Welcome to Betting School!

I created this thread to help those new in betting to gain good background in betting. This Betting School covers a lot of topics and information. In this section you can learn about different types of bets, methods of betting, systems and strategies. The aim is to help you to improve your betting and your enjoyment of betting. Remember, sports betting is all about knowledge!!

Today we are going to look at who a bookmaker is



Bookmakers

What is a Turf Accountant?

Bookmakers are traditionally known as turf accountants which probably describes their role better. They take money on a number of different outcomes in an event and then pay money out to those who predicted the result of the event correctly.

The aim of a turf accountant would be to balance their book so that a profit is made whatever the outcome of the event. In order to achieve this, they will attempt to offer odds which are less than the real probabilities of an event taking place.

The result would be a book which is over-round. This means that they will offer odds which exceed the combined probability in an event. In other words their odds will add up to more than 100%.

How Bookmakers Use Odds

Lets take the example of a toss of a coin. We know that there is a 50% chance of the coin landing on heads and a 50% chance of it landing on tails. Convert these chances to odds and we have Evens for each possible outcome.

If the bookmaker took bets at evens then assuming he took equal amounts on each outcome, he wouldn't make a profit. Say someone bet £50 on heads, someone else £50 on tails, the bookmaker would take in £100 and whatever the outcome, would give out £100.

To make the book over-round, the bookmaker will offer less than evens, say 4/5 for example. In this case, the bookmaker would take in £100 but whatever the result, would only pay out £90. Therefore taking a nice £10 profit for the hard work!

If the bookmaker offered odds of say 6/5 on each out come, then the book would be in favour of the bettor. The bettor could have £50 on heads and $openbets[50 on tails and be guaranteed a return whatever the result. Bookmakers are far too clever to let this happen with the odds they quote, but by comparing odds of different bookmakers, this situations can often arise.

BETTING TERMINOLOGY

Ante Post Betting
Betting that takes place well before an event which includes all possible participants. If the selection becomes a ‘non-runner’ the bet is lost.

Apprentice
A young jockey who gains a weight allowance over more experienced jockeys. The weight allowance decreases as the jockey gains more victories.

Arber
A punter who locks in profit through exploiting a market by backing all outcomes of an event at a combined book of less than 100%

Arbitrage
A bet that locks in a guaranteed profit, whatever the outcome.

Asian Handicap
A football bet that gives the least likely winner a head start to make betting more competitive.

Banker
A bet that is considered to be a near certainty.

Bar
The shortest of the odds not mentioned in a betting summary or forecast.

Canadian
A bet on five selections covering doubles, trebles, fourfolds and a fivefold

Dutching
Backing two or more selections in an event to achieve the same profit whichever selection wins.

Favourite
The selection in an event with the shortest price of winning.

Fourfold
A bet on four events where all are required to win

Handicap
A race where horses carry different weights based on their official rating or greyhounds get a head start based on their ability.

Hedging
Backing another outcome in an event you have already bet on to decrease the risk involved.

Heinz
A bet on six selections covering doubles, trebles, fourfolds, fivefolds and a sixfold

IBAS
A service that settles betting disputes between bookmakers and punters.

Jolly
Another name given to the ‘favourite’.

Lay
Betting on something not to happen, for example a team not to win.

Layers Liability
How much a layer stands to lose if the laid selection wins.

LSP
Level Stakes Profit. The amount of profit that would have been made if all stakes had been 1 unit

Lucky 15
A bet on four selections covering singles, doubles, trebles and a fourfold

Lucky 31
A bet on five selections covering singles, doubles, trebles, fourfolds and a fivefold

Lucky 63
A bet on six selections covering singles, doubles, trebles, fourfolds, fivefolds and a sixfold

Monkey
A slang term used by bookmakers for £500.

Nap
A tipster’s best bet of the day.

Nb
A tipster’s second best bet of the day.

Non-Runner
A horse that was originally declared to run but is no longer participating.

NRNB
Non Runner No Bet – Bet on an antepost market where the stake is returned in the event of a non runner

Odds on
[/b]Betting on an outcome that is odds on results in the profit of the bet being less than the original stake.

