In any review of sportsbetting, the first step is to slice the subject wide open and have a look at the core. Sports betting is a huge, lucrative and broadly accepted gambling activity. Punters have the opportunity of placing wagers on sport. This includes all the different kinds of sport, with all the different kinds of betting options that go with this variety.
The fact that sport may be fascinating as a hobby is fine, but it is only when one is wagering actual money on a team or event that watching a sporting event takes on a whole new level of meaning. The purpose of this sportsbetting review is to examine the core drivers of sportsbetting in terms of the value of the odds involved.
The Unpredictable Human Factor
If we remove the cognitive effects such as colours, team names and individuals from the equation, sportsbetting is merely an application of probability calculus. The beauty of sportsbetting is obviously that human action influences the statistical progression, and the outcome of the games. The attraction of the unpredictable human element is the heart and soul of sportsbetting, but is an incalculable variable in wagering on sport.
A practical example of this was Leicester City’s victory in the English Premier Football League in 2016, and Leicester City starting off the season at 5000 to 1 outsiders. This why knowledge is key, and it not always only the mathematical probability of the various gaming events that counts. An idea of the incalculable human factor is also necessary.
The most accurate way, mostly, in terms of predicting any sporting interaction, is still by making use of the basic maths of bookmaking. The value of any winnings is called the expected value, which is the odds of that event happening multiplied by its payoff value. This will give the average amount that would be won betting on that event over the longer term. If the expected value for the player is one, and zero nett gain nor loss is anticipated, then over time at the bookmaker and the player will end up even.
The Bookmakers’ Odds
A review of USA sports betting should also point out how the bookmakers operate. Ideally, they aim to be able to take bets on a sporting or other event in perfect proportions and be able to show a profit no matter what the outcome. This is called philosophical gambling strategy, and bookmakers will adjust the true odds of the event or sporting occurrence in a downward fashion. The difference is the ‘built-in’ profit margin, and sportsbetting reviews are there to ensure competition in the market.
The Odds can Mean Different Things
The highly competitive field of sportsbetting has different accepted odds presentations, and a sportsbetting review would be remiss not to summarise this. One type of presentation is where the odds on events are fixed, such as in the case of a tennis match. On occasion, however, fluctuating odds are used. Also called parimutuel betting, the odds change depending on the size of the wagers being placed by punters.
The reason that sportsbetting reviews need to mention this is that it is essential to know how the bookmakers profit. Keeping ahead of the true odds mathematically provides the bookmakers with the equivalent of the casino ‘house edge’. With the unpredictable human factor involved, the bookmaker bets on a more reliable long-term advantage while offering punters the chance of a short-term pay out.