Bookmakers get rich at the expense of margin, but you can beat them even at a distance.

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Bookmakers get rich at the expense of margin…

In 22 bet app article the author examines how to make a profit on bets.

Betting mathematics increases your chances of success, but does not guarantee a profit. In this article, we'll take a look at margins, odds, and mathematical sports betting strategies. And also we will answer the main question: how to beat the bookmaker.

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Bookmaker margin and odds

The margin is the commission that the bookmaker puts into the odds.

The coefficient is the probability of an event taking into account the bookmaker's margin. The coefficient is needed for calculating sports bets.

Calculate the possible payout at the rate using the formula:

(bet amount) X (odds).

For example, in a football match Liverpool - Manchester United, the odds for the home win are 1.90, and the stake is $1,000 . If Liverpool succeeds, the payout will be $1900 : 1000 X 1.90.

The bookmaker may incur losses based on the results of one match, but due to the margin, the bookmakers are in the black over the distance.

Calculate the margin using the formula:

(1 / K1 + 1 / K2 +… + 1 / Kn - 1) X 100, where n is the number of elections in one market, and K1, K2,…, Kn are the coefficients for each choice.

For example, in a hockey match Russia - Canada, the bookmaker set the following odds on the result of regular time.

Read more in Wikipedia: Probability Theory