It is general knowledge among folks that bookmakers always come up with odds that favour them. I know many people wonder what mathematics is involved in coming up with the odds so that the bookmakers are cushioned against losses. As a bettor, you can also devise methods that can comparatively keep you in the same gaining bracket. This is fulfilled by only staking where the odds are at your advantage.
The Expected Value Phenomenon
To find the player’s advantage, the mathematics is calculating the expected value (EV) which can turn out to be positive, zero or negative. You can loosely say that it is the average return you expect from any situation found by multiplying the odds by the stake. Rule number one dictates that you should find yourself in a negative EV situation.
A positive EV is not a straightforward result otherwise loses would have driven the bookmakers out of business. This is because there is no defined method of finding it and it needs a big chunk of your time. Basically you have to sweat because no pain no gain.
This is a positive EV strategy where you have to come up with a combination of straight bets so that whatever numbers of combinations you should always make sure to have a return of your initial stake maybe plus some return. Usually the return is lower than other bets. The complication here is finding the betting amount that will balance the odds in order to give a positive expected value.
In the prop bets, you do not bet on the outcome of the entire team but rather a particular player or a particular event that will occur in the course of the gaming action. The most common is the over/under type of bets. A bettor has an advantage because he/she has time to look for information concerning what is of interest. Bookmakers simply do not take a keen look into them hence you can easily find inconsistencies in the odds if you take your time and research.
May 17, 2022
May 15, 2022