[b]Over-round
The margin the bookmaker builds into their odds to ensure they make a profit on an event.

Patent
A bet on three selections that covers seven bets, three singles, three doubles and a treble.

Permutation
A bet that contains a large number of selections covering a large number of different outcomes

Pony
A slang term used by bookmakers for £25.

ROI
Return On Investment

Spread Betting
A type of betting devised by city traders where punters must decide to buy (bet higher) or sell (bet lower) on the spread (fancied outcome by the traders).

Steamer
An outcome that has been very well backed all day.

Tote
Betting system that settles bets based on dividends rather than set prices.

Treble
A bet on three events where all are required to win

Trixie
A bet on three selection which covers the three doubles and the one treble.

Walkover
A race where there is only one runner left after a number of non runners.

Yankee
A bet on four selections that covers the six doubles, four trebles and one fourfold.

BETTING ODDS

Betting on sports is all about odds. The term odds is used in sports betting to describe the payout punters can earn on a successful bet. Odds are often referred to as prices, in reference to the value of a bet on a particular selection.

Odds are offered in three different formats, with the majority of sportsbooks allowing users to select the odds format they prefer. The default odds format will often depend on the country in which the bet is being made.

What is Chance?

Outside of gambling, chance is more commonly referred to in percentage terms. If you toss a coin then there is a 50% chance of it landing on heads and a 50% chance of tails. All possible outcomes in any event will add up to 100% .

If you roll a 6 sided dice, there is a one in six chance of any one number coming up. This can be expressed 16.66% (six possibilities divided by 100%).

Understanding Odds

Odds are simply a reflection of the chance or probability of a certain outcome in an event. In any event, every outcome has a chance or likelihood of taking place. Odds are simply an interpretation of those chances. The bookmakers form odds or prices to reflect those chances.

Most online bookmakers give you the option of which type of odds you want to use.

Decimal Odds Explained

Rather than using percentages, bookmakers use odds. Decimal odds are commonly used in Europe and also known as European odds.

To convert chances into decimal odds just take the chance as a % and divide into 100.

100/% Chance = odds

So if you think something has a 20% chance of winning then

100/20 = 5

    * Say you wish to place a bet on an event which has decimal odds of 5. If you win, for every one pound you stake you will receive 5 pounds back. Stake £10 and you will receive back £50. You can see that your stake is included in the odds.

your profit when you stake $10 at 1.5 odd is (10 * 1.5) - 10 = $5. the formula is PROFIT = [STAKE X ODD] - STAKE

European odds multiplied by your stake equals the payout. The odds show how many units the bookmaker pays out per unit staked.

Guide to Fractional Odds

The more traditional fractional odds are often used in the UK. Using the 20% chance example again, the factional odds are 4/1. Fractional odds are saying that for every 1 time you win then 4 times you will lose. Which is the same as saying you have a 20% chance of winning and an 80% chance of losing.

    * Say you wish to place a bet on an event which has odds of 4/1. If you win, for every pound you stake you will win £4 and you will receive your one pound stake back, giving you a total return of 5. If you place a bet of £10 at 4/1, then you will win £40 and have your £10 stake returned, giving a total return of £50.

UK odds multiplied with your stake equals the winnings. The odds show how many units you win in terms of winning per unit staked.

US Odds

If you wish to bet on US Sports then you will also need to understand American odds. American odds are also known as lines or money line odds. If US Odds are indicated with a + sign then they show the amount you would win for a 100 stake. If there is a - sign then they show how much you need to stake to win 100.

    * So if you are betting on an event which has decimal odds of 5, or fractional odds of 4/1, the US Odds would be +400. If you are betting at decimal odds of 1.5, or fractional odds of ½, then the US odds would be -200US odds can be divided into positive odds and negative odds.

Negative US odds show how big a stake is needed for a winning of 100 units. Positive odds show how big your winnings are if you bet 100 units.

