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Since time immortal, among the favorite pastimes of sport freaks has been gambling. Gambling is exciting, thinking about the risk involved, the luck factor as well as the chance to make a lot of cash in a few of hours. Online gambling has become popular with millions of people world wide, with more visiting betting sites and online casinos popping up via the internet than in the past. One great advantage of having this facility online is simply, that it is accessible from any place which has an active internet access. This has made gambling a sport in itself, available to millions of new people.

There is a boom within the online betting industry and the kind of profits many sites are enjoying now is unimaginable. Online casinos are not to be left behind, as there has been a rapid explosion of these also. Actually, online poker gives gambling, a glamour quotient by roping in celebrities for high profile tournaments. It indicates reaching out to a whole new market in itself.

But bear in mind, the most successful story is the rise of sports betting. Fans that have enjoyed betting on games like soccer, football, polo, baseball, hockey and horse racing, can now do so online with the help of these sites. A whole new selection of sporting events are cropping up to encourage the already soaring popularity of quality online casino betting. It may be correct to say that audiences are now enjoying the betting experience without being at the field themselves. Welcome to the world of virtual reality.

You'll find innumerable so-called gambling experts prepared to dish out information of their systems to 'beat the bookie' or to make a second income from gambling, for a cost of course. I will not do that. I will simply give you information regarding bookmakers, odds and gambling for you to use (or forget) when you see fit.

The first thing to mention is the fact that the vast majority of people who engage in gambling will be net losers over-time. This is the very reason you can find so many bookmakers making so much money through the world.

While bookmakers can sometimes take big hits, as an example if a favourite wins the Grand National, they spread their risk so widely and they setup markets that incorporate a margin, so they will always make a profit over the medium to long-term, if not the short-term. Which is, as long because they got their sums right.

When setting their odds for a particular event, bookmakers must first assess the probability of that event occurring. To do this they us various statistical models based on data collated over years, sometime decades, about the sport and team/competitor in question. Keep in mind, if sport was 100% predictable, it will soon lose its appeal, and as the bookies tend to be spot on with their assessments of the probability of an event, they are sometimes way off the mark, simply because a match or contest goes against conventional wisdom and statistical likelihood.

Just look at any sport and also you will find an occasion in the event the underdog triumphs against all of the odds, literally. Wimbledon beating the then mighty Liverpool in the FA Cup Final of 1988, as an example, or the USA beating the then mighty USSR at ice hockey within the 1980 Olympics are two instances of when you could have got handsome odds on the underdog. And could have won a decent wedge.

The big bookmakers spend a whole lot of time and money ensuring they possess the right odds that ensure they bear in mind the perceived probability of the event, and then add that extra tiny bit that gives them the profit margin. So if an event has a probability of, say, 1/3, the odds that reflect that probability would be 2/1. That's, two to one against that event occurring.

On the contrary, a bookie who set these odds would, over-time, break even (assuming their stats are correct). So instead they will set the odds at, say, 6/4. Within this way they have integrated the margin that ensures, over-time, they are going to cash in on people betting on this selection. It's the exact same concept as a casino roulette.

Now how can you spot the occasions when bookmakers have got it wrong? Well, it's easier said than done, but far from impossible.

A proven way is to get very good at mathematical modelling and setup a model that takes into mind as many of the variables that affect the outcome of an event as possible. The problem with this tactic is that however complex the model, and however all inclusive it appears, it can never account for the minutiae of variables relating to individual human states of mind. Whether a golfer manages to hole a major-winning five foot putt on the 18th at St Andrews it's as much down to their concentration as to the weather or day of the week. On top of that, the maths can start getting pretty darn complicated.

Alternatively you can find yourself a sporting niche. Bookmakers will concentrate their resources on the events that make them the most money, generally found to be football (soccer), American football and horse racing. So trying to beat the bookies while betting on a Manchester United v Chelsea match will be tough. Unless you work with among the clubs, or are married to among the players or managers, it's very likely the bookmaker setting the odds shall have more information than you.