Alphonso Sanor asked 6 months ago
Bookmakers and casinos give themselves an advantage and 99% of men and women fall into their “trap”. How do this is accomplished and what should be avoided?
Let’s look at the example of roulette in a safe online casino gambling agent.
On the surface, it looks OK. 36 numbers, choose one and get 35-1 in the event that you are correct right? Wrong. most individuals forget that there are actually 37 numbers including zero (and even 38 with a double zero on American roulette). This make a major difference when it comes to payouts. So just using European roulette, let’s crunch the numbers.
If you choose one number, the particular odds of getting that number correct is 1 in 37 or 36-1. So by offering 35-1, the casino has instantly stacked the odds ever so subtly in their favour. Just the reduction of 1 point gives the house an advantage of approximately 2.7%. Not a lot you might think but over the course of Ł100,000 that is Ł2700 in favour of the casino. A small margin but a margin nonetheless.
So what about red/black or odd/even? Again, it will appear to be a 50/50 bet. But with the inclusion of zero, you really have an 18 in 37 chance (48.65%). That favours the house by 1.35% which over the course of one day, could equal to thousands of pounds.
But this really is nothing in comparison to bookmakers.
As I have demonstrated, a “50/50” at a casino is actually a 48.65/51.35 against you. At bookmakers, the margin is significantly greater. A seemingly 50/50 bet can be priced up at 9/10 or 1.9 in decimal odds.
It means that the bookmaker is giving themselves an enormous 10% margin on these kind of bets, the most typical of that are called “handicap bets”. The handicap bets are setup in such a way that there are only two possible outcomes, rated as equally likely. But regardless of what your choice is, the bookie stands to keep 10% of the particular odds. Not fair, you may think. Well, they are not going to give you anything for free. They may be within the business of making money after all.
So, just how can you counter these edges?
It is possible with bookmakers to use a system of “handicap doubles”. I will explain this at another time. Otherwise, only good fortune will counter a bookie’s edge and that’s not something to depend on.