If you are a seasoned pro or are brand new to sports betting, then you probably know that it’s not an easy task to make money from this endeavor.Before starting out, knowing what you are up against can make that task a little more easy and profitable.
There is a misconception in the sports betting world that we are all trying to “Beat the Bookie”, but in reality the online sports books are not the enemy at all.They just offer a safe and reliable method for the general public to place their wagers and they take a small percentage of all of the action as a service fee called the juice or vig (Usually ten percent).The sports books objective is to have equal amounts of action on both sides of a game.They don’t care who wins as they get to keep their ten percent just for accepting the wagers.
For this example we will use the standard odds of 11/10 that are used primarily on NFL and NBA bets.What this means is that you need to bet $11 to win $10 or $110 to win $100.Here is how it works.
We will use the New York Jets and the New England Patriots for this example and let’s say the Patriots are the favorite by 7 pts.So if you wanted to bet on the Jets +7 points then you would have to bet $110 with a chance to win $100.If you wanted to bet on the Patriots minus 7 you would have to bet the same amounts.Here is how those internet sportsbooks earn their money.If all goes well, they should have managed to get equal bets on both teams.
Group A – 1000 people bet on the Jets + 7 for a total of $110,000.
Group B – 1000 people bet on the Patriots -7 for a total of $110,000.
We will say that New England won by 10pts and covered the spread, making the Group B winners.The sportsbook then collects the $110,000 of the losing Group A bets and pays out $100,000 to the Group B winners pocketing a cool $10,000 in the process just for accepting the action.Pretty nice payout for about 3 hrs of work don’t you think?Multiply this by the numerous games per day and you can clearly see that the sports books make a lot of cash.
As you can clearly see the sports books are not tyour enemy.It’s the lines makers that you need to beat and with a little discipline, bankroll management and a winning sports betting system it’s a number that can be beat.
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