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Since time immortal, one of the favorite pastimes of sport freaks has been gambling. Gambling is exciting, taking into consideration the risk involved, the luck factor and the chance to make lots of money in a couple of hours. Online gambling has become popular with millions of people throughout the world, with more visiting betting sites and online casinos popping up via the internet than in the past. One great advantage of having this facility online is bear in mind, that it is accessible from any place which has an active internet access. This has made gambling a sport in itself, available to millions of new people.

There’s been a boom in the online betting industry as well as the sort of profits many sites are enjoying now is unimaginable. Online casinos are not to be left behind, as there is a rapid explosion of these as well. Actually, online poker gives gambling, a glamour quotient by roping in celebrities for high profile tournaments. It indicates reaching out to a whole new market in itself.

But simply, the most successful story will be the rise of sports betting. Fans who have enjoyed betting on games like soccer, football, polo, baseball, hockey and horse racing, can now do so online with the help of these sites. A whole new selection of sports gambling are cropping up to encourage the already soaring popularity of online betting. It may be correct to claim that audiences are now enjoying the betting experience without being at the field themselves. Welcome to the world of virtual reality.

You will find 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 cost of course. I won’t do that. I will simply give you information regarding bookmakers, odds and gambling for you to use (or forget) when you see fit.

The very first thing to mention is the fact that the majority of individuals who engage in gambling will be net losers over-time. This really is the very reason there are actually numerous bookmakers making so much cash throughout the world.

While bookmakers can sometimes take big hits, for example if a favourite wins the Grand National, they spread their risk so widely and they set up markets that incorporate a margin, so they are going to always generate a profit over the medium to long term, if not the short-term. Which is, as long as they got their sums right.

When setting their odds for a particular event, bookmakers must first study the probability of that event occurring. To do this they us various statistical models based upon data collated over years, sometime decades, about the sport and team/competitor in question. Bear in mind, if sport was 100% predictable, it could soon lose its appeal, and as the bookies tend to be spot on with their assessments of the probability of an event, they can be sometimes way off the mark, mainly because a match or contest goes against conventional wisdom and statistical likelihood.

Just look at any sport and you shall find an occasion in the event the underdog triumphs against all of the odds, literally. Wimbledon beating the then mighty Liverpool in the FA Cup Final of 1988, for instance, or the United States of America beating the then mighty USSR at ice hockey in the 1980 Olympics are two illustrations of whenever you could have got handsome odds on the underdog. And could have won a good wedge.

The big bookmakers spend a great deal of time and money ensuring they possess the right odds that ensure they keep in mind the perceived probability of the event, and after that 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. Which is, two to one against that event occurring.

On the contrary, a bookie who set these odds would, over time, break even (assuming their stats are correct). So instead they can set the odds at, say, 6/4. In the way they have built-in the margin that ensures, over time, they will profit from people betting on this selection. It’s the same concept as a casino roulette.

Just how can you spot the occasions when bookmakers have got it wrong? Well, it’s easier said than done, but far from impossible.

One way is to get excellent at mathematical modelling and setup a model that takes into account as many of the variables that affect the outcome of an event as is possible. The problem with this tactic is the fact that however complex the model, and however all inclusive it appears, it can never account for the minutiae of variables relating to individual human states of mind. Whether a golfer manages to hole a major-winning five foot putt on the 18th at St Andrews it really is as much down to their concentration as to the weather or day of the week. Additionally, the maths can start getting pretty darn complicated.

Alternatively you may find yourself a sporting niche. Bookmakers will concentrate their resources on the events that make them the most money, generally found to be football (soccer), American football and horse racing. So trying to beat the bookies while betting on a Manchester United v Chelsea match will be tough. Unless you work for one of the clubs, or are married to among the players or managers, it is very likely the bookmaker setting the odds may have further information than you.

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