Many people do not know how the bookmaker operates and this is why they have serious misconceptions about the role of this vital player in the lucrative and exciting business of sports betting. In this article, we are going to look at the role of the bookmaker in the betting industry.
Understanding the bookmaker
First, bookmakers are not gamblers so they do not try to make money from bets. In fact, the bookmaker is essentially a market maker. The role of the bookmaker is to provide a platform for people to place their bets. Bookmakers do this by fixing the odds and making the odds relatively attractive to bettors. Note that if the odds are too low, punters will not stake and this will affect the fortunes of the bookmaker. On the other hand, if the odds are too high, this may not be in the interest of the bookmaker. The trick to being a successful bookmaker is to balance the odds so that you are able to take bets and pay winners without losing money in the process.
The insurance analogy
If you are familiar with the insurance industry, you can compare the bookmaker to an actuary. In the insurance world, the actuary balances financial outcomes for the insurance and the assurance industries. In this context, this means that the bookmaker aims to profit from sports betting no matter the outcome of the event. This is a very effective strategy and this is why bookmakers are not likely to lose money in the long term.
Bookmakers are not oracles
Now, this does not mean that bookmakers always get it right. Sometimes, the bookmakers miscalculate and the punters smile all the way to be bank. In fact, it is possible for the sports bettor to outsmart the bookmaker and make profit by placing the right bets. The only problem is that beating the odds consistently requires some knowledge of how bookmakers and handicappers work. Unfortunately, most people who bet regularly do not know these secrets. In addition, many punters are too greedy to make money from their bets. They go for impossible odds and this is why they lose their money.
Real life betting scenarios
Now let us look at a few betting scenarios and how bookmakers "arrange" the odds. First, let us know that bestbettingsites.co.uk is comparing the most popular online bookmakers which will assist us in a massive way on odds, bonuses, and promotions that the top online bookmakers are currently offering. Without mentioning names of bookmakers, we can look at a few examples of match odds. For instance, Novak Djokovic is playing Rafael Nadal in Grand Slam final. Djokovic is the favorite here and Nadal is the underdog. Most bookmakers will have Nadal at 2.50 to win the match while the odds for Djokovic to win will be just 1.50. In an English Premier League match between Manchester United and Liverpool FC, most bookmakers will offer (1)-2.20, (X)-2.95 and (2)-3.30. In this scenario, the odd for Manchester United to win is 2.20. The draw is 2.95 while the away win is 3.30.
Odds for other options
Bookmakers also offers odds for other options like the first half win, the half-time draw and the both teams to score. Other popular options are "overs" and "unders", correct score and the double chance.
Final word
As you can see, bookmakers are not mean money grabbers out to fleece honest punters. They are market makers and they offer a vital service. Without bookmakers in the industry, sports betting will not be exciting for many loyal punters.
