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Bookmakers and casinos give themselves an advantage and 99% of folks fall into their "trap". How do this is accomplished and what should be avoided?

Let's look at the example of roulette in a casino.

On the surface, it looks OK. 36 numbers, inquiry choose one and get 35-1 if you're correct right? Wrong. almost all people forget that you will find actually 37 numbers including zero (or even 38 with a double zero on American roulette). This make a significant difference in terms of payouts. So just using European roulette, let's crunch the numbers.

If you choose one number, the specific odds of getting that number correct is 1 in 37 or 36-1. So by offering 35-1, the casino has instantly stacked the odds ever so subtly in their favour. Just the reduction of 1 point gives the house an advantage of approximately 2.7 percent. Not a lot you could think but over the course of Ł100,000 that's Ł2700 in favour of the casino. A small margin but a margin nonetheless.

So what about red/black or odd/even? Again, it would appear to be a 50/50 bet. But with the inclusion of zero, you really have an 18 in 37 chance (48.65%). That favours the home by 1.35% which over the course of one day, could equate to thousands of pounds.

But this is nothing compared to bookmakers.

As I've demonstrated, a "50/50" at a casino is really a 48.65/51.35 against you. At bookmakers, the margin is significantly greater. A seemingly 50/50 bet is generally priced up at 9/10 or 1.9 in decimal odds.

It means that the bookmaker is giving themselves a tremendous 10% margin on these kind of bets, the most frequent of that are called "handicap bets". The handicap bets are setup in such a manner that you'll find only two possible outcomes, rated as equally likely. But no matter what your decision is, the bookie stands to keep 10% of the particular odds. Not fair, you could think. Well, they are not going to give you anything for free. They are in the business of making money after all.

Just how can you counter these edges?

It is possible with bookmakers to use a system of "handicap doubles". I will explain this at another time. Otherwise, only good fortune will counter a bookie's edge and which is not something to depend on.