Sports gamblers have a belief system that is an often preconceived and false notion; “the house always wins”. This is not true, the house does not always win and as a gambler, if you do your homework, you have just as much of a chance to beat the bookie. Bookies put up odds on sporting events nearly every single day of the year and there is nothing you have to do other than plunk down some cash and bet against them. Again, doing your homework and handicapping the games goes a long ways towards beating the house. The bookies do not handicap the games and adjust the lines and odds accordingly. They simply put up a standard number and hope for the best, with all of the realization in the world that a smart bettor might come along and beat them.
Online Bookies Offer More Than just Sports
It is up to an individual bookie or bookmaker to put limits on their action in terms of money. If they are getting their teeth kicked in, they might do this. Everybody thinks that the bookie is rich, that’s because many folks have a “Vegas” mentality. A Vegas mentality says that every sportsbook is loaded to the gills wealthy and they are all rich and making huge profits every single night. Again, not true by a huge stretch. The “superbooks” on the Las Vegas strips are certainly wealthy, and there is one reason for this, they have parent organizations that have deep pockets. A very large percentage of all sportsbooks in Las Vegas are owned by a casino. The Casino makes huge profits. Casino gambling is based on pure luck. Some days the casino loses money but a vast majority of the time, they make enormous profits.
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Sportsbooks run on a tight budget and in general, sports gambling is a very marginal business for the bookie. A single nights profit margin can turn on a dime for the bookies, it can turn on one single sporting event. Take baseball for example; in the MLB, the underdogs win close to 46% of the time. That’s a huge number and a huge risk for any bookmaker. In football, a complete day’s or even weeks’ worth of profits can be lost on one game. When it comes to gambling on sports, the player has the advantage, not the house.
How do bookies really make money?
As mentioned, bookie offer lines and odds on sporting events every single day and make no mistake they want to beat you, however, that is not there focus. If there focus was beating every single player that bet with them; they would go nuts and lose their mind! Remember this, bookies are putting up an offer of payment if you are willing to take their bet. They put up the risk, the gambler puts up nothing. Sure there is money involved for the gambler but the gambler has all of the opportunity in the world to figure out how to beat the bookie through handicapping.
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Bookies make their money by charging what is called “Vig” or “Juice”. They couldn’t possibly offer the public even money bets, how would they be making any profits? They must charge a percentage and that percentage is Vig. The bookies can’t possibly operate under the blanket of a handshake bet between two friends at the bar. If they were to operate in this fashion, that would simply be a straight up gamble. There would be no point to offer up daily lines and odds. They may as well sit on the other side of the aisle and be a gambler themselves and do their best to beat the other guy. Not to mention that the other guy may like exactly who you like and not want to bet with you. Vig must be charged as a commission or the bookies would never turn a profit. They would only be gambling.
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The bookies depend on cross action and they want a lot of it. This not only generates betting revenue on one side or the other, it brings in revenue from the Vig. They must have it or they will go broke. This is how they make their money. Most of the time, bookies have no interest in one side or the other in a sporting event, they simply need the action on both sides.