Sometimes events people bet on can be predicted – for example, some athletes are much better than others so it is easy to bet who will win. But in other cases, it all seems like sheer luck.
The website beatthebookies.co offers an explanation of how bettors predict events. It warns that it is in human nature to think patterns will repeat. If someone wins twice and loses twice, people will probably think he or she will win the next time. But on the second thought, there are no such rules in real life and those data alone cannot tell much. The result depends on that person’s condition before the next match or contest, other competitors and other facts. Therefore, experienced bettors say you should not rely on patterns.
Some bettors try to make predictions themselves, others hire tipsters. Even in this case, you are not completely free of effort as you must find one that has a good record and will really choose the best for you, not deceive you to boost gains for someone else. Similary to foretelling results, you cannot be sure whether good tips that some tipsters have given until now will repeat. Maybe they were lucky, maybe they really know something. There is a mathematical form on the site said to help you evaluate a tipster’s performance.
That site advises not to use intuition for betting. It warns about so called halo effect. The term means the effect that the first impresion about someone can influence the way you perceive that person later. In case of betting, this means you are more likely to bet on someone who won when you first met him or her.
This shows that it is not easy to make a fortune with betting. Play resposibly and do not rely too much on that source of income!
Gambling and betting can be addictive. For this reason, it is easy to earn offering such games. A bookmaker, bookie or turf accountant, called Wettanbieter in German language, collects sports or other (political, for example) bets.
Most bookmakers adjust the odds to ensure they will profit regardless of outcome. They can achieve this by getting the same number of bets on each one or other measures. Some even trade bets so that one bookmaker can sell some to another. They also help each other by sharing information regarding odds, which has gotten easier with mobile phones. Their disputes with governments and others are settled by IBAS, although not all are its members.
Most countries regulate betting and bookmaking or even outlaw them completely. For instance, some governments reserve the monopoly in taking bets. On the other hand, United Kingdom used to encourage race betting, which brought huge fortunes to bookmakers.
It is not surprising that like many other activities, betting is also moving online. A few years after introduction of such services, bookmakers also started operating there. But this is not a complete win for them: new computer programs can match bets automatically, without help of a real person, and this takes opportunities from them.
There are ethical concerns: is it right to take advantage of others’ addiction? Some people blow unbelievable amounts of property on betting. Contestants and bookmakers might even deliberately deceive them so they would lose. In some contests, bets increase chances that people will bribe judges, give doping agents to athletes or racing animals they bet on and hinder others. Animals that do not come in first places can be killed, in part due to betting.
However, not everyone cheats when taking or placing bets and not everyone plays unreasonably.
With everyone’s responsibility and legal regulations, bookkeeping can be a harmless business and contribute to the economy.