into account 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 would be 2/1. That is, two to one against that event occurring.
However, 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. In this way they have built in the margin that ensures, over time, they will profit from people betting on this selection. It is the same concept as a casino roulette.