In casino gambling, the bettor plays against the house i.e. the casino. But in sports betting, there is no house, you bet against other players, so the bookie is more of a middleman. It is very important for a bettor to understand how a bookmaker works.
Rookie bettors jump into the game without understanding the fundamentals of betting. The working of a bookie is the first thing that you need to understand if you want to get long term success with sports betting.
First thing to understand is that the advantage always rests with the bookmaker, be it a person or a website like http://sportsbetting-x.com/soccer-bet. No matter what the outcome of the game in question is, they will most definitely make a profit. Bookmakers make a profit by pricing their betting markets so that the odds offered do not represent the statistical probability of the event.
Bookmakers create markets that go above 100% to create an edge, which is where the bookmaker makes its money. If you add up the probabilities set by a bookmaker you will find that the result is more than 100%. Anything over 100% is the profit of the bookmaker. The margin can be as low as 101% or as high as 120%. It will depend largely on the popularity of the sports and the betting activity.
This is not an easy job, in brick and mortar establishments; there are generally individual bookmakers, but betting websites generally have teams working to calculate the odds based on probabilities and opinions of the public. They have to account for the form of the squad, injuries of key players, the referee, influence of the crowd etc. By considering all the variables, they first calculate the real chance of an occurrence and then add their profit margin and adjust the odds accordingly.
When you are checking odds for betting, don’t forget to calculate the margin that the bookmaker is offering, the lower it is, the better it is for you. Popular leagues usually have lower margins compared to more obscure events and sports.