Bookies Commission

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If you are going to have a bet on a regular basis then it is vitally important that you fully understand betting odds and how they work. Odds prices are simply a number that indicates to the bettor the financial return that is available if that selection wins.

For each event a book is created that gives the betting odds for each competitor/team taking part. These odds roughly reflect the real probability of that competitor winning but will give an indication of the chances.

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The odds of Manchester City winning the Premier League will be much shorter than for Everton winning it, this is because the bookmaker believes – based on their research and evidence – that City have a better chance of winning the title than the Merseyside team.

The lower the odds a bookmaker offers, the more they believe that scenario will occur. Odds, however, are impacted by lots of things, such as popularity – the more people bet on something the lower the price goes; and opinion – the more positive noises there are the lower the prices go. This is why it can be possible, on rare occasions, to find odds that are actually better than probability dictates.

Remember though, prices also have a profit margin for the bookie built in, so on balance, odds are always lower than real probabilities dictate. This is why they say “the bookmaker always wins”.

Different Odds Formats Explained

There are three main ways of expressing odds, namely decimal odds, fractional odds, and American odds, with other Asian variations such as Malaysian, Chinese, and Indonesian.

Fractional Odds

These are the odds that most of us in the UK grew up with. Go into any bookmakers shop and the odds will be in fractional form. In Britain, you will find everyone seems to talk about their selection being 2/1 rather than ‘oh it’s 3.0.’

How do you go about understanding fractional odds? Well, if a selection is priced up at say 5/2, then for every ‘2’ you bet, you will get ‘5’ back; the figure on the left indicates how much you’ll win and the one on the right refers to the stake needed to win that amount. Therefore, if you place £2 you will win £5 plus your stake back (£7 total). This is described as being odds against, or positive odds.

Many bets, as is the case with a lot of favourites, will be odds-on or negative. That means the figure on the left will be smaller than the one on the right. If it’s 10/11 you have to bet £11 to win £10, plus your stake back.

There’s a whole range of fractional prices available, for example, 2/1, 9/4, 5/2, 11/4. In that example, each of the odds is slightly higher than the previous one. Recent years have seen more fractional odds appearing, such as 11/5 and 85/40, to allow for minor changes and cover a wider range of prices.

Learning the fractional odds is really important if you want to be able to successfully gauge how the market is moving. For example, which of these odds is the shortest: 7/5 or 11/8? It’s simply a case of dividing the figure on the left by the one on the right. 7 divided by 5 = 1.4 and 11 divided by 8 = 1.375, therefore 7/5 is slightly higher than 11/8.

Decimal Odds

If you grew up in Europe you may be more familiar with decimal odds. It makes sense given that Europe has embraced the metric system whereas in the UK we are still semi-Imperial, hence the fractions for odds.

The rising popularity of online betting however means that even if you are British you will have encountered this format more and more. Especially if you’ve tried betting with more continental bookie’s sites where the default odds can often be decimal, or if you’ve tried more exotic bets such as Asian Handicaps, where odds are generally shown in decimal.

With decimal odds the big difference is that the odds shown include your stake money that will be returned if you win. For example, 2/1 in fractional odds simply explains that if you stake £1 then you’ll win £2, plus your £1 stake back. Now, in decimal terms, this is represented as 3.0. This means for a £1 stake you will receive £3.00 back if your bet is a winner, however, there is no need to add your stake back on as it is included already.

The key figure in decimal odds is 2.0, the equivalent of evens in fractional betting. If the decimal odds are less than 2.0 then this is the equivalent of an odds-on shot in fractional odds. For example, 1/2 in fractional odds is 1.5 in decimal, as £1 wins you 50p so your return is £1.50.

American Odds

American odds are also sometimes called lines or money line odds. These do take a bit of getting used to from my experience.

For positive odds, you’ll see a “+” sign, and this tells you how much you’d win with a stake of 100 units. For negative odds you will see a “–” sign, and this shows how much you will need to stake to win £100.

For example, if the fractional odds are 4/1, the decimal odds would be 5.0 (as it includes the return of the stake) and in US odds it would be given as +400. Here a stake of 100 will generate a profit of +400 if the bet wins.

