If you are a seasoned pro or are new to sports betting, then you probably know that it’s not an easy task to make money from this endeavor.Before starting out, knowing what you are up against can make that task a little more easy 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 main goal of the on line sports book is to have equal amounts of bets on both sides of a particular game.They don’t care who wins as they get to keep their 10% just for accepting the wagers.
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 you need to wager $11 to win $10 or $110 to win $100.Let me show you how it works.
Let’s say that the New York Jets are playing the New England Patriots this season and the Patriots are favored by 7 points.So if you wanted to bet on the NY Jets +7 pts then you would have to wager $110 with a chance to win $100.If you wanted to bet on the Patriots -7 you would have to wager the exact 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 NY 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 points and cover the spread making all of the Group B winners.So what happens is that the losing Group A bets of $110,000 are used to pay off the Group B winning Bets of $100,000 leaving the sportsbook with a cool $10,000 of profits.Pretty nice payout for about 3 hrs 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.