Staying On Top of the Line as a Bookie

Written by:
C Costigan
Published on:

Staying on top of the line can be an uphill task especially if you use inefficient strategies in your bookmaker. The stiff competition in the betting industry prompts operators to invent new betting products to attract more bettors. In this post, we discuss the bookmaker net and how you can defeat your competitors. 

How Sportsbooks Balance Risks 

Most point spreads odds range from -105 to -110. For example, a bookie can assign -10 at -110 odds to the New Orleans Saints in a National Football League (NFL) game, or -3 at -105 odds to Boston Celtics in a National Basketball Association (NBA) match.

If a bettor wants the wager's other side, they can pick the point spread (+10 and +3) underdog to receive points rather than giving them out. These odds are almost similar to even odds like -105 and -110, hence staking $110 or $105 to receive $100. Bookies offer Moneyline odds and point spreads to balance risks on a bet's sides. 

Bookmaker Payouts and the 50/50 Betting Percentage 

You can accept 100 wagers each having $110(bettors will win $100 after staking $110) or $11,000 in total. Half of the wagers will be on the underdog and the other half on the favorite, each having $110.

If the strong team wins the game, you will pay bettors $10,000 which is their $5,500 stake and $5,000 winnings. But, if an underdog wins, you will pay $10,500 to the winners. You will have benefitted from either outcome as you received $11,000 and paid out $10,500.

Wagers will be evenly balanced and help you collect the vigorish (vig) without any risk. You will gain $500 on the total $11,000 stakes thus having a 4.5 percent profit margin. 

The "Centered Game" and Bookie Payouts 

You can price each wager's odds to make a sporting event a centered game. Or, its pricing can show its actual expected probability of occurrence.

Gamblers will win half of their point spread wagers if you use the true exact probabilities to price bets. The vig will help you have a 4.5 percent profit margin after a while. So, the number of actual wagers you will accept won't adversely affect your business as their prices will prevent gamblers from getting outsized gains. 

Profit Margins, Shaded Lines and Human Nature 

Sometimes, it is tricky for a pay per head bookie operator to perfectly balance each bet's risk. Also, it isn't easy to know each sporting event's precise odds to center them properly. Even so, gamblers have specific tendencies.

For example, many bettors often support favorites. Besides, some sports diehards jump on the bandwagon and rind on perennial winners' coattails. You can use such biases to increase your profit margins and shade your lines. 

Are Betting Percentages Useful? 

Bettors detect sporting events that betting companies have shaded when their betting percentages are extremely high. For instance, a bookie can favor the Los Angeles Lakers by -10 points rather than the -8 points that centered numbers show. 

Bookies know that bettors are likely to back the favorites. So, they will make gamblers pay more to wager on the favorites. Some experienced bettors wager against the public to get value odds. 

Do Bookies Need Overround? 

Generally, the odds that bookmakers offer don't reflect true odds as they often add a margin to meet their overheads. It is the operator's safety net. At times, the exaggerated figure exceeds 100 percent when a bookie adds all odds together.

The sports betting sector is dynamic as new gambling markets and trends emerge each year. Software developers build complex bookie software to offer bettors and sportsbooks a better gambling experience. It is advisable to use different marketing techniques to promote your brand.

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Most bookie software providers watch the line moves and set the odds on your behalf so you won't be caught flat footed.  Discovering sharp lines is like an art form.