For negative odds of say 1/4 (1.25 decimal) American odds would be -400, showing you how much you will need to stake (400) in order to win 100.

Other Odds Formats

Other odds formats exist such as Hong Kong, Indonesian, Chinese Malaysian and others, although these are rarely found as standard at any sites a UK punter would use.

If you want to bet with these odds formats you may need to shop around a little. BetVictor, for example, are good for offering 5 or 6 variations.

In summary, other odds formats work as follows:

Hong Kong / Chinese Odds

This is basically the same as decimal however it doesn’t include the stake. So whereas evens in decimal format is 2.0, in Chinese it would be 1.0. 7/1 in decimal would be 8.0, in Hong Kong it would be 7.0, etc.

Indonesian Odds

Very similar to American odds except measured in units of 1 rather than 100. When positive, the number reflects the size of the bet needed to make a profit of 1. When negative, they show the profit you can make from a wager of 1.

Malaysian Odds

Similar to Indonesian odds, Malaysian odds are also based on units of 1, however, the system is inverted. When odds are positive, say 2/1, in Malaysian this is represented as -0.5, you multiply the stake by odds to give profit; for every one unit profit you need 0.50 stake. For negative odds, you divide the stake by the odds, e.g. 1/2 is now 0.5; you make a profit of 0.50 for every 1 unit staked.

Odds Conversions

Once you get used to it, conversions between these different form of odds is fairly straightforward. 4.0 in decimal means £1 will see a return of £4, a profit of £3, so it’s 3/1 in fractional. For the US odds £100 would win £300 so it’s +300.

When you bet online you are given the choice of how you want the odds to be represented. Just click on the one you feel most comfortable with. You can usually toggle between odds at any time with a decent betting site and it is almost instant, so you can switch between them if you want to start getting used ot another format.

Setting Odds and Bookmaker Margins Explained

A bookmaker will offer their customers odds for each event they cover. However, this is a business after all, so they will ensure that the odds that are produced will contain a bit of profit for themselves.

This isn’t necessarily a fixed commission on each bet but rather it is calculated as an overall margin taking into account all the possible bets for a given event, known as a book. If a bookmaker balances a book and takes equal proportions of bets on all outcomes, then whatever the result there will be a profit made by the bookmaker.

How is this achieved? Well, the odds that they offer overall will be slightly less than the true odds overall. The difference between these numbers is the profit margin.

Calculation of odds is defined by many parameters and with real world events like sports it is only a best guess made by a bookmaker. The trick for them is to make all of their guesses slightly conservative, so that on balance they will always win. The bookmaker can get it wrong, though.

Odds are set by both software and odds traders that take into account as much information as possible before setting a price that balances their risk vs attracting people to bet on the market. Remember, bookies need to be competitive at the same time as making money otherwise no one would bet with them. Here are some factors that go into how odds are set:

• Previous form and history of results.
• Popularity of the market, how many people are backing it, and how much are they staking.
• Opinion; what are the experts, pundits, managers, players, etc., saying.
• Other bookies; if all the betting companies start shortening odds then the rest will generally follow.
• Bookies will often inflate or reduce odds to attract or prevent bets on one side of a market to balance a book.
• Risk; the higher risk an outcome is judged to be the more conservative the odds, this happens a lot in one-off or rare events where information is scarce.

Making a Profit

Let’s take a simple example of a match result for a tennis game to limit the number of outcomes to two; win for Player A or win for Player B.

Now, the bookie wants to price the markets to attract people to bet on the outcomes but without leaving them overexposed either way.

The match has one favourite and one underdog, the favourite is priced at 2/1 (3.0) and the underdog priced at 2/5 (1.40).

Bookmakers Commission

To work out the margin, divide 1 by the odds in decimal and multiply by 100. Do this for all selections (in this case two) and add them together:

((1/3.0) x 100) + ((1/1.40) x 100) = 33.333 + 71.429 = 104.76

Now subtract 100 from that number (104.76 – 100) and this gives you the margin the bookmaker is taking on that market, 4.76%.

