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    karenschultz87
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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 also the chance to make lots of money in a couple of hours. Online gambling is becoming popular with millions of people on the other side of the globe, with more visiting betting sites and fantastic online gambling agent casinos popping up over the internet than before. One great good thing about having this facility online is keep in mind, which it is accessible from any place which has an active internet connection. This has made gambling a sport in itself, available to millions of new people.

    There’s been a boom in the online betting industry and also the sort of profits many sites are enjoying now is unimaginable. Online casinos are not to be left behind, as there has been a rapid explosion of these also. 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 aid of these sites. A whole new variety of sports are cropping up to encourage the already soaring popularity of online betting. It may be correct to state that audiences are now enjoying the betting experience without being at the field themselves. Welcome to the world of virtual reality.

    You will discover innumerable so-called gambling experts ready 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 details about bookmakers, odds and gambling for you to use (or forget) while you see fit.

    The first thing to mention is the fact that the vast majority of men and women who engage in gambling will be net losers over-time. This really is the very reason you will find so many bookmakers making so much cash 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 setup markets that incorporate a margin, so they’re going to always make a profit over the medium to long-term, if not the short-term. That’s, as long since 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. Remember, if sport was 100% predictable, it will soon lose its appeal, and as 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.

    Just look at any sport and you shall find an occasion in the event the underdog triumphs against all the odds, literally. Wimbledon beating the then mighty Liverpool within the FA Cup Final of 1988, for instance, or even the United States of America beating the then mighty USSR at ice hockey in the 1980 Olympics are two instances of when you might 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 possess the right odds that ensure they keep in mind 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 will be 2/1. Which is, two to one against that event occurring.

    On the flip side, 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 this way they have built in the margin that ensures, over-time, they will profit from people betting on this selection. It is the exact 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 of the ways is to get excellent at mathematical modelling and set up a model which takes into account as many of the variables that affect the outcome of an event as it can be. The problem with this tactic is that however complex the model, and however all inclusive it seems, 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 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 can find yourself a sporting niche. Bookmakers will concentrate their resources on the events that produce 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 among the clubs, or are married to among the players or managers, it is very likely the bookmaker setting the odds shall have additional information than you.

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