Yes that is the whole purpose of the gambling sites in my opinion and that is why they are set up in the way that they are. There are even some that will offer you some crypto as a faucet to encourage you to keep paying but you can only cash it out after you win a certain amount and so they encourage you to keep going. Gambling has destroyed the lives of many people.
That's great, at least their are people still making out something through gambling. I have never witnessed one making big money through gambling, but I've seen small amount from people. But before the person won such small amount he has spent more than quadruple of that winning on losses.
I know. It's just so sad. It's like what drug lords apparently do. They reportedly gradually get people hooked on their stuff and then that way, they know they are set for life because they just keep coming back for more. I'm glad that I don't really have an addictive streak.
Any thing that goes higher than gain is loss, no one wants to bear losses all the time. Gambling isn't worth it when you are experiencing too many losses. Remember in the game of gambling, few are victorious why many are losers.
Interesting analysis, I got all you analysed about how gambling operates. Bookmakers make the changes, and provide different markets for bettors to make selection on. Sometimes odds might increase or decrease depending on the high profile/ fringe football stars up in the match.Yes it is possible. I have a friend who has transitioned from being a professional poker player into a professional sports trader. I also do some sportsbetting on the side myself at the soft bookmakers.
How value occurs in sport market
Value occurs when you've got the upper hand on the bookmakers or the markets. There are mainly two reasons an valuebets occur - and to understand them, we need to cover how the bookmakers operate.
All bookmakers and exchanges have a margin - that's ultimately how they make money. Their margin may vary from as low as 3% to as high as 20%. Imagine a pure coin flip where you can bet on heads or tails. The odds should be 2 on each side, which means 50% probability of hitting one of the sides. For bookmakers to make money, they put their odds at 1.8 on both sides, skimming 10% off whatever the winning bet is.
The best and sharpest bookmakers in the world are purely market driven, which means that when enough money are put on one of the sides, that odds will decrease while the other one increases. This means the odds are ultimately decided by liquidity in the market. When the amount of money going through is high enough - the odds are as close to perfect as it will be. By looking at the odds of these high liquidity markets, one can acquire the knowledge of hundreds of thousands of people. Not many bookmakers can pull this off, because they don't have a large enough customer base makings things too uncertain. The ones that can are mostly placed in Asia.
Value occurs when any kind of new information that impacts the game is acquired. A very good example is the FA cup game between Chelsea vs Manchester City on February 21st. A couple of hours before the game, the best odds you could get on Chelsea to win was around 1.75-1.8. Then, exactly 1 hour before the game the lineups went public - and it turned out that Manchester City brought five teenage full debutants in their lineup.
As seen in the picture, that information triggered a huge change in the market. All the high liquidity markets dropped from 1.75-1.8 to 1.35-1.45 in less than 10 minutes. However - a lot of the European bookmakers didn't react nearly quickly enough. Some bookmakers spent more than 30 minutes changing their odds. That means you could now get Chelsea to win at 1.7-1.8 when everyone else agreed they should have no more than 1.35-1.45. This turned out as an edge higher than 15%.
An edge can be reviewed as a bet with a +EV%. If you place $100 on a 15% edge, you can expect to net profit $100 * 15% = $15. Edges as high as 15% is a bit uncommon, but plenty exist in the range of 2–6% at the soft bookmakers. You can look for value manually or you can look for services which does this for you. If you go for the latter option, make sure to find someone who is fast.
Yes this is a very good comparison that you have made between the two of them. Gambling is addictive just as you would find drugs to be addictive and so as people start to gamble more and more, they become unknowingly addicted to it and they want the drill of having to gamble constantly. If not managed can be quite destructive.
So true. I also think it's similar to when you have a loan and right before you finish paying it, the bank contacts you to ask if you'd like a 'top up'. It happened to me and my husband many times over, and each time we'd take the extension with a bit more on top. That was until we decided enough was enough, emptied our savings account to settle the loan early, settled our credit cards, cut them up and decided never again would we lean on loans (unless it's a mortgage) and credit cards.
This is the order of the day in my country Nigeria lately. With high rate of unemployment, the youths and even old men take to gambling and betting. Some of them win big while some lose a lot but still keep betting.
Yes, exactly with the luck linkage with betting. I have been lucky a few times when it comes to betting, although I'm not addicted to it like most people are, it's just once in a while that I bet only on football games that I'm very familiar with.
