When a bettor places a wager, they expect to turn a profit. However, so does the bookmaker. Because offering the opportunity for a bettor to place bets is a business, not a charity venture, a bookie expects to make money off every bet you place. This leads to questions like:
- How do bookmakers make their money?
- Why does it seem like they always win in the end?
- How can you use this information to your advantage?
Hello and welcome! I’m Joey, and I’ll be highlighting a few key points worth noting about how bookmakers make their money. On the surface, this might seem like no concern of yours. However, if you can understand just how they make their money, you might be able to engineer a reasonable way to reduce the edge they have over you and beat them in turn. Becoming a successful bettor isn’t an easy task, which is why you need all the help you can get.
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The major reason that bookmakers offer betting services is to turn a profit. To ensure that they succeed in that endeavor, there are several resources that they employ. Every bookmaker knows that they have no control over the outcome of any sports event. So they work on the next best thing, ensuring that regardless of any outcome, they make a profit. Some resources they leverage to guarantee this include:
- The Vig
- The vig, or as it is more formally known as vigorish, is a commission that your bookmaker charges for the valued services that they render.
- The vig is crucial to profit-making for any bookmaker because, without it, the best they can hope for is that they don’t run at a loss, which isn’t ideal for any business.
Another resource that they employ is:
The Odd Compiler
As even fresh punters are aware, your bookmaker is who ultimately decides the odds of every game. Well, an odd compiler is who bookmakers consult to help them determine what the odds they give you should be. The job of the odd compiler is to provide odds that reflect the realistic outcome of every game and guarantees that the bookie makes a profit no matter what. As such, these individuals are not only highly conversant with their chosen sports. They also tend to be mathematical gurus who incorporate complex equations into determining odds. The odd compiler is also essential to ensure that the bookmaker has a balanced book, making them one of the most important assets that a bookie has when making a profit. The last resource that helps bookies turn a profit is:
The Bettors Themselves
Bettors can make or break a bookie’s profits because they place bad bets more often than not. This can happen due to any number of reasons. What you can do is ensure you’re not one of those bettors by covering your basics before betting on each game! And that’s all for now! If you haven’t already, give this video a Thumbs up, Subscribe and enable notification settings for our channel. See you soon!