A simple question to ask – how do you make bookies – and you’ll likely find the answer to a fistful, the most popular being a shake of the head or a shoulder shrug. Or both. The real answer is actually rather prosaic. They make money by setting odds on the event that they maintain a profit margin. This is known as ‘margin’. This is why odds on outcomes change as more money is wagered – the bookie is mathematically manipulating the odds to preserve their advantage. This is known as Keeping the Book Balanced.
Clearly there are other factors involved, such as an intricate understanding of the sport / event in question, but essentially it is. It stands to reason, therefore, that the bookie is basically trying to make money no matter what the outcome is. Take it a step further and you’ll find that bookies are counting on small margins, often as little as 4% or 5% and, therefore, bookies dependent on large numbers to make their money agen poker online.
And there you have it – small margins and large numbers. Or put another way, little and often. Simple isn’t it?
What’s this got to do with you? Well, if the bookmaker does not believe in luck and is quite happy to make a small profit on a wager – (in percentage terms, remember, little and often) – then why not you? If you want gambling consistently, then you need to start betting smarter. You need to retrain your mind. Start thinking like a bookmaker.
This is not as easy as you might think, however, for the simple reason that most people gamble with one goal in mind – they get more in return. Understandable but, ultimately, flawed. Even experienced bettors make this mistake. And it’s a mistake that the bookmakers cherish and encourage. Consider this: Why are bookies seemingly delighted to publicize the punter who wins £ 10,000 from his seven horse 50 pence accumulator? Why would they be so happy to lose so much money? For the simple reason that they know it happens so infrequently. They know that every 1 winning seven horse accumulator there will be others who will lose their money, so that they can find the right kind of rainbow-chasing.
So that’s the message of this article. Start retraining yourself. When people bet on football over 99% of them will wager on multiples – accumulators to you and me. A 4 team accumulator, for example, or a correct score double, usually at least 5/1, usually much more. Test your resolve. Try singing in betting. Try increasing your stake by much smaller margins, like 60% or 80% or 110% or the like. In those three examples a £ 10 stake will give you a profit of £ 6 or £ 8 or £ 11. Instead of saying that it’s hardly worth it, start the retraining by saying a £ 6 or £ 8 or £ 11 profit is perfectly acceptable and you’re on your way. Next time I’ll tell you how you can take your new philosophy to the next logical level.
Oh, and good luck.
Learn more about smart football betting.