If the bookie can take an equal proportion of bets on both sides then they ensure they always win. If they end up with an unbalanced book they will often increase odds on one side and decrease bets on another to try to balance it up. This is an opportunity where some punters can take advantage of odds that can sometimes be better than probability would dictate. Bookmakers call these weak lines.

Guide to Beating the Odds

It’s not easy of course to get one up on the bookmakers, they have many more resources to throw at getting their odds right, but they also have thousands of markets to cover, so there will be some times when in setting their odds they haven’t quite taken everything into account.

It won’t happen often as bookmakers employ experts to set their odds and not much gets past them, especially with the main sporting events where lots of information is available and markets are widely bet on.

The best way to beat the odds is to bet on things that are either very skewed one way (encouraging weak lines) or bet on events where there is less information available and therefore more opportunity to find an advantage.

Obscure Markets & Novelty Events

This is a double-edged sword. With many lesser known sports events or novelty bets the odds traders have a difficult job pricing an event. Most bookies wait for one operator to set odds first and then the rest follow. But what if those first predictions are not very accurate?

This is an opportunity for punters. Let’s say you think you’ve spotted the next Chess Champion but the bookies are still pricing them highly, this is a chance to exploit your knowledge at the companies expense.

A word of caution, however; the less that is known about a market the riskier it is, and the riskier it is the higher the bookies’ margin will be. You will therefore need to be fairly good at spotting these advantage to win this way over a period of time.

Do Research Yourself

A bit of research is really useful here and there’s plenty available online, but rather than looking at the stats, look at news stories. For example, a player whose partner has just given birth might not be getting all the sleep they should – Andy Murray’s form dipped a bit after he became a father.

Does the bookie know that the obscure player on the Challenger circuit just became a father? Might a player have a bad record in some tournaments and so have a mental barrier to overcome? All that research might just get you a winner at a better price.

Look at the odds the bookmaker has set and consider what odds you’d have set yourself. If a player is 2/1 and you think he should be 6/4, then pounce on the 2/1 that is being offered. It’s your prediction against theirs after all, and you might just be right.

Human Error

Human errors can occur and there will be some odds that in hindsight look too good to be true. Betting on elections can be profitable as the opinion polls aren’t always to be trusted, take the 2015 UK General Election, for example, or the EU referendum, or the US Donald Trump Election – need I go on?

The close vote predicted wasn’t what eventually happened and the bookmakers are over-reliant on statistical markers such as polls.

Ocassionally you will find a genuinely mispriced market where the odds have been output incorrectly. By all means, bet on it, but in all likelihood the bookie they will void the bet once they spot it; bookmakers have terms that cover them for ‘palpable errors’ where they can claim an obvious mistake.

The Hunch

If you believe a horse that is about to make its racecourse debut may be a future superstar, then some good odds, particularly in ante-post betting markets, may be available.

In sports, particularly in horse racing, selections can drift around a lot in the market in the run-up to an event. If a horse’s odds end up drifting out and you don’t believe that should be the case, then you can get a better priced winner.

After all, the horse doesn’t know he’s gone out from 8/1 to 12/1, but most people think it won’t win so the bookies have increased the odds to balance the book.

Look Around for Better Odds

Make sure you look around for prices to get the best deal you can, just as you would if you were shopping for anything else. The best way to do this is to open a few different online betting accounts. One bookmaker might just have your selection available at a slightly higher price, so in this way you can take advantage. You can also take advantage of welcome offers when you join to further increase your chances of winning.

Search for enhanced odds, often termed price boosts, that bookmakers offer as well, they exist to attract your initial custom in what is a highly competitive market.

Many bookies will price boost markets and effectively sacrifice their margin or use it as a loss leader to get you betting with them. Take advantage of these between different operators to give yourself the best advantage. At the same time, you should still do some research just in case there’s another reason for the higher price, injury for example.

A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays off bets on sporting and other events at agreed-upon odds.

History[edit]

The first bookmaker, Ogden, stood at Newmarket in 1795.^[1]

Range of events[edit]

Bookmakers in many countries focus on accepting bets on professional sports, especially horse racing and association football (soccer). However, a wider range of bets, including on political elections, awards ceremonies such as the Oscars, and novelty bets are accepted by bookmakers in some countries.

