Bookies are always known to make a lot of money when it comes to sports betting. But, how exactly do they make a profit? Well, it’s all down to what is known as “vigorish”.
What exactly does “vigorish” mean? Well, lets take an example.
If you and a friend each placed a $100 bet on odds at 10/11 for two differing outcomes, this means a winning bet will get $10 back for every $11 put on. So, the total amount betted is $200, and the bookmaker will pay out $190 to the winner, and the bookmaker makes a guaranteed profit of $10, no matter what the outcome. Of course, each bookmaker takes far more than two bets on the outcome of a sporting fixture, but this is how essentially a bookie makes a profit.
Alter the “Moneyline”
Another way they do this is to examine the number of bets on a whole host of different games over the period of the last seven days for example, and from there take measures to adjust what is known as the moneyline. This means they make very small adjustments to the odds in a way that won’t really influence the bettors decision whether to place a bet or not. This means that they will be able to make a higher profit, no matter what the outcome of the bet.
Analyze the Weight of Their Books
Bookies will try and attempt to constantly take a look at what is known as the “weight of their books”, and take measures to make adjustments to the odds to ensure their books balance. Of course, it isn’t possible to balance their books exactly, but if they don’t do this, they are in very real danger of going too far to one side and could lose money. Losing money is a sure fire way for bookies to go out of business very quickly. This is why many bookies like when an under dog is victorious in things such as a horse race. If there are a lot of favorites that end up winning, this can cause the bookie to lose money, while many upsets occurring means they will rake in a tidy sum!
Limit the Stake
The bookmaker (안전놀이터) will also have to ensure that no single customer is able place a bet that could sink the book. You will find that many smaller bookmakers place maximum bet sizes to prevent this from happening.
As you can see, there is a lot of money to be made if you are a sports bookmaker.