Relationship between Percentage Chance, Decimal, Fractional and US Odds

The tool "What are the Odds" below shows you how percentage chance, decimal odds, fractional odds and US odds are expressed to mean the same thing!

Chance v Odds

ASIAN HANDICAP?

Introduction to Asian Handicap (AH)
AH is the most popular way of betting in Asia which is mainly used for soccer matches. The main difference from traditional betting is that here we have only two possibilities to win - Favourite and Underdog (Outsider). In some manuals and explanations for AH it is stated that there is no draw option or the draw is eliminated. Actually this is not really true because we can win if the match is draw and of course we can lose on a draw if we bet on the Favourite. There is a third option - to be a draw with the bookie. In that case our bet is a Push (Tie) and our stake is refunded.
The main advantage of this market is that the margin (spread) in the biggest Asian bookmakers is about 1-3% (4-12 spread points). Normal 1x2 betting spreads are about 8-12% (sometimes in local shops they can be 15 - 20%). What does this mean? It means that if all bets on one specific match are proportional the bookie will make winnings equal to ( if the spread is 2%) 2% from all bets. This is the way that they win - no matter what the result of the match.

OVER / UNDER BETS

This type of bet is based on the total goals of a soccer game. Generally, the bookmakers set 2.5 goal as the line and the punters choose under 2.5 (no-score, 1 goal and 2 goals) or over 2.5 (3 goals and more).

There is no draw (push) possibility of this bet. It means you will win or lose your stake at the end of 90 minute time. You have 50% chance to win the bet. No extra-time or penalty shoot outs after 90 minute counts for this type.

Example:

Arsenal v Charlton – Under 2.5 = 1.95 – Over 2.5 = 1.90

* Consider that you bet 100 on Under 2.5 goals. If the game ends with 0,1 or 2 goals at the end of 90 minutes, your stake will return as 195.

It means you have 195-100 = 95 profit. If the game ends with 3 or more goals, you lose your stake.

For some games, the bookmakers offer under/over 3 goals. It means you will get your stake back if the game ends with 3 goals.

It is the same with any other sports. However, the lines are different from soccer. Lets examine a basketball game.

the next topic we will look at in this school is called [color=#990000]sure bet.
In this topic you will learn how to place a bet that will help you win no matter the outcome. Read tight.
[/color]
Betting arbitrage (sure bet) definition

A betting arbitrage (also called a sure bet) in a sports betting dictionary is an opportunity of betting which gives you a one hundred percent chance of the win. Well, at least in theory. It consists in choosing the right sport event and usually two (or sometimes three - in the case with the draw possibility) bookmakers which give the highest odds for both of competitors. Then you can bet at the first bookmaker on the first competitor and at the second bookmaker on the second competitor (and sometimes at the third bookmaker on the draw). If you have chosen the sport event (and bookmakers) correctly you can distribute your money between bookmakers in the way you will have an income independently of the result of the event. Look at the betting arbitrage example below.

There are many different types of betting arbitrages but the simplest distinction is that they can involve a draw or not. I will present both of this types.
Very simple betting arbitrage example

Imagine there is a tennis event - a match between Player A and Player B. The odds of one of bookmakers are 2,05 on Player's A win and 1,90 on Player's B win. The other bookmaker's odds are 1,80 on Player A and 2,05 on Player B.
It is clear without a calculator that if you bet 100 USD on Player A at the first bookmaker and another 100 USD on Player B at the second bookmaker you will win 205 USD regardless of the outcome of the match. It means that your profit will be equal 5 USD because you bet 200 USD and win 205 USD. So the event and the bookmakers' odds make a betting arbitrage.

KEEP IN TOUCH WITH THE THREAD AS I COMPLETE THIS INTERESTING TOPIC.

Hello class, Before we continue with SURE BET let me throw more light on Asian Handicap.This is because Asian handicap is one of the most interesting football bet

What are handicaps?

Handicapping is a way of making a sports contest more even which also makes it more interesting to bet on. In betting, this is done by awarding one of the teams, the underdog, some points or goals lead.

What are Asian Handicaps?

