Bookie Tips: Odds, Value Bets and Rating Systems
Understanding odds, value bets and rating systems is certainly valuable for both bookie entrepreneurs and players alike.
Bookie Tips: Odds
When it comes to what is known as true or fair odds, these are just estimations, or the chance of something occurring, and they are NOT exact calculations.
Now, fixed odds betting allow the bookie entrepreneur to obtain a profit by craftily manipulating the odds. This is how a bookmaking agent gains an edge over players.
Fixed odds and spread wagering (this is how bookie entrepreneurs make their revenue via the spread, which is the difference between the sell and buy prices) are the perfect combination for running a lucrative sports betting business.
Still, with time and experience, players have a chance at beating their bookmaking agents, especially if they focus on acquiring the necessary knowledge on a given sport and its betting market.
This knowledge that is needed by players can be acquired in variety of ways. For example, some bettors focus their efforts on learning about rating systems based on past performance to predict future outcomes.
There are also those players and bookie entrepreneurs whom are more focused on internet information sites, sports journals, etc.
So, if the price of the bookie is greater than that which the player believes to be the fair price, the player has found betting value.
That is of course if the punter is able to estimate prices better that his bookie.
If this is the case, then the player can try to identify value bets from a variety of trustful bookie entrepreneurs.
To eye value bets should certainly be the goal of any player that wants to beat his bookie, and vice versa.
What a rating system does is that it provides a quantitative analysis related to how superior a given team or player is over its opposition in a sporting event.
And, in order to determine this type of superiority, it is necessary to analyze past performances. The best results come for the price per head bookie entrepreneurs and players whom dedicate considerable time to observing a variety of teams closely.
Back in the day, this analysis was quite simple, yet inaccurate, as it was based only on how many wins a side had over the other, and it didn’t included crucial data such as a team’s different particular strengths and weaknesses.
New data analysis also includes factors such as the respective team’s league points, league positions, points scored and conceded, and other important match stats.
This also includes the close observation of each of the players on teams (especially current conditions and injuries).
And even factors such as the weather can be very influential because it can benefit the local team.