Operational procedures[edit]

By 'adjusting the odds' in their favour (paying out amounts using odds that are less than what they determined to be the true odds) or by having a point spread, bookmakers aim to guarantee a profit by achieving a 'balanced book', either by getting an equal number of bets for each possible outcome or (when they are offering odds) by getting the amounts wagered on each outcome to reflect the odds.^[2] When a large bet comes in, a bookmaker may also try to lay off the risk by buying bets from other bookmakers. Bookmakers do not generally attempt to make money from the bets themselves but rather by acting as market makers and profiting from the event regardless of the outcome. Their working methods are similar to those of an actuary, who does a similar balancing of financial outcomes of events for the assurance and insurance industries.

Legality[edit]

Does Bet365 Take Commission

Depending on the country, bookmaking may be legal or illegal and is often regulated. In the United Kingdom, since 1 May 1961, bookmaking has been legal and has even been a small contributor to the British economy, with a recent explosion of interest with regard to the international gaming sector industry. However, gambling debts were unenforceable under British law until the Gambling Act 2005. Many bookmakers are members of IBAS, an industry organisation used to settle disputes.

Bookmaking is generally illegal in the United States, with Nevada being an exception due to the influence of Las Vegas. In May 2018, a United States Supreme Court ruling struck down the Professional and Amateur Sports Protection Act of 1992, which prevented individual states from legalizing bookmaking.

In some countries, such as Singapore, Sweden, Canada, and Japan, the only legal bookmaker is owned and operated by the state. In Canada, this is part of the lottery programme and is known as Sport Select.

United Kingdom gambling industry[edit]

The first bookmaker in the United Kingdom is considered to be Harry Ogden, who opened a business in the 1790s, although similar activities had existed in other forms earlier in the eighteenth century.^[3][4]

Following the Gaming Act 1845, the only gambling allowed in the United Kingdom was at race tracks. The introduction of special excursion trains meant that all classes of society could attend the new racecourses opening across the country. Cash flowed to the bookmakers who employed bodyguards against protection gangs operating within the vast crowds.^[5] Illegal betting shops were fined, but some, like Bella Thomasson, ran betting businesses that the police appeared to turn a blind eye to.^[6]

In 1961, Harold Macmillan's Conservative government legalised betting shops, with tough measures enacted to ensure that bookmakers remained honest. A large industry has grown since. At one time, there were over 15,000 betting shops. Now, through consolidation, they have been reduced to between 9,100 and 9,200 in 2013.^[7] The group of the largest bookmakers in the country, known as the 'Big Three', comprises William Hill, Ladbrokes, and Coral.^[8]

Improved TV coverage and the modernisation of the law have allowed betting in shops and casinos in most countries. In the UK, on-track bookies still mark up the odds on boards beside the race course and use tic-tac or mobile telephones to communicate the odds between their staff and to other bookies, but, with the modernisation of United Kingdom bookmaking laws, online and high street gambling are at an all-time high. A so-called super-casino had been planned for construction in Manchester, but the government announced that this plan had been scrapped on 26 February 2008.

Internet gambling[edit]

Although online gambling first started in 1994 when the licensing authority of Antigua and Barbuda passed the Free Trade & Processes Act, bookmakers did not get involved until 2001. They were forced to act when research at the time found there were eight million online players worldwide.^[9]

With the arrival of the World Wide Web, many bookmakers have an online brand, but independently owned bookmakers often still maintain a 'bricks and mortar' only operation as the software and hardware required to operate a successful online betting operation are complex and their costs are quite prohibitive; other bookmakers operate 'skins' or 'white label' websites, which they purchase from one of the large firms. The main websites require bets to be from countries where Internet gambling is allowed and from people over 18 years old. Some small bookmakers and startups purchase software from specialised white label solution providers. Since gambling products have a high conversion rate from one niche to another, most online betting websites also feature other gambling products such as poker, live dealer casino games, lottery, bingo, slots and other casino games. Controversially, the explosion in Internet gambling is being linked to a rise in gambling addiction, according to the UK's help and advice organisations for addicts, GamCare and Gamblers Anonymous.

