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Apparently we're pleased to stake our cash on everything from bullock racing to a bullfight. The consulting firm H2 Gambling Capital released statistics recently which reveal that the common UK adult or the US adult will lose around US$400 gambling every year. But they are nowhere near the Australians (the most prolific bettors) that will lose more than $1,400 for every adult this coming year.
All these losses add up and popular sports betting markets like English Premier League soccer, NFL football betting, NBA basketball, NHL hockey, and MLB baseball turn over billions of dollars each and every year. And, as in other billion dollar industries, the competition for your custom is fierce. Online bookmaking operations today are slick, sophisticated, and making a killing. They employ expert staff to set appropriate starting prices and use complex statistical models to deal with their risk in real time.
On the flip side, all this effort from the bookmakers is nothing in comparison to the time expended by punters themselves. Consider the time you spend turning a bet over within your mind before you decide to place it and after that multiply that by the range of bets placed each day. Tens of thousands of man-hours are spent trying to predict the outcome of sports every day.
But could this effort be better utilised?
You'll find only two things which determine the expected payout of a bet. The first is the probability of the predicted result and also the second is the odds accepted for that result. Improving on either one of these factors improves the expected return of the bet. But, for all of the effort expended attempting to predict the right result, it seems that proportionately very little effort is expended securing the best possible odds.
This really is hardly logical. It's not possible to anticipate the result of a sporting event with any meaningful confidence and also guessing at the probability of a particular result is exceedingly hard. At least some of the time spent trying to predict the outcome of a sporting event will be better spent comparing the odds offered by the different bookmakers and selecting the bookmaker which offers the top return on this particular bet. It's quick and easy to shop around the many online sportsbooks, compare odds, and locate a better offer. There are actually even plenty of services around that may do it for you for free.
Professional gamblers often have accounts with multiple bookmakers, pay close attention to the odds provided by each, and seek out the best odds before they place a bet. But the average punter tends to mindlessly accept the odds provided by his usual bookmaker. This is a big oversight and a costly missed opportunity.
Bookmakers often post noticeably different odds for the same event and it's common to seek out mismatches of up to 10% from one bookmaker to another. This percentage is there for the taking and it mystifies me that lots of individuals aren't shopping around for better odds.