Balance the book
The bookmakers take bets on different outcomes in different games or events and pays money to the people who bet on the correct outcome.
They try to balance their book, so what does that mean? They try to get bets on all outcomes, in a tennis match for example; they want to get bets on both players.
If the match was rated as exactly even, the correct odds would be 2.0 (decimal). If the bookmaker then took equally large bets on each player, there would be no profit!
The margins
That’s why bookmakers have a margin of between 2-20 %, depending on the sport and the size of the league and some other parameters. So in the example with the tennis match they may offer 1.9 as odds on each tennis player.
If they then take equally large bets on each player, which they want, this is called balancing the book and they make a profit whatever the outcome is!
The margin is how the bookmaker makes his living. But remember, sometimes the bookmakers can suffer significant losses in an event. If we take the example with the tennis match again, it could be that everybody bets on only one of the tennis players. The bookmakers gets no balance in his book, and if that player wins, the bookmaker has to pay all the successful customers whilst taking no money from losing customers, as there are none.
Of course, if the heavily backed player loses, the bookmaker would be delighted and would have made a huge profit but this is a risk. The bookmakers always try to get balance in the book, as they look to minimize their risk as much as possible.
Sometimes the odds change
When most of the bets in an event is on one specific outcome, like in our tennis match, most of the bets will be placed on one person. This will see the bookmakers change the odds. If the odds started on 2 for the tennis player and they get a lot of bets, the bookmaker will change the odds to 1.8. Then, of course, they will change the other players odds as well, maybe to 2.2 to maintain balance and to encourage some bets on the other player as well.
So when the bookmakers change the odds, it is mostly caused by many people betting on the same outcome. It could of course be caused by a number of things like some important injury information, suspensions or pitch conditions. The bookmakers always try to be updated and that should be you job as well!
Bookmakers are not Santa Claus...
It is important to remember that the bookmaker is running a business and does not offer odds to be nice and popular. A bookmaker has a big staff of compilers working in an attempt to set the odds at a good level and they analyze all the available information. A great number of these compilers are very good at their job and this means the odds set by the bookmakers are becoming more accurate, well as accurate, as sporting odds can be.
So if you think Stoke City at home against Hull at odds 2.2 is a safe winner and a gift from the bookmaker, think it over one more time, what do you know that the bookmaker doesn't know? Do you have some new information, have you seen the teams play and think the odds are just too high? Perhaps, you are looking at some statistics that back up your thinking or maybe you just have a really good feeling about the game?
None of the reasons to make a bet are wrong, as long as you think about that the bookmaker also has analyzed the game and doesn't set the odds to be popular. If the bookmaker offer 2.2 then they think the correct odds are around 2.4 because he has his margin,which you also need to remember.
The question is, can you beat the bookmaker?
We can assure you that the bookmakers can be beaten but it is not easy!
The bookmakers take bets on different outcomes in different games or events and pays money to the people who bet on the correct outcome.
They try to balance their book, so what does that mean? They try to get bets on all outcomes, in a tennis match for example; they want to get bets on both players.
If the match was rated as exactly even, the correct odds would be 2.0 (decimal). If the bookmaker then took equally large bets on each player, there would be no profit!
The margins
That’s why bookmakers have a margin of between 2-20 %, depending on the sport and the size of the league and some other parameters. So in the example with the tennis match they may offer 1.9 as odds on each tennis player.
If they then take equally large bets on each player, which they want, this is called balancing the book and they make a profit whatever the outcome is!
The margin is how the bookmaker makes his living. But remember, sometimes the bookmakers can suffer significant losses in an event. If we take the example with the tennis match again, it could be that everybody bets on only one of the tennis players. The bookmakers gets no balance in his book, and if that player wins, the bookmaker has to pay all the successful customers whilst taking no money from losing customers, as there are none.
Of course, if the heavily backed player loses, the bookmaker would be delighted and would have made a huge profit but this is a risk. The bookmakers always try to get balance in the book, as they look to minimize their risk as much as possible.
Sometimes the odds change
When most of the bets in an event is on one specific outcome, like in our tennis match, most of the bets will be placed on one person. This will see the bookmakers change the odds. If the odds started on 2 for the tennis player and they get a lot of bets, the bookmaker will change the odds to 1.8. Then, of course, they will change the other players odds as well, maybe to 2.2 to maintain balance and to encourage some bets on the other player as well.
So when the bookmakers change the odds, it is mostly caused by many people betting on the same outcome. It could of course be caused by a number of things like some important injury information, suspensions or pitch conditions. The bookmakers always try to be updated and that should be you job as well!
Bookmakers are not Santa Claus...
It is important to remember that the bookmaker is running a business and does not offer odds to be nice and popular. A bookmaker has a big staff of compilers working in an attempt to set the odds at a good level and they analyze all the available information. A great number of these compilers are very good at their job and this means the odds set by the bookmakers are becoming more accurate, well as accurate, as sporting odds can be.
So if you think Stoke City at home against Hull at odds 2.2 is a safe winner and a gift from the bookmaker, think it over one more time, what do you know that the bookmaker doesn't know? Do you have some new information, have you seen the teams play and think the odds are just too high? Perhaps, you are looking at some statistics that back up your thinking or maybe you just have a really good feeling about the game?
None of the reasons to make a bet are wrong, as long as you think about that the bookmaker also has analyzed the game and doesn't set the odds to be popular. If the bookmaker offer 2.2 then they think the correct odds are around 2.4 because he has his margin,which you also need to remember.
The question is, can you beat the bookmaker?
We can assure you that the bookmakers can be beaten but it is not easy!
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