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Bookmakers and casinos give themselves an edge and 99% of people fall into their "trap". How do they do this and what should be avoided?
Let's look-at the example of roulette in a casino.
On the surface, it looks OK. 36 numbers, choose one and obtain 35-1 in case you are correct right? Wrong. a lot of people forget that there are actually actually 37 numbers including zero (and even 38 with a double zero on American roulette). This make a major difference in regards to payouts. So just using European roulette, let's crunch the numbers.
If you choose one number, the particular 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 within their favour. Just the reduction of 1 point gives the home an advantage of around 2.7 percent. Not a lot you could think but over the course of Ł100,000 that is 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 truly have an 18 in 37 chance (48.65%). That favours the house by 1.35% which over the course of one day, could equate to thousands of pounds.
But this is nothing when compared with bookmakers.
As I have demonstrated, a "50/50" at a casino is actually a 48.65/51.35 against you. At bookmakers, the margin is significantly greater. A seemingly 50/50 bet can be priced up at 9/10 or 1.9 in decimal odds.
It means that the bookmaker is giving themselves an enormous 10% margin on these kind of bets, the most typical of that are called "handicap bets". The handicap bets are setup in such a manner that you will discover only two possible outcomes, rated as equally likely. But no matter what your choice is, please click the next website bookie stands to keep 10% of the specific odds. Not fair, you might think. Well, they're not going to give you anything for free. They may be within the business of making money after all.
So how can you counter these edges?
It's possible with bookmakers to employ a system of "handicap doubles". I will explain this at another time. Otherwise, only good fortune will counter a bookie's edge and that is not something to rely on.