Posted: Tue Jan 08, 2008 5:44 pm Post subject: Bookies work inside
Hi,
Im looking for someone with experience as an odd compiler and/or risk manager in the betting market, to answer few questions related to bookies work, like what happens when one of bets side hasnt meet minimum to guarantee minimum profit etc..
If someone could help me,
EDIT - please reply to this thread!!! Sorry but you cant come onto the forum asking for info to be sent to you privately - if someone is kind enough to answer your questions then why cant everyone share?
Well my mission is also to educate bettors so I'll try to reply on your question but maybe I'll give you also info that you didn't request.
To know how bookies make money it's wise to know people that do work for bookies - odds compiler, agents, scouts...
In my years with betting online and offline I got to know many people that are connected in many ways with bookies and they gave me also an insight how few of them work and make money.
This doesn't mean that all act the same but at least better then nothing.
Basic rule if you want to beat your opponent (in our case bookies) is to get to know him, how he thinks, when and how he strikes.
Not all bookies want even amount of money and to take only 4.5% margin. Asian bookies even went so far to take only 2% margin on soccer bets.
With small leagues and limits like $5,000 they may settle with this margin but especially asian bookies that are accepting easily over $300,000 want to gamble a bit and they are willing to "bet your money" that you'll lose.
And this could explain why they offer such low margin when they have much bigger catch to get from bettors.
You have to understand that most of soccer teams in lower european leagues have yearly budget around $500,000 or less.
So when on their game is placed over $10 million for bookies to payout in case such poor team to lose then bookies don't figure out how to make even amount of money on both sides.
It's much easier for them (if they have 5 million in placed bets waiting a $10 million payout), to take small part of placed money (let say $100,000) and offer one or both teams in that game to end in other outcome.
This way they are worry free and take $4.9 million of placed money - yes, your placed money.
There are many other stuff that I might post on my blog in future and then again maybe I already wrote to much.
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