Increasingly, online bettors are turning to the use of betting exchanges such as Betfair and BETDAQ, which automatically match back and lay bets between different bettors, thus effectively cutting out the bookmaker's traditional profit margin also called an overround.

These online exchange markets operate a market index of prices near but usually not at 100% competitiveness, as exchanges take commissions on winnings. True wholesale odds are odds that operate at 100% of probabilistic outcomes.

Betting exchanges compete with the traditional bookmaker. They are generally able to offer punters better odds because of their much lower overheads but also give opportunities for arbitrage, the practice of taking advantage of a price differential between two or more markets. However, traditionally, arbitrage has always been possible by backing all outcomes with bookmakers (dutching), as opposed to laying an outcome on an exchange. Exchanges, however, allow bookmakers to see the state of the market and set their odds accordingly.

With the increasing number of online betting exchanges, betting exchanges are now providing free bet offers in an attempt to lure customers away from the competition. These free bets are generally based on the size of the deposit made into the gambling account. For example, if a customer made a deposit of $20, the betting exchange would deposit an additional $20 for the customer to use.^[10] Free bet rules vary depending on the betting exchange.

Some bookmakers have even taken to using betting exchanges as a way of laying off unfavourable bets and thus reducing their overall exposure. This has led to insecurity from some TABs in Australia, state-run betting agencies that attempted to deny Betfair an Australian licence by running unfavourable ads in the media regarding the company. When Tasmania granted Betfair a licence despite these efforts, the Western Australian state legislature passed a law that specifically criminalised using betting exchanges from within the state; however, the law was later ruled to be unconstitutional. As a result, internet gambling in Australia required a new legal framework. The Interactive Gambling Act 2001 regulates the online gambling market in Australia, together with all its amendments. The last amendment was introduced on 13 September 2017. This bill states that online casinos, online poker and live betting is illegal in Australia. The Australian Communication and Media Authority (ACMA) is the regulatory body that is in charge of all supervising online gambling activities. Online sports betting is legal, however.^[11]

Bets are also taken via phones, using email and SMS text messages,^[12] though poker and other sports are more suited to other media. As technology moves on, the gambling world ensures it is a major player in new technology operations.

Most televised sports in the United Kingdom and the rest of Europe are now sponsored wholly or partly by Internet and high street bookmakers, with sometimes several bookmakers and online casinos being displayed on players' shirts, advertising hoardings, stadium signs and competition event titles. Sponsors are especially highlighted in the football category since football fans present a significant percentage of the target group the bookmakers serve.

Many of the bookmakers are sponsoring some of the major football teams in the major European football leagues,^[13] although Werder Bremen are currently fighting the German courts for the freedom to continue featuring bookmaker Bwin on their shirts, as Germany and France take action against online gamers. For example, as of 1 January 2020, Germany bettors will not be able to bet more than €1,000 a month. The latest amendment of the ITG states that. New online sportsbook laws are expected in the near future in Germany, as this law is only temporary: the expiration date is set to be on 20 June 2020.^[14]

The situation is not that strict in France, however. Online sports betting in France is divided into two sections: Autorité de Régulation des Jeux en Ligne (ARJEL) regulates online sports betting, while online horse betting is regulated by the law 'Decree 2010-498 from 17 May 2010. International bookmakers are allowed to enter the French market, thanks to the Law No. 2010-476 from 12 May 2010.^[15][16]

With the recent banning of tobacco sponsorship^[17] and the significant commercial budgets available to the gaming industry, sponsorship by car manufacturers, alcoholic drinks, soft drinks and fast-food marketers is being rapidly replaced by sponsorship from gaming companies in the Far East and Europe.

