Beat the Bookie

If you are going to be doing in gaming in the US, then you are going to come across moneyline odds.

Moneyline odds are used when you are betting on the outcome of a sporting contest, for example, who wins and who loses.

Depending on whether you are betting on a favorite or on an underdog, moneyline odds show two things. Either how much you win on a $100 bet or how much you need to bet to win $100. This is determined by whether the odds are negative or positive.

In this way, there is a plus  (+) sign or a minus  (–)  sign in front of the odds to show whether you are betting on the favorite or the underdog. A plus (+) sign means you are betting on an underdog and the number shows how much you would win on a $100 bet. A minus (–)  sign means you are betting on a favorite and the number shows how much you need to bet to win $100.

To understand better let’s say that we see odds of +110. This means that if we bet $100, our total payout would be $210. Meaning we have $110 clear profit. If the odds are -150 then to win $100 clear profit we would have to risk a stake of $150.

One example is a baseball game between the New York Yankees and the Chicago Cubs. The Yankees are expected to win and are the favorites.  Because the Yankees are favourites the bookie sets negative odds of -400. This means you must bet $400 to win $100. Because this side is expected to win the bookmakers make you risk a large amount to balance the bet.

On the other hand, we might have the Chicago cubs as the underdogs. Since most of people would bet on the favorite, the underdog’s payout price in case of winning is increased to make the bet more intriguing. In this case the Cubs might set postive odds of 400. Hence, if you bet $100 then your payout will be $500, with a clear profit of $400.

So that’s moneyline odds. What could be simpler?

People who don’t think that they can beat the bookie should think again.

A bookie called Leisure and Gaming, that runs, amongst other things, BetShopItalia.com has just had to stop its shares trading on the stock exchange. The reason?  Punters have won too much money

In fact, punters have won so much money this bookie needs to find some more so that it can continue to be in business.

This proves that you can win money from a bookie, and that you can win so much money that you can make the bookie go bust!

There may be a few reasons that this bookie is in trouble , but one is certain. This bookie set its odds wrongly.  So,  if you can find a bookie with mis-priced odds, you can make money too!

Casinos use science to make their money and to make sure that you, the gambler, go home with nothing in your pockets. Casinos are masters of mathematics and masters of psychology.

Casino games are designed mathematically and psychologically to keep you playing long enough that you lose all your money.

One trick that casinos use is to serve you alcoholic drinks while you are playing.  Sometimes the drinks are free.  They know that alcohol will cause you to bet the wrong amounts on the wrong outcomes.  They know that alcohol will make you lose money.  While you’re playing the croupiers and casino managers aren’t drinking; they are making sure that their system works.

You can use psychology against the casino. For example, refusing to drink alcohol while you’re playing will ensure that you’ve already beaten the casino at one their tricks.  Also, don’t play when you’re tired.  Get to know when you’re mind is not working at its best, when you need a rest, when you need sleep, and stop.  Doing this you’ll be several steps ahead of your fellow players and on your way to beating the casino.

You can use science against the casino, turning their own tricks against them.  Casinos make money by using the laws of probability. Casinos make the games, that means they get to set how probability is used.  But there can be ways around it.  By betting the right amount at the right time in the right game, you can turn the tables on the casino, take the advantage and make money.

Many people starting off with intelligent profit-making gambling can get led astray.  I was one of these.  I was seduced by my feelings thinking that I could sense changes in the cards, changes in the way that things would fall.

Feelings however are no match for the rigorous mathematics that bookies employ to take your money.  Whereas your feelings can change depending on what else happened to you that day.  Perhaps some people are so highly attuned to their feelings, that they can use them to gamble successfully.  I’m not one of those people.

My feelings are no match for the precise rules of mathmatics.  I learned this the hardway losing tens of thousands of dollars in a few weeks.

After that period I had to do some long hard thinking. I started doing research into the techniques casinos use to fool your feelings. But above all I started to delve into the science of gambling.

Gambling really is scientific.  Bookies know this and they use it to make their money and ensure they lose.  Casinos use science to ensure that you lose and they win.

My putting my feelings behind me and concentrating on science, I could turn the tables on casinos and start being a winner.