Asian Handicaps are a relatively new type of bet which are offered on football matches.

The Asian Handicap is created so that in theory, each team has a roughly equal chance of winning.

In Asian Handicap betting, effectively the draw is taken out of play and a competitive market formed. So rather than deciding between home, draw and away, you simply decide which team you think is the best bet on the Asian Handicap they have been given or that they receive. The handicap is expressed in terms of goal/s or part of a goal start or deficit.

Different Types of Asian Handicaps

The main reason Asian Handicaps may appear complicated at first is that they are expressed in many different ways.

The 0.5 Asian Handicap

1.95 AC Milan (-0.5) v Liverpool (0.5) 1.95
The first figure 1.95 is the odds available and the figure in brackets is the handicap.
This means that Liverpool receive an imaginary half a goal lead at the start of the match.
If you bet on AC Milan who start half a goal down, they have to win the match for your bet to win.
If you bet on Liverpool, you win if they win the match or if they draw.

The 0 Asian Handicap

This occurs when the likelihood of either team winning is fairy level. Here you are really betting without the draw being an option. You win if your selected team wins. If it is a draw, your stake is returned.

The 1 Asian Handicap

If you choose the -1 handicapped selection, your team needs to win by at least 2 clear goals for your bet to win. If your team only wins by one goal then the stake is refunded.

If you select the team who has a one goal lead (+1) then you win if they win or draw. If your team lose by just one goal then stake is refunded. This is a good bet if you fancy an underdog to get a result. Even if you are wrong, if they can limit the defeat to just one goal then you don't lose.

The 1.5 Asian Handicap

Here, if you bet the -1.5 handicapped team you win if the team wins the match by two or more goals.

If you select the team which has a start (+1.5) then you win if the team wins or draws. You also win if it loses by one goal!

The Double Asian Handicap Explained

In double handicap betting the wager is split in two.

Luton (-½,-1) v Watford (+½,+1)

In this example half the stake money is placed on Luton minus half a goal and the other half on Luton minus 1 goal. The result of the bet is worked out using the methods described above.

Often the double Asian handicaps are expressed as decimals. The figure being the mid point between the two handicaps. In this example you might there for see -0.75 Luton v Watford +0.75

Double Handicap 0, 0.5

This is also known as the level half Asian handicap and could be referred to as -0.25 (0,-0.5)and +0.25 (0,0.5)

If you bet on the team which is 0, -0.5 on the handicap then you win if the team wins by one goal or more. If it draws you lose 50 per cent of your stake. The other half of the stake is returned. Returning of the stake when your bet or part of your bet equals the handicap is also known as a push.

If you select the opposition 0, +0.5 then you win if the team wins the match. If it draws, half your stake is returned and half is a winner at the odds taken.

The Double Asian Handicap 0.5, 1

If you select the (-0.5, -1) handicapped team, also could be referred to as -0.75 then you win if the team wins the match by two or more goals. If it wins by one goal, half your stake is returned and half is a winner at the odds taken.

If you select the opposition (+0.5, +1) team, could also be known as +0.75 then you win if the team wins or draws the match. If it loses by one goal, you lose 50 per cent of the amount staked.

Bookmakers Odds For Asian Handicap Bets

In handicaps without a draw option, bookmakers vary in the odds set and the advantage that they take in terms of the over-round. But generally, the amount of profit that bookmaker take on these bets is lower than what they would take on a full time or 90 minutes match bet which includes the draw.

Bookmakers will typically pay out on Asian Handicap bets between 90% and 100% of what they take, normally towards the top end of this., making very low percentage profits on the bets.

This is one reason why Asian Handicap bets can be great value bets.

In-Running Asian Handicaps

As well as offering odds on the 90 minute result with the draw, many bookmakers also offer the Asian Handicap in-running market. Bets on the Asian Handicap market in running are settled according to the scoreline for the remainder of the game after the bet has been struck. Any goals prior to the bet being placed are ignored for settlement purposes.

Responsible Gaming

Betting on sports can be an exciting and rewarding hobby. However, as is the case with most pleasures in life, it is advisable to pursue this hobby in moderation, and to know your limits.

