SPBO Bookies and Casino owners always win, of course they do. When was the last time you saw one of them drive a rusty old car. Wear clothes held together with patches and live in a shady bedsit?
“Hmm, never!” I hear you say.
Bookies always win as they are a business, so they are in this to make money. Bookies win time after time; people no different to you and I place a bet and usually lose. How frustrating is that? Take heart you are not the only one!
Bookies win as they are a business and all businesses are run to make money and lots of it. When was the last time you saw a cash strap bookie? Like me, never!
Unlike other businesses bookies pay out money, small amounts to large amounts. Yet they still keep making money!
I know what you are asking “If they are paying out, how are they making money?”
They rely on people making the wrong choices so they have more than enough to pay those that make the right choices. They do this by making the wrong choices look more attractive than they really are.
The Bookie ensures this by using all sorts of techniques to try and workout the most likely outcome, this is usually call the favourite. The least likely is the ‘long shot’.
Everybody knows that the favourite usually wins so the bookies, based on their working out, set the odds so that they are attractive to punters and can afford to pay out to those that back the winner.
In simple terms the bookie takes £1000 in total bets and pays out £800, then they are £200 up (in profit).
Bookies also accept that on some occasions they will be wrong and pay out more than they take in for a particular event i.e. £1000 in bets pay out £1200.
They are not bother! They understand that over time they make a lot more than they pay out!
That last sentence is particularly key to beating the bookies. You have to, over time, win more than you lose and win enough to cover any lose, without chasing the loses.
We have seen that the bookie approaches betting like a business (it is) so to beat them (make a profit) we must do the same. Think like a bookie and win longterm, rather than straight away. Like them, we must work out what we believe is the most likely outcome, and place our stake accordingly.
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