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        Since time immortal, one of the favorite pastimes of sport freaks has been gambling. Gambling is exciting, thinking about the risk involved, the luck factor and the chance to make a lot of cash in a few of hours. Online gambling has become popular with millions of individuals across the globe, with more visiting betting sites and online casinos popping up on the internet than ever before. One great good thing about having this facility online is bear in mind, that it is accessible from any place which has an active internet connection. This has made gambling a sport in itself, available to millions of new people.

        There has been a boom within the online betting industry and also the kind of profits many sites are enjoying now is unimaginable. Online casinos are not to be left behind, as there is a rapid explosion of these also. In reality, online poker gives gambling, a glamour quotient by roping in celebrities for high profile tournaments. This implies reaching out to a whole new market in itself.

        But as always, the most successful story is the rise of sports betting. Fans that have enjoyed betting on games like soccer, football, polo, baseball, hockey and horse racing, can now do so online with the help of these sites. A whole new selection of professional sports are cropping up to encourage the already soaring popularity of online betting. It may be correct to say that audiences are now enjoying the betting experience without having to be at the field themselves. Welcome to the world of virtual reality.

        There are actually innumerable so-called gambling experts ready to dish out information of their systems to ‘beat the bookie’ or to make a second income from gambling, for a price of course. I won’t do that. I will simply give you information about bookmakers, odds and gambling that you can use (or forget) while you see fit.

        The very first thing to mention is the fact that a large proportion of individuals who engage in gambling will be net losers over-time. This is the very reason you can find a lot of bookmakers making so much money through the world.

        While bookmakers can sometimes take big hits, for example if a favourite wins the Grand National, they spread their risk so widely and they set up markets that incorporate a margin, so they are going to always make a profit over the medium to long-term, if not the short-run. That is, as long since they got their sums right.

        When setting their odds for a particular event, bookmakers must first assess the probability of that event occurring. To do this they us various statistical models determined by data collated over years, sometime decades, about the sport and team/competitor in question. Remember, if sport was 100% predictable, Iunis Edu’s website it could soon lose its appeal, and as the bookies are often spot on with their assessments of the probability of an event, they can be sometimes way off the mark, simply because a match or contest goes against conventional wisdom and statistical likelihood.

        Just look at any sport and also you will find an occasion when the underdog triumphs against all of the odds, literally. Wimbledon beating the then mighty Liverpool within the FA Cup Final of 1988, for instance, or perhaps the United States of America beating the then mighty USSR at ice hockey in the 1980 Olympics are two instances of whenever you could have got handsome odds on the underdog. And could have won a quality wedge.

        The big bookmakers spend a lot of money and time ensuring they have the right odds that ensure they think about the perceived probability of the event, and then add that extra little bit that gives them the profit margin. So if an event has a probability of, say, 1/3, the odds that reflect that probability will be 2/1. Which is, two to one against that event occurring.

        On the contrary, a bookie who set these odds would, over-time, break even (assuming their stats are correct). So instead they might set the odds at, say, 6/4. In the way they have integrated the margin that ensures, over-time, they’re going to benefit from people betting on this selection. It really is the same concept as a casino roulette.

        Now how can you spot the occasions when bookmakers have got it wrong? Well, it’s easier said than done, but far from impossible.

        A proven way is to get good at mathematical modelling and set up a model that takes into consideration as many of the variables that affect the outcome of an event as is possible. The problem with this tactic is that however complex the model, and however all encompassing it seems, it can never account for the minutiae of variables relating to individual human states of mind. Whether a golfer manages to hole a major-winning five foot putt on the 18th at St Andrews it is as much down to their concentration as to the weather or day of the week. On top of that, the maths can start getting pretty darn complicated.

        Alternatively you can find yourself a sporting niche. Bookmakers will concentrate their resources on the events that make them the most money, generally found to be football (soccer), American football and horse racing. So trying to beat the bookies while betting on a Manchester United v Chelsea match will be tough. Unless you work with one of the clubs, or are married to one of the players or managers, it is very likely the bookmaker setting the odds may have more information than you.

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