The government has completed its review of the gambling sector and set the maximum bet to £ 2 and limited the number of terminals, fixed odds betting terminals (FOBT) slot machines. Previously FOBT slot machines in the UK were allowed to place bets of up to £ 100.
Thus guided by the new rules, other types of betting have become more attractive to bookmakers. This other type of bet is for example football betting. Betting IDN SPORTS is not only about guessing who wins but also refers to other aspects such as guessing the score, who will score first and the combination of results. Supposing it was an Arsenal vs Burnley game, the bet might offer say 50-1 on Arsenal’s Aubameyang to score the first goal, any Burnley player scores the second and Arsenal wins 4-1.
All of these betting offers have exploded in recent years. You will see them all over the bookmakers window. It may not be as easy as with FOBT to place multiple bets quickly, but online betting certainly makes it fast and there are no maximum bets. There is also no justification for low gross margins. Do a math calculation and you find it can be ten times higher.
How it works
Suppose in an upcoming international soccer match between England and Germany a bookmaker offers Germany 3-1 odds of winning. The bet implies that if the game is played four times, Germany will win once. Germany’s probability of winning is 1 / (3 + 1), or 0.25, or 25%. In theory, the bet also implies a 0.75 (or 75%) chance of Germany drawing or losing, as the probabilities of the various possible outcomes must add up to 1.
I say “in theory” because above imagined a situation where a kind bookie tells you what they really think is possible. In fact, bookmakers build profit margins by constructing odds values that imply the final number of probabilities built is greater than 1. In other words, they say each outcome will happen a little more than it might – hence offering a lower winning potential than “it should be.” “. This allows them to make a risk-free profit from their customers’ bets that stay the same, no matter what the actual event happens. The higher the probability number, the higher the bookie profit margin.
For example, one bookie offers odds on the 2014 Germany vs Argentina World Cup final that gives Germany a 0.44 probability of winning in 90 minutes, Argentina a probability of winning 0.29 and a probability of 0.31 of a draw. This adds up to 1.04, implying a gross profit margin of 0.04 / (1 + 0.04) = 3.8%.
When I studied the odds of bookmakers across the tournament, I found that the profit margins on various bets varied widely. The profit margin measure is related to the number of possible outcomes in a particular bet. The bet on which the team will win the match has the lowest profit margin – 4.5% on average. (Note this means even these regular vanilla bets have a higher profit margin than FOBT.)
In terms of betting on the score of a match the Netherlands wins 2-0, say, there are more odds than the outcome of the match. The average gross margin on this bet is 21.9%. As for the bet on which player will score the first goal, this has more permutations – there are 20 field players, or no one can score. The average margin on this bet is 32.3%. Meanwhile, combined bets that combine different outcomes such as first goalscorer and who wins can also have a much higher profit margin than wagers on the outcome of a single match.
It is not surprising that when I saw the bookmakers’ advertisements, both on TV and in their shop windows, I felt that I was almost entirely dominated by guessing scores, first goalscorer and combined betting. This trend continues; In work I will soon publish, I discovered that the English League TV gambling adverts in January and February of last year were also geared towards bets with high betting profit margins.
When the majority of matches are no longer held on Saturdays
There are also many opportunities to take part in this action. IDN SPORTS is a low frequency affair when the majority of matches are played on Saturday afternoons. Now important matches occur almost every night of the week. To make it even easier, “street ball” betting allows the bettor to place a bet during the match, with the option to “cash out” a certain amount of money before the result.