Know the Odds Before Making a Blind Bet
by Allen Eastman - 01/31/2007
What are your chances of winning at your favorite gambling game? This depends on what kind of a gambler you are. The sucker has little chance of winning. The experienced gambler that does his homework and knows all angles of the business and the odds and has the best chance for profits.
The mathematicians and most writers on gambling would say that, generally speaking, if the percentages are against you and you make hundreds of bets over a long time, you must eventually lose. This is good advice, except that the people that fall into this category don't gamble that much or for that long. They are occasional gamblers or recreational players, many of whom gamble only a few times a year. They don't all lose, some of them win.
If all players always lost, organized gambling would have folded up long ago. All sportsbooks know that they have to send out cash to winners in order to continue to be profitable. Books also stimulate business with bonus money, free bets and free cash in an effort for retain customers. The more winners there are, the more business is stimulated, and the greater the operator's profits. When I was a bookie, I liked a $100 bettor to win three games in a row. The next thing they did was bet more on the next games and you can guess what happened!
It is true that most players lose. It is also true that they lose much more often than they should because they know little or nothing about gambling. Of the millions of American gamblers today, about seven out of eight are inexperienced men and women who are indulging in gambling venture they know little or nothing about. Most are recreational players that want to have some action on the game with no real hopes of profit.
Seasoned gamblers - the ones that make a profit - know when the odds are in their favor with certain bets. For examples, professional sports bettors tend to stay away from parlays and other exotic bets where the odds have been watered down by the bookies. Sports books know the "squares" or public bettors will play these so the odds are rigged in their favor.
The best way to improve your chance of winning is to have a good working knowledge of the correct odds and percentages in the games you play, or just let the cappers at Doc's Sports help you out.