By Albe Carbo
Bookmakers are in the business of accepting bets on the outcomes of various events in proportions that guarantee that he or she make a profit, regardless of the outcome. In essence, this is achieved by adjusting the true odds in a downward fashion, in which a bookmaker will pay out according to his her actual odds, less than the true odds which would have been paid, in this way hopefully ensuring that he or she sees a profit. The mathematics of bookmaking always favour the bookmaker.
Learn about the Mathematics of Bookmaking
Odds for an event, for example a soccer match, may be fixed, or may fluctuate according to the bets placed before it begins, as in the case of a horse race. The mathematics of bookmaking is more easily explained in the case of fixed odds.
In a soccer match, the outcomes are fixed at a home win, draw, or away win, and these probabilities can be represented as an even bet on a home win, a draw at two to one, and an away win as five to one. The home win, according to the mathematics of bookmaking, correspond to a relative probability of 50%, with the draw at a probability of one of three, and an away win at a one is six likelihood of occurring.
The mathematics of bookmaking will reduce these odds, proportionally, where the odds given will be a home win of four to six, a draw of six to four, and an away of four to one. With these percentages added, a book of 120% is achieved, and the bookmaker is unlikely to sustain significant losses no matter what the outcome.
Putting it to Your Advantage
The amount by which this book exceeds 100% is commonly known as the overround, representing the potential profit the mathematics of bookmaking stands to garner the bookmaker if NRL betting odds are accepted in exactly the proportions required.
Finding out as much as you can about the players, in this example, making up the team you favour, and the terrain on which they will be competing will ensure that you are able to apply the mathematics of bookmaking to your benefit. The more information you are able to gather, the closer to the event time, will significantly increase the likelihood of the mathematics of bookmaking working in your favour rather than in that of the bookmaker.
Online Betting Resources
Thanks to the World Wide Web, we are never further than the click of a mouse away from the latest information as to what is going to affect the outcome of the sporting match we are interested in, and, if put to use properly, this kind of data is priceless. As long as bettors make sure they keep their fingers on the pulse of what is unfolding before the game begins and as it unfolds, the odds are far more likely to be in their favour. Knowledge is power.