![]() One of the key concepts to grasp in betting is that of laying and backing, which are the two sides of any bet. The more you know about bookmakers’ calculations and techniques when it comes to sportsbook betting the more likely it is that you’ll generate a profit on an exchange, where you have the opportunity to essentially become the bookmaker. It is you against the bookie when it comes to sportsbooks, whilst on exchanges, of course, you are competing against other punters. Understanding the methodology they employ to stack the odds in their favour and spotting the value in the best odds in the market - in addition to taking advantage of the bonuses and free offers bookmakers often offer – is the key to profitability for the punter. ![]() The methods bookmakers use to drive a profit are quite straightforward in many cases. We will see how the overround is calculated, how odds are created, how to look at odds as percentages of probability of outcomes and why that is important.Īlong the way, you will gain knowledge which could assist you in building a more informed and enlightened betting strategy as you learn which are the best markets to be a punter in and how you can make money on exchanges, in addition to sportsbooks.īookmakers and punters alike have to understand the simple mathematics behind calculating and setting odds in order to lay or back bets successfully and profitably. In this article we will answer that precise question, examining the concept of the overround, which is fundamental to understanding this topic. Of course, the house does not always win and Donald Trump has reportedly managed to bankrupt several casinos in his time, but well organised and professional bookmakers have a proven business model for generating profit. ![]() Whilst the famous old adage 'you never meet a poor bookmaker' has a ring of truth to it there are plenty of people who have tried their hand at running casinos or betting companies and lost money along the way. The level of Overround differs throughout the various bookmaker providers, and also various when focussing on specific markets and events. 'Overround' can be simply defined as the practice of factoring in the profit margin which is implemented by bookmakers, and is best displayed as a percentage.Overround explained - what is bookmaker margin?
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