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Nairaland Forum / Entertainment / Sports / How Do Sports Bet Companies Make Profit? (842 Views)
How Do Sport Betting Companies Make Money? / I found a good 1.70 odds daily source, you too can make profit / Coronavirus Is Killing Off Bet Companies. (2) (3) (4)
Re: How Do Sports Bet Companies Make Profit? by guobe: 5:50pm On Sep 28 |
brown3:Don't really know how to go about it |
Re: How Do Sports Bet Companies Make Profit? by Sapeleboy911(m): 1:50am On Oct 03 |
Bookmaking is very profitable if you have a large volume of sports bettors. Let me make a vivid explanation. Imagine this, you and your friend are betting on a coin toss, you choose the coin landing on its head, while your friend chooses tails (forget about landing on its rim for now) In a fair world odds should be 2 for either outcome, that is your money will be doubled if you win. Now, what a bookie does is instead of offering 2 odds for either outcome, they offer 1.90. Some greedy ones will offer 1.70 for either outcome. This is what is called an over round or the bookie's margin. If your friend stakes 200k at 1.90 odds and you also stake 200k at 1.90 or 1.80 odds. Whoever wins the bookie will pay 200k( ur stake ) + 180k (your profit). But remember your friend staked 200k. So the bookie pays you 180k from the 200k your friend lost, guess who the balance 20k goes to? The bookie of course. So whoever wins between you and your friend, the bookie, is guaranteed a profit. Sometimes once they notice that bettors are betting heavily on a particular outcome, they reduce the odds for that outcome to make it unattractive. Or when a team news appears they adjust the odds accordingly, this is called book balancing, hence the name bookmaking. There are 2 categories of bookmakers. Namely sharp and Soft bookmakers. 90% of the bookies you've come across are all soft bookies. The sharp bookies are what we call market makers, these types of bookies welcome winners and smart bettors in open arms, and they don't restrict or block your betting accounts if you are winning. Their margins can be as low as 4%. They are very fast and reacts to sports news in splits of seconds. Making money from these type of bookies is very very difficult, because their odds are 99% correct in almost all cases. A good example of a sharp bookie is Pinnacle sports. Often regarded as the sharpest bookie in the world, even though most don't agree. The soft bookies on the other hand are very greedy and slow to react. They can have a margin as high as 15% on a given market. And winners are not welcomed here. You will be kicked out, if you win consistently on a long run. Infact what most soft bookies do is this. Once a sharp bookie releases it's odds, the softs takes that odds and slashes it. For instance if a bookies like Pinnacle has 1.50 3 4 for 1 X 2 outcomes, a soft bookie like bet9ja will offer 1.30 2.50 3.70 for same outcomes. Betting on these outcomes on bet9ja will guarantee looses on the long-term no matter how you study game stats, h2h, ect because these are not fair odds. Winning with such odds are mainly by luck. A fair odd will be an odd greater than that of Pinnacle. So how do smart bettors make money? Some will ask. Well that will be a writeup in subsequent times. Of course so many processes goes into it like team news, weather, etc. Infact most of these soft bookies have internal or external odd providers. But in nitty gritty a soft bookie is just a middleman that will pay Peter a part of the money he took from Paul, then keeps the balance for himself. |
Re: How Do Sports Bet Companies Make Profit? by Sapeleboy911(m): 1:55am On Oct 03 |
brown3:It is very easy, but you must have any of these, a valid international passport, a valid driver's license, or the phased-out National ID card. You will need this to verify your bet365 accounts. You need Skrill/Neteller/Astropay or a dorm account to deposit and withdraw from bet365. |
Re: How Do Sports Bet Companies Make Profit? by brown3: 10:28am On Oct 03 |
Sapeleboy911:thanks bro, can't I use my ATM card to deposit |
Re: How Do Sports Bet Companies Make Profit? by Sapeleboy911(m): 10:36am On Oct 03 |
brown3:Most Nigerian cards don't work on international platforms, and if eventually, your deposit goes through, you can't withdraw to that same card because such cards don't have that functionality. With most bookies, you can only withdraw using the same option you used when depositing. |
Re: How Do Sports Bet Companies Make Profit? by brown3: 1:28pm On Oct 03 |
Sapeleboy911:thanks bro I really appreciate, please how can I get or open any of these accounts Skrill/Neteller/Astropay or a dorm, |
Re: How Do Sports Bet Companies Make Profit? by Sapeleboy911(m): 2:20pm On Oct 03 |
brown3:The easiest among them is Astropay, although their exchange rate is very low. Around #1440 to $1, you can fund and withdraw directly to your Nigeria bank account. Go to play store, install the Astropay App and register with your email and phone number. For ease of receiving verification code, the phone number you intend using should be connected to Whatsapp. |
Re: How Do Sports Bet Companies Make Profit? by brown3: 2:45pm On Oct 03 |
Sapeleboy911:I just opened ostray account but I don't know how to fund it
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Re: How Do Sports Bet Companies Make Profit? by Sapeleboy911(m): 3:47pm On Oct 03 |
brown3: Install the app, then from the user dashboard, click on add money, choose naira, and enter all the requested details. It ain't difficult. |
Re: How Do Sports Bet Companies Make Profit? by Obidikejr(m): 12:23pm On Oct 19 |
Windblown2much: You felt pity for a bet company?? Lmaoooo... If someone told me I'd ever come across something like this I wouldn't believe. |
Re: How Do Sports Bet Companies Make Profit? by Obidikejr(m): 12:25pm On Oct 19 |
Sapeleboy911:Does it have a virtual card I can use for international payments. |
Re: How Do Sports Bet Companies Make Profit? by Sapeleboy911(m): 5:32pm On Oct 19 |
Obidikejr:No, as at today, funding your dollar account from a Nigeria bank account has been suspended. 1 Like |
Re: How Do Sports Bet Companies Make Profit? by LoopyNigeria: 8:53pm On Oct 22 |
They make money through users deposit, it's like Forex, 90% of punters are losers. |
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