Free Sports Betting e-Book
If you have no money at all or you do not want to invest money, Chapter “Matched Betting” is for you. Here it is described, how you quickly can build a starting bankroll, just by using Bookie offers.
Part I, only for absolute beginners:
2. Choosing the right Bookmaker
a)Account Verification at Online Bookmakers
b) About Deposit and Withdrawal Options
Part II, beginners and intermediates:
1. Bankroll Management
a) How to manage your Bankroll
b) What you can expect to gain with Sports Betting
2. Choose the Right Bookmaker
3. Matched Betting
4. Bitcoin and Sports Betting
5. Tipster Platforms
6. Betting Exchanges like Betfair
7. Simple Strategies
a) Betting against the Public
b). Betting Dropping Odds
c). Betting against Dropping Odds
d). Betting Valuebets
e). Arbitrage Betting
8. Advanced Strategies
a) Data-Driven Strategies
b) Finding Niches
9. What you should avoid
a) Short-Term Thinking
10. What you should instead do
Bookmakers take your bets for money. They offer a variety of sports, matches and betting opportunities. There are online bookmakers (f.e. bet365.com) and bookmakers which work offline, or both. Bookmakers try to make their offers in a way, that they don`t lose any money, which means no matter if Team A or Team B wins, they make profit.
Bookmaker`s take the so called “Vig”. This is the margin between the real probability of an outcome of a bet and the probability which is defined by the bookmaker`s odds.
Team A has winning probability of 66,6% in reality Team B have 33,3%
Real probability odds, decimal format:
1.5 Team A - 3 Team B
1.45 Team A - 2.9 Team B
The bookmaker collects: 3,33%
Example: 1 Person bets Team A with 20 Euro, 1 Person bets Team B with 12 Euro:
20 * 1,5 = 30
12 * 3 = 36
20 * 1,45 = 29
12 * 2.9 = 34,8
63,8 / 66 = 96,67 %
100% - 96,67% = 3,33%
This is the so called “Vig”.
Oft you see in live betting offers such odds: 1.85 vs. 1.85
Both Teams have actually a winning chance of 50%, but the bookmaker just gives you back 85 Euro for a bet worth 100 Euro. The Tipster only gets 85% of what he would normally get, the Vig here is 7,5%.
185 payout + 185 payout = 370 of 400 (if bookmaker would give the real odds of 2.00 here) = 92,5%, which means the Vig is 7,5%.
Very good bookmakers nowadays make odds of 1.95 vs. 1.95, which would translate to a Vig of 2,5%.
It becomes a clear that the tipster`s skill advantage must be bigger then the Vig. When the tipster is 10% better, but he must pay a Vig of 5%, then he will earn 5%.
Additionally to the Vig, many tipsters have to pay Taxes while betting on the Online betting platforms. In Germany for example, by law, sports betting is taxed with 5%. Few bookmakers pay the 5% on their behalf, but most take it from the tipsters bankroll. The 5% is either deducted from the wagered amount or from the paid out winning, which actually makes mathematically no difference.
100 * 0,95 * 1.66 = 157,7
100 * 1,66 = 166 * 0,95 = 157,7
In this example you can see how overwhelming 5% can be. In this example the tipster loses 8,3 Euro!
Read “1. d) Choosing the right Bookmaker” to find out how the taxes can be avoided, even if you are a person, whose residence enforces taxes.
Check back please, I will be publishing 2-3 Chapters every Day. Thank You.