Friday 30 September 2016

Why sport betting is more profitable for bookmakers instead of customers

Betting on sporting games is something that can be dated to several hundreds of years ago. This activity has evolved with time and civilization has turned around the way things are. Even at that, the process is pretty much the same. A bettor predicts an outcome; the bettor only wins when the outcome is favorable. It has been that way for years and it still is the same.

Simply put in another way, a sport betting is referred to as the activity which involves predicting sport results and therefore placing a particular wager in the possible outcomes. Sports gambling frequency varies from culture to culture, thus most of the gambling is either on Football, Baseball, Basketball, Boxing or Hockey. This could be at both amateur and professional levels.

However, sports gambling can also be on non athletic events which may include political elections, reality shows and contests. Sports betting can also be on non human contests which may include illegal underground Dog Fighting, Greyhound Racing and horse racing.

The wages of sports bets are usually done legally which will be through the use of bookmaker or sportsbook. And it may be done illegally by privately owned and managed enterprise which is often referred to as Bookies. The word book is used here as a reference to the books which are used by wage brokers in order to help them track debts, payouts and wagers. And if you have to bet on sports, come and join Betfair casino.

Also, both legal and illegal wage brokers make their profits through the percentage they take from all the bet money which can either be referred to as Vigorish, action, rake or juice. Mostly, the legal sportsbooks are often found online and are usually operated over the Internet using a jurisdiction which is different from that of the clients which they serve. This is just to ensure that they are able to bypass several betting laws which exist in various jurisdictions. This is because a breach of any of those laws may lead to their close down.

The major function of the bookmaker is to serve as a market maker for sports wagers which usually have a binary result such that a team can either win or lose. This bookmaker accepts both wagers and also maintains the vigorish which will make sure that there is a profit irrespective of the result of the wager. This simply means that there will always be profit irrespective of whether the wager wins the bet or loses it. This is as a result of the fixed percentage that is taken from each bet money placed by the gamblers.

Conclusively, the bookmakers usually hold a number of advantages over their customers. On large wagers it is usually between 10-11 while the advantage for the small wagers it is usually close to 6-5. Thus, most of the time he bookmakers usually survive over the long term. However, bookmakers must be able to withstand any amount of loss be it long term or short term.

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