There are many winning percentages in betting. One of the lowest values you’ll ever see is 200 (2 000 %). This means that, on average, your bets will win back twice what you’ve put in. It’s unlikely to ever happen, but it’s good to know it’s possible.
The numbers don’t lie. Bettors will often say, “I just want to place a few modest bets to get back some of my losses.” That’s when you know they’re confident in their ability to win, but also need a little taste of what it feels like to lose. It’s different when you place a bet for fun. You’ll place smaller bets and risk more, just for the excitement of it all.
Wins Consume Loses
When you bet, you’re basically placing a wager. You’re saying that you believe an event will happen and that you’re confident enough in this belief to lay down money (hopefully, not all of it) to prove it. If the event happens as you predicted, you win. If the event doesn’t happen, you lose.
In our betting example, let’s say you laid down 100 pounds to win 150 pounds. Your winnings, after taking into account your original bet and any further winning bets, will be 250 pounds. This means your total loss, including your original investment, will be 50 pounds. To put this into perspective, if you’d matched Joe’s winnings from earlier, his losses would have been around 50 pounds as well.
Good Bets And Bad Bets
There are some bets that, regardless of the outcome, you’ll always feel good about. These are generally regarded as good bets. If you believe an event will likely happen and there’s a good chance you’ll be right, you can lay down your money and enjoy the ride. You might not want to bet on favorites or long shots because, in most cases, these are the bets that don’t pay off as well. If you’re looking for a sure thing, you might be better off in the long-term sitting on the sidelines than laying out your dollars for a chance at a jackpot.
All Bets Are Not Created Equal
You don’t always have to bet the same as you did in our earlier example. Sometimes, all bets are off, and you have to place different bets in order to win. This is usually the case when there are several contenders for an event. What you need to watch out for here are the exchange rates. For example, if you’re betting on the over/under (under is usually favored) for a basketball game and the spread is four points, you need to make sure you’re not paying an excessive price for three-point bets. What you should do is take the short-side (bet on the under) and use your corresponding bet on the over (usually, you’ll lay down bigger bets on the over) to help control your losses. In this case, you’re better off taking the under and using your over to balance things out a bit. This ensures you don’t get too excited about a small gain because, ultimately, you’ll still lose some money.
More Ways To Win
It’s not always about winning or losing when you bet. Sometimes, you can create winning circumstances simply by placing the right bet. For example, if you bet on a team with a high number of goals in a hockey game and the other team has a low number of attempts on goal, you’ll still win if your team scores more goals than the other. The key is in the fact that you had a bet on it and, therefore, you were assured a win, even if the final score didn’t pan out in your favor. In other words, you got your money back (plus some) due to a technicality.
The Mathematics Of Winning
Sportsbooks employ the use of a probability system to determine the over/under (or spread) for each game. Using this system, they’ll assign a percentage to each team based on their performance in the previous season or stage of the season. These percentages are then combined to create an overall winning percentage for the book (usually, around 70-80% for major sporting events) that they can use to advertise to the public.
The use of a percentage to determine whether or not you will win or lose gives the game a random element that makes it more exciting. This is also why most major sportsbooks don’t publish their betting lines more than 24 hours before a game starts. The line is updated to reflect current information as it becomes available, but, as games get closer and closer, the information becomes more and more up to date, so, in the end, the line is always going to be precise.
The excitement of placing a well-thought-out wager on a game, coupled with the knowledge that you can actually win, make this an exciting (and interactive) way to spend your free time. Remember, though, if you’re looking for a way to make extra cash, maybe consider exploring some of the higher-risk, but higher-reward treatments that can be found online. Chances are, you’re going to win or lose some money (and hopefully, it’ll be the former), but at least you’ll have had the opportunity to try out a new method of earning potential.