Here are some simple guidelines to follow when betting on sports:

Bet within your means

Before you start betting, take time to figure out how much you want to bet every month. If you keep a budget, include sports betting as a luxury or entertainment expense and decide in advance how much you are willing to spend.

Once you have set your limit, register with a sportsbook and set a daily and weekly deposit limit. Once this limit has been set it takes a week to change, which means you’ll never be able to deposit more than you originally intended.

Don’t chase your losses

If you’ve made a loss in a betting market, don’t spend the remainder of your balance in trying to win your losses back. The end result of this behaviour is usually greater losses and increased frustration.

Instead of immediately placing another bet, take time out, try to figure out where you went wrong, and reconsider your strategy. Given time you’ll feel more rational and composed, and will be more capable of making good, rational selections.

Hold on to your winnings

The only thing worse than chasing losses is squandering your winnings. Set a percentage to the profit that you win every time you place a winning bet, and withdraw this money from your betting account when your account shows a profit.

Having a large balance in your account can create a strong temptation to place bets at bigger stakes, particularly when you’re on a winning streak. If you think you’re in top form, place small stakes bets on accumulators and see how your luck holds up.

Stay in control

If you’re spending more money than you originally intended, it may be worthwhile taking time out to consider whether you are really in control. If gambling is causing unwelcome changes to your lifestyle, relationships or financial well being, chances are you need to take a break and reassess your priorities. All sportsbooks offer members the opportunity to exclude themselves from their accounts for set periods of time.

Good info here

@toluxa1, thanks for thee encouragement. I promise you that by the time you will graduate from this school, you will become a betting prof. KEEP IN TOUCH FOR TODAY'S CLASS

Unclena@ tanx bro. We realy nid dis information. So wats next afta this. How do we start nd wich bookie ar gud doin biz wif?

OMG

Nice one peeps

im here for good

Good thing people are beginning to take a professional approach to betting. Betting is one of the best investments for those who know what they are doing but most people just take it like child's play and get their hands burnt. With a small amount, one can become a millionaire. I will post detailed info on that later.

I know you have heard about Sportsbook. Here is the meaning:
A sportsbook is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, hockey, soccer, horse racing, boxing etc.

[color=#990000][/color]pls we ar waitin anxiously to si wat u have 4 us.

@Cyif2003, pls i understd. Just give me little time to get things right. Office work. B4 morning i will post more in this thread. Thanks all 4 ur support.

@vincentont, naira stake is very legit . A back bet is betting that a team will win and if the team wins u win but if they lose you lose also. For instance, if man u is playing against barca, if u back man u 2 win barca u can only win if and only if man u wins. while a lay bet is betting that a team will not win so if the team draw or lose you win your bet and the profit. For instance, if u lay barca in man u vs barca u will win your bet only if barca lose or draw with man u. Keep visiting this thread for more betting knowledge n updates.

interesting

I wnt to say a big thank you to unclenna for starting this thread.u ve taken pains to narate to us for free wat oda guyz charge for.more greese to ur elbow.God wil reward u.

@all, thanks for your appreciation. Why am not updating is because of the spam bot. any update that contains dollar sign is blocked by it. you know there is no way you can explain some things in sports betting that you will not use dollar sign. But am working on it. Once more i want to say thank you.

I have even challenged the mod and the owner to review this thread and see if there is anything like spam, is still the subsidiary of stakersden daily betting tips.

In case you don't know, Sportsbook and bookmaker is the same thing. the only thing is that Americans use the word sportsbook while UK uses Bookmakers

Before you start your betting analysis there is one way to know the team that has an upper hand[/color], The odd. [color=#000099]the odd of a match tells you the strength of the teams that are involve in the match. High odd signifies under dog while low odd signify strong team. therefore next time you want to make your match prediction first look at the odd it goes a long way to help you in your analysis. I wish you well in your bettings. Together we will achieve success.

you can also win free airtime when you predict correct match results on http://www.nairasportforum.com/win check it out its real and its still on