The United Kingdom's Gambling Act 2005 introduced a new regulatory system for governing gambling in Great Britain. This system includes new provisions for regulating the advertising of gambling products. These provisions of the Act came into effect in September 2007. It is an offence to advertise in the UK, gambling that physically takes place in a non-European Economic Area (EEA) or, in the case of gambling by remote means, gambling that is not regulated by the gambling laws of an EEA state. The Gambling Commission is the body that makes sure all sites and operators follow the new restrictions. In addition to the Gambling Act of 2005, according to the new gambling bill, online gambling sites are only allowed to offer services within the United Kingdom, if they are registered at the UK Gambling Commission.^[18]

The situation is more confused in the United States, which has attempted to restrict operators of foreign gambling websites accessing their domestic market. This resulted in 2007 in a ruling against the US government by the World Trade Organization.^[19] However, common online gambling laws in the United States still don't exist - it differs from state to state. All forms of online gambling are illegal within the states of Utah and Hawaii, while the states of Delaware, Pennsylvania and New Jersey took a different approach: almost all forms of online gambling are legal in these states. These are the only US states where online casino sites can be legally registered. It is important to mention that Native Americans have their own gambling legislation - the Indian Gaming Regulatory Act of 1988. However, they need their state's approval in order to be able to offer their services online.^[20]

See also[edit]

• Bookies – a German film

References[edit]

1. ^Barrett, Norman, ed. (1995). The Daily Telegraph Chronicle of Horse Racing. Enfield, Middlesex: Guinness Publishing. p. 10.
2. ^Cortis, Dominic (2015). 'Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds'. Journal of Prediction Markets. 1. 9.
3. ^Munting, Roger (1996). An Economic and Social History of Gambling in Britain and the USA. Manchester University Press. p. 89.
4. ^Vamplew, Wray; Kay, Joyce. (2005). Encyclopedia of British Horseracing. Routledge. p. 50.
5. ^Dick Kirby, The Race Track Gangs, The Peeler issue 7 July 2002, 'Friends of the Met Police Museum'
6. ^'Thomason, Ann Arabella [known as Bella Thomasson] (1874–1959), bookmaker'. Oxford Dictionary of National Biography. doi:10.1093/ref:odnb/56685.
7. ^Gambling Commission Gambling industry statistics April 2009 to September 2012
8. ^Vamplew and Kay, p. 51.
9. ^'A history of online casinos: infographic'. rightcasino.com.
10. ^'The Most Common Sportsbook Bonus Types'. Retrieved 24 August 2014.
11. ^Communications. 'Interactive Gambling Act 2001'. www.legislation.gov.au. Retrieved 4 September 2019.
12. ^'Betfred.com Chooses OtherLevels' Platform to Power Their Mobile Marketing Campaigns'. Market Watch. 28 July 2014. Retrieved 24 August 2014.
13. ^'A Look At Bookmakers Sponsoring Football Clubs'. ReliableBookies.com. 19 March 2013. Retrieved 19 March 2013.
14. ^'Entwurf eines Dritten Staatsvertrages zur Änderung des Staatsvertrages zum Glücksspielwesen in Deutschland (Dritter Glücksspieländerungsstaatsvertrag)'(PDF). Landtag Nordrhein-Westfalen.
15. ^LOI n° 2010-476 du 12 mai 2010 relative à l'ouverture à la concurrence et à la régulation du secteur des jeux d'argent et de hasard en ligne (1). Legifrance. Retrieved 4 September 2019.
16. ^Décret n° 2010-498 du 17 mai 2010 relatif à la définition des courses hippiques supports des paris en ligne et aux principes généraux du pari mutuel. Legifrance. Retrieved 4 September 2019.
17. ^Holman, C D'Arcy; Donovan, Robert; Corti, Billie; Jalleh, Geoffrey; Frizzell, Shirley; Carroll, Addy. 'Banning tobacco sponsorship: replacing tobacco with health messages and creating health-promoting environments'. The British Medical Journal. Retrieved 24 August 2014.
18. ^'The Gambling (Licensing and Advertising) Act 2014'. UK Gambling Commission. Retrieved 4 September 2019.
19. ^'WTO rules against US gaming ban'. BBC News. 30 March 2007. Retrieved 1 September 2011.
20. ^'Public Law 100-497-OCT. 17, 1988: An Act to regulate gaming on Indian lands'(PDF). Government Publishing Office [US]. Retrieved 4 September 2019.