As any savvy sports bettor knows, winning with any sort of sports betting activity is all about knowing what to do and when to do it. At the same time, it turns out that far too many hopeful sports bettors forget one of the most fundamental understandings necessary for long term success.
In the world of sports betting, it is all about maximizing value. Sounds good in and of itself, does it not? But what does maximizing value really mean with sports betting? In one respect, you could say that maximizing value is about plugging the leaks with your sports betting. Think of it this way; a sports bet placed without an eye towards maximizing value is comparable to a leaky water pail that simply won’t be quite so helpful when you go to dowse that fire that just flamed up in the grass because you knocked the grill over.
One way to maximize your sports betting value is to make sure you take the time and the effort to find the best line and the best price. You owe it to yourself to shop around and not simply settle for what your normal sportsbook happens to be offering up at the moment. How about this for an eye-opener? There are numerous sports bettors who end up wasting hundred, if not thousands of dollars simply because they wouldn’t take a step back and shop around before placing that sports bet. Hey, it’s okay to be excited and ready to go. Yet, don’t lose sight of the fact that this is your hard earned money you are putting on the line with your sports bet.
Also, make sure that when you do shop various betting sites for the best deals, take note of the differences in the point spread as well as the price. Obviously when you come upon two sportsbooks with the same price, you are going to take the one with the best point spread.
Spoiler Alert: more often than not, the vast majority of sports bettors are simply making their wager on nothing more than gut instinct. That’s fine as far as it goes. Yet, the reality is that over time, this sort of betting strategy will not win consistently enough to end up beating the vig.
Yet there remains a key strategy that you can use to overcome the effects of vig. Overcome so much so that the effects of the vig are in large part eliminated. That strategy is nothing more than the tactic of shopping around for the best price.
Love or hate them, bookmakers provide a valuable function in the sports betting world. Recall that at its most simplest, all that a bookmaker does is take money (the wagers) on a variety of different outcomes in an event typically a sports event, but note that there are wagering options on all sorts of events these days. Then the bookmaker pays out the winners and keeps the remainder as the bookmaker’s profit.
Sounds simple when it is put that way does it not? Yet there is a lot that goes on behind the scenes that the bookmaker has to do to stay in business. Remember that in a perfect world (from the bookmaker’s perspective all of the sports bets would be balanced so that there is a profit no matter what happens in the event. To do that, the bookmaker will adjust the odds up or down as more wagers come in and new information arrives.
The question you may well be asking at this point is how does the bookmaker know where to set the odds. Obviously there is no crystal ball for him to peer into and most likely his second cousin is not a psychic. What does he do?
What you don’t see is that the bookmaker will then reach out to what can be best described as odds compilers. These odds compilers take a close look at all of the information that could possibly be found. Then this information is pored over, its analyzed and dissected until the odds compiler feels comfortable setting an odd.
Also, be aware that help set their odds, the typical bookmaker out there will oftentimes apply factors that you may not have considered. For example, if a particular event is expected to receive more or less support, the odds will be adjusted to take note of that. Some odds compilers even consult the betting exchanges before settling on a number they feel is right for the vent. Now do note that the odds compiler does not do this sort of thing for free. Nope, the odds compiler actually works to certain profit margins.
At the same time, understand that the odds compiler has other compilers doing the same thing at the same time. That explains why you will see different odds by different bookmakers for the exact same event.
As you can see, the bookmaker is but the face you see when you place your sports bet. Behind the scenes, there is a lot going on before you see the odds that are posted.