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| Bookmakers
Explained |
For a
bookie to make a living they must be able to evaluate the true odds of an
event. This means understanding, experience and having good sound calculation
ability. If a bookie is unable to do this the smart gamblers will pick on him
until he changes or fails completely.
Having worked out just how likely
the possible results are, say for instance horses winning a particular race,
the bookie will then take a few points from every horse's odds. Further more if
there are any horses fancied for sentimental reasons then they will have their
odds shortened still further.
| Example Horse
Race |
| Horse |
True Odds |
Shortened Odds |
Sentiment Odds |
| #1 |
2-1 |
7-4 |
7-4 |
| #2 |
3-1 |
5-2 |
5-2 |
| #3 |
4-1 |
7-2 |
3-1 |
| #4 |
6-1 |
11-2 |
9-2 |
| #5 |
20-1 |
16-1 |
16-1 |
| #6 |
50-1 |
33-1 |
25-1 |
| Bookie edge % |
-0.7% |
+11.4% |
+17.8% |
The hope of the
bookie is to get money bet on all the horses so that which ever horse wins, the
amount paid out is less than the total of money bet on all the horses. If this
happens then the bookmaker will be guaranteed a profit no matter what happens.
This situation of evenly distributed betting does not occur often but if the
bookmaker continually takes bets on horses at lower odds than the true ones,
then a profit is almost inevitable.
The key thing for a bookmaker is
never to take on a large liability on a particular result such that if that
thing happens they will be unable to pay out. To take on such a liability would
be akin to gambling against the result. Big bookmakers resolve all of these
problems by having hundreds or thousands of shops taking small bets that even
out the book. |
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