Sports Betting Australia
Unlike casino games, sports betting doesn’t have a fixed house percentage. This is why it appeals to intelligent punters. Just like in live poker, skill rather than luck is also needed in sports betting. You can’t win in all your bets, but a skilled punter still has a big advantage over a person who just casually place bets. Before I discuss more details here, you need to know how sports betting works first. We’ll use football in our example where there is an odd about point spread. Aside from this sport, basketball also has a point spread. Casino sportsbooks collect commission on losing bets in order to make money. This amount is called Vigorish or Vig for short. The most common odds they offer are 11 to 10. This means that you have to risk $110 if you want to win $100. For example, you place a bet worth $110 for the Giants at a casino sportsbook. If the Giants win, you can collect an amount of $210, but if they lose, you also lose your entire stake of $110. The sportsbook would ideally like to have the same amount of stakes to be placed on the two teams playing in a game. If the Giants are playing against the Colts, they would like to have one person bet on the Giants and another person place a bet on the Colts. They would pay the winner in this market $100 but collect $110 from the loser. In this situation, they can earn $10. Sportsbooks don’t really care who wins so long as they make a profit. This is why they want to have an equal amount of bet for each side. To do this, they assign a line or spread to make their odds attractive to punters.
The Point Spread Betting
Many people have a wrong idea about the point spread. They think it’s the predicted margin of victory by which one team will beat another team. This is definitely not true. The point spread is actually a handicapper’s prediction of what number will be needed to split the wagering evenly for both teams. This is why the line changes before the game begins and while the game is in progress. The objective of the sportsbook is to make the wagers placed on both teams as evenly as possible. The oddsmakers will need to adjust the line if most of the bets placed are just for one team. They do this to get some action for the other team. If they don’t do this, the betting will be heavily lopsided. This usually happens because people react from the opinions of others and are more likely to “jump on the bandwagon” of the winning team. For a sports punter, a line is flawed is it doesn’t follow his predicted outcome of a match. But from the perspective of sportsbooks, a line is flawed if it doesn’t have an almost equal amount of stakes on both sides. Public sentiment has a huge influence on sports betting, and a weaker team can actually become the favorite if the public loves it. If this happens, the odds becomes in favour of an intelligent punter and the underdog presents a big overlay for him. For example, according to calculations Team A should be 3 points underdog to Team B. But many people are placing bets on Team A, so it moved to a one point favorite. In this instance, Team B becomes an excellent bet. This is why most seasoned punters go against the sentiment of most people. This principle is also called the contrarian principle. A winning handicapper does a lot of research. He gets information from a variety of reputable sources and choose what details should be given importance. He makes his own opinions about particular matches and doesn’t follow public sentiment most of the time. He makes his own power rankings and can predict what the point spread should be on his own. Then, he looks at the lines available online and compare them to his own predictions. Today, handicappers can easily gather all the information they need through the Internet. However, they should know how to pick which data are important and which are useless to them. There are now computer programs available that can help them look for useful information. Like any endeavour, it takes a lot of time, patience and practice to become a successful sports punter. This is why many people don’t win at sports betting. However, a person with just an average intelligence can become a successful punter he really wants to. A punter who always bet on football matches or basketball games just need to win 52.38 of his bets to make some profits based on the odds of -110 on these sports. However, many handicappers still fail to maintain this percentage of winning over the long run and lose money. There is a chart below which shows the break even points for different odds on the money line. Higher odds give you a higher percentage to break even while if you place a bet on the underdog, you’ll have a lower win percentage but still make some profits.