If you are new to sports betting or a seasoned pro, then you know that making money from this endeavor can be a difficult task.Knowing what you are facing before you get started can make this task a little less difficult and profitable.
In the sports betting world there is this misconception that we are all trying to “Beat the Bookie”, but in reality the sports books are not the enemy at all.They just offer a safe and reliable method for the general public to place their bets and they take a small percentage of all of the action as a service fee called the juice or vig (Usually 10%).The sportsbooks goal is to have equal amounts of money on both sides of a game.They don’t care who wins as they get to keep their ten percent just for accepting the bets.
For this example we will use the standard odds of 11/10 that are used primarily on football and basketball wagers.What this means is that for every $11 you bet you can win $10 or for every $110 you can win $100.Here is how it works.
Let’s say the NY Jets are playing the NE Patriots this season and the Patriots are favored by 7 points.So if you wanted to bet on the Jets plus 7 points then you would have to bet $110 with a chance to win $100.If you wanted to bet on the Patriots minus 7 you would have to bet the same amounts.So here is how the online sports books make their cash.If they managed to do their jobs correctly they should have had the same amount of wagers on both the Jets and the Patriots.
Group A – 1000 people bet on the Jets + 7 for a total of $110,000.
Group B – 1000 people bet on the Patriots -7 for a total of $110,000.
Now let’s say the NE Patriots win the game by ten pts and cover the spread making all of the Group B winners.The sports book then collects the $110,000 of the losing Group A bets and pays out $100,000 to the Group B winners pocketing a cool 10K in the process just for accepting the bets.Pretty nice payout for about 3 hours of work don’t you think?Multiply this by the numerous games per day and you can clearly see that the sports books make a lot of cash.
As you can clearly see the sportsbooks are not the enemy.It’s the lines makers that you need to beat and with a little discipline, bankroll management and a winning sports betting system it’s a number that can be beat.
If you would like to learn more about how to be profitable at sports betting, then please grab a copy of my Free ebook : “Sports Investing Secrets – How to Turn $1,000 into $1,024,000 in Less Than 5 Years Betting on Sports” at my website http://www.1stopsportsinvestors.com.