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The odds are the key to how much profit (or loss, in some cases) a bookie would get out of the game. Although these odds are based on real factors such as player and team history, injuries, and even the projected weather, sportsbooks often “tweak” odds to ensure that they still make a profit out of all the money wagered regardless of the outcome. A bookie’s cut is the reason why sports betting is not a zero-sum game.
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WHY DO SPORTSBOOKS ALWAYS WIN
Offering High-Risk Bets
An example of this is parlay bets, where a player combines two or more types of bet and places it as one accumulated wager. If all the parts (or legs) of the parlay are won, a huge payout is expected. However, there’s generally always a bet that is losing which voids the entire parlay. Punters who go for parlays often try to get massive payouts (and massive underdogs) and therefore tend to lose a lot more than they win.
Additional Profit Through Sportsbook Vigs
Take for example a game of coin toss, where there are two possible outcomes. The true odds for a 50/50 chance of an outcome happening would be 2.0. With a balanced action, say that 50 people wagered for tails to appear, and another 50 for heads. A bet of $10 would mean total action worth $1,000. However, they would also have to pay the winning bettors a total of $1,000.
Updating or Changing Lines
If the bookies would present the real or true odds, then there would be no room for them to make a profit out of the bets. The vig, then, would be applied by tipping the lines and odds a little to make room for their profit. Thus, with the example given above, the odds of one side could be adjusted to -110.
Studying Punters Betting Behavior
Another way bookies make money is through analyzing the betting behavior of the punters. Usually, the squares (the opposite of the sharps, the “noobs” of betting) always bet on the favorites. However, the favorites do not always win. When the public pours in their money on the favorites and the sides lose, it’s a huge payday for the bookies.
HOW TO WIN AGAINST SPORTS BOOKIES
Look Up Sharp Betting Activity
This is where observing the Reverse Line Movement comes in. When the odds move in the opposite direction as that of the percentage of wagers, you know that the bookies want you to bet on the other side of the square side. Thus, the opposite side is where the sharp action is.
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