When I watched this FREE new video presentation I about fell out of my chair!
You see Las Vegas Legend, James Jones, pulls the curtain back and gives you the behind the scenes play by play.
How you really can go from a $100 stake… to pocketing $204,800.00 in five breathless days.
NEVER BEFORE REVEALED SECRET!
For the first time ever…
James reveals a story he’s NEVER shared publicly…
He exposes the secret source behind where his winning picks come from…
A retired star athlete who’s name, who’s name he keeps private. He’s very cautious about giving
hints on who he is.
So… here’s the deal:
Since you’re a trusted insider, I decided to tell you first before word got out so you could watch the entire unedited video to you…
Gambling odds versus probabilities
In gambling, the odds on display do not represent the true chances (as imagined by the bookmaker) that the event will or will not occur, but are the amount that the bookmaker will pay out on a winning bet, together with the required stake. In formulating the odds to display the bookmaker will have included a profit margin which effectively means that the payout to a successful bettor is less than that represented by the true chance of the event occurring. This profit is known as the ‘over-round’ on the ‘book’ (the ‘book’ refers to the old-fashioned ledger in which wagers were recorded, and is the derivation of the term ‘bookmaker’) and relates to the sum of the ‘odds’ in the following way:
In a 3-horse race, for example, the true probabilities of each of the horses winning based on their relative abilities may be 50%, 40% and 10%. The total of these three percentages is 100%, thus representing a fair ‘book’. The true odds against winning for each of the three horses are 1-1, 3-2 and 9-1 respectively.
In order to generate a profit on the wagers accepted, the bookmaker may decide to increase the values to 60%, 50% and 20% for the three horses, respectively. This represents the odds against each, which are 4-6, 1-1 and 4-1, in order. These values now total 130%, meaning that the book has an overround of 30 (130−100). This value of 30 represents the amount of profit for the bookmaker if he gets bets in good proportions on each of the horses. For example, if he takes £60, £50, and £20 of stakes respectively for the three horses, he receives £130 in wagers but only pays £100 back (including stakes), whichever horse wins. And the expected value of his profit is positive even if everybody bets on the same horse. The art of bookmaking is in setting the odds low enough so as to have a positive expected value of profit while keeping the odds high enough to attract customers, and at the same time attracting enough bets for each outcome to reduce his risk exposure.
A study on soccer betting found that the probability for the home team to win was generally about 3.4% less than the value calculated from the odds (for example, 46.6% for even odds). It was about 3.7% less for wins by the visitors, and 5.7% less for draws.
Making a profit in gambling involves predicting the relationship of the true probabilities to the payout odds. Sports information services are often used by professional and semi-professional sports bettors to help achieve this goal.
The odds or amounts the bookmaker will pay are determined by the total amount that has been bet on all of the possible events. They reflect the balance of wagers on either side of the event, and include the deduction of a bookmaker’s brokerage fee (“vig” or vigorish).
Also, depending on how the betting is affected by jurisdiction, taxes may be involved for the bookmaker and/or the winning player. This may be taken into account when offering the odds and/or may reduce the amount won by a player.