Bets are a way of life in the United Kingdom. Every week, the British Betting and Gaming Association tracks thousands of wagers placed online and via mobile phones. These wagers range from simply picking winning horses to placing massive bets on sporting events.
Although gaming and wagering are legal in the UK, lotteries and other forms of gambling are heavily regulated and must adhere to official guidelines. But the rules for sports betting are a little less stringent. You can bet on just about anything, including the side of a bus or the weight of a chicken leg.
When it comes to sports betting, the industry is extremely competitive and the odds can be heavily in favor of the house. So how can you find a betting system that works for you?
Educate Yourself About The Game
It’s crucial to understand the fundamentals of any game you decide to bet on. Unless you’re a professional poker player, you probably don’t know how to calculate odds or whether you’ll be able to cash in on a particular event. Knowing how bets work and why they might be in your favor or against you is crucial to effectively placing your bets and maximizing your winnings.
For instance, if you’re betting on a football match and you understand that goals usually determine the outcome of the game, you’re more likely to make money. However, if the game ends in a draw, you might lose money since you’ve bet the opposite of what you would’ve earned if the game ended in a landslide victory for your team. This is why it’s important to do your research before you bet. You don’t want to risk losing money on something you don’t understand.
Consider The House Edge
The house edge is the amount of money won or lost by a casino, bookmaker, or esports team because of the way the game is played. The house edge can vary from game to game and in some instances, it can be higher than you’d expect. This is why when laying down wagers, you need to take into consideration not only what you’re risking but how much you stand to win or lose.
For example, if you bet on a horse and it loses, you’re going to lose the amount you’d have won had the horse won. But if you bet on a draw, you might not lose anything since a draw doesn’t affect the house edge.
Look For Signs Of Optimism
When putting down betting odds, bookmakers take into consideration how much money they expect to receive from wagers placed on that game. So if you see that a lot of people are betting on one side of an event or a game, you should expect that the opposite outcome is more likely to happen. This is also why a lot of people in the UK are attracted to betting on the Premier League. Since a lot of money is on the line and there are relatively few competitions each season, there’s bound to be some form of optimism around.
Check The Overall Stats
Some sporting events are just more profitable for betting than others. This is mainly because of the way the sport is structured and how the odds play out. For instance, snooker is a game played with a pair of white balls and a cue ball. This is mainly a game of chance where you’re not guaranteed to win. In 2019, the UK’s biggest bookmaker reported that snooker was one of the least lucrative sports in which to bet. Since there are relatively few games and competitions, the pool of potential customers is also smaller. This makes it easier for the bookie to manipulate the odds in their favor.
It’s also important to look at the overall stats for a particular sport. If you’re familiar with a team you support and they’re performing well, you might want to back them since there’s a good chance you’ll win. But if you’re not familiar with the sport and the stats don’t lie, you might want to stay away since this could be a losing proposition.
Use An Algorithm To Find Winning Bets
The best way to ensure you’re always prepared for the next big wager is to set up an algorithm to find winning bets. An algorithm is simply a set of rules that can be applied consistently to solve problems. In the case of searching for winnings, you could use the following criteria:
- home team
- over/under
- most recent matches
- amount wagered
- win probability
- total number of goals
- odds-on/odds-off
By applying these criteria consistently to a number of different sports and events, you’re guaranteed to find a betting system that works for you. And since these algorithms are completely objective and don’t take into consideration the state of mind or emotions of the user, you’re guaranteed to remain level-headed during those exhilarating (and sometimes frustrating) periods when you’re betting on sporting events. As the old adage goes, the house always wins in the long run.
Keep An Eye On The Market
Just because a betting system works for you doesn’t mean that it will work for everyone. Just because a casino decides to give you free money to try their system out doesn’t mean you should use it to gamble with. Similarly, just because a bookmaker decides to offer you the best odds on a particular game doesn’t mean you should lay down your money on that game. A good rule of thumb is to keep an eye on the market. If a lot of people are playing a particular game or event, there’s usually some form of optimism surrounding it. In most cases, this means that the outcome is less likely to be as bad as you think. So don’t be afraid to enter the market if you think you can get a good ROI (return on investment). But if you want to sit this one out, that’s perfectly fine too. Just remember that if the game/event is well-established with a high degree of pessimism, there might not be much opportunity for you to make a profit.
Even though it might not be in your best interest to bet on some games or events, that doesn’t mean there’s not room for you in the market. Just because a bookmaker isn’t offering you the best odds on a game doesn’t mean you should automatically write them off. Remember: it’s always best to keep an open mind. The fact that some games and events are heavily manipulated by the bookmaker doesn’t mean they deserve your support either. As long as you do your research and know how the game is played, you’ll be able to find the best odds and get the most out of it.