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How bookmakers bet

  • 11 June 2018
  • Author: Anonym
  • Number of views: 212

A huge number of people have used Betting Resources to do just that and in the process have been exposed to content that should hopefully have inspired them to learn about other key concepts in betting. We have over 1,000 articles across a whole spectrum of subjects and learning levels, with our primary intent to simply empower bettors to be more knowledgeable. I invite you to take a closer look.

The concept of a 1X2 is fairly easy to grasp as it relates to the outcome of the game, and needs next to no explanation. Introducing the concept of handicapping is, however, a different story. The fact that Asian Handicaps are the market of choice for professional bettors should on its own motivate an aspiring gambler to get their head around how they function.

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Given the interest in understanding the basics about betting on popular sports - such as basketball - it shouldn’t be a surprise that the most popular article ever published on Betting Resources (from a library of more than 1,000 titles) is one that relates to our most popular betting market - soccer - simply explaining how Asian Handicap markets work.

Underlining the function betting resources provides for novice bettors is our article explaining the basic basketball bet types. We have similar articles across all sports, but the popularity of the NBA has helped contribute to the interest in this piece; along with an absence of content online that effectively answers this simple but important question.

At number seven is a simple explanation of the different odds formats available at Pinnacle which tends to see elevated interest around marquee events when there is a lot more recreational interest. This article and the questions that drive people to it are helped by the recent addition of our odds conversion calculator. Our betting tools are really convenient but no substitute for knowing the relationship between odds formats.

Our article on Probability, Odds and Payouts (number 8 in our list) is an excellent primer for the fundamentals of betting, especially as it features a helpful video. There is no point trying to jump into systems betting or complex betting strategy until you have learnt the basics.

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All Betting Resources content is tagged with one of three learning levels - Beginner, Intermediate, Advanced - and we make every effort to appeal to all three important audience groups. Our top 10 list of most popular articles evenly reflects this diversity, so as much as Poisson and Kelly Criterion appeal to bettors really wanting to get their teeth stick into meaty subjects, our content also appeals to those getting to grips with the basics and then wanting to develop their skills further.

Recognising the popularity of Kelly Criterion and Fibonacci and the desire of our readers to know the most sensible staking approach, we produced an article that compared them among five prominent staking methods.‘Staking: One method to improve your betting’ has proved to be one of our most enduring articles. Drawing on data from Alex Bellos’ excellent ‘Adventures in Numberland’ and using a 500 bet simulation and $1,000 bankroll, the article provides an inexpensive way for bettors to learn the pitfalls of five prominent staking approach.
Not only does this illustrate how bookmakers might turn data into betting odds, it also highlights the fact that different sports function in completely different ways. Scoring in soccer is essentially random, so Poisson works, but that isn’t true of baseball or basketball where scores are clustered. Thinking about sport and predicting outcomes in this way opens a whole new vista for learning.

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Our article ‘Poisson Distribution: Predict the score in soccer betting’ is so popular because it walks the reader through the process of calculating odds from raw data - using Defence and Attack strength values - then using the maths behind Poisson to easily turn these into probabilities/odds of a distribution of different scorelines.
Poisson is not actually a system but a way of calculating probability distribution, or in layman’s terms the chances of different possible outcomes from an experiment. That could be a coin toss - giving you the chances of different distributions of Heads-Tails knowing the base probabilities for each (0.5), or a sporting event like a soccer match.

We have a number of articles that touch on Kelly, and when shared on our Twitter feed, it tends to produce some lively discussions as there is no right or wrong as the extent to which it can be applied.
Dominic Cortis, a long-time contributor, university lecturer and trained actuary answered that question outlining the concept behind Kelly - staking in proportion to perceived edge - along with the all-important formula. Kelly isn’t a one-stop shop; there are multiple variants on the theme, and ways that Kelly can be combined with other approaches to create what is called a ‘mixed strategy’ which leads into the realms of advanced betting.
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