Week 8: A Bookmaker's Perspective

 Last week, I gained a broader perspective of that it’s like to be a bettor, something I already knew a lot about. This week, I interrogated the other side of the “game”, by researching what it is like to be a bookmaker, or another employee of a sports betting company!

This week was another extremely interesting and educational one! As mentioned in previous blogs, online bookmakers open betting markets on sports events, offering odds on the various potential outcomes. They take wagers from their customers, and pay out the winners. Therefore, it is important for an individual to be aware that “Bookies” are making money of bettors in commission! If a bettor thinks they are not being taken advantage of by the Bookies and companies for which they work, they are sadly mistaken. One piece of advice for sports bettors that comes directly from a Bookmaker is to “balance the book”. This means to look for games that are fairly even in regards to odds and payout. Although those big payouts may look enticing (whether betting for the underdog, or playing it safe), this is exactly what the Bookies want the bettors to believe (Ace Per Head, 2019). It is, in fact, those games that are more closely matched, which are safer to bet on. This is just one way that Bookies and betting sites trick their consumers by using “simple math” and numbers!

There were a few problems that I came across this week. Mainly, I had to overcome the fact that many individuals believe the myth that “bigger odds” equals “more winnings”. As previously stated, this is far from the truth! Many times, it turns out that the games that are given more even ratios by the Bookies, are the ones that win more often. Bookies try to trick bettors by creating bigger odds, with a smaller payout, so that bettors are tempted to bet on these games with the assumption that it will be an easy. There is, however, no such thing as “easy money” in gambling. this is challenge to address to sports bettors because it goes against the “numbers” in terms of the odds.

For my next Genius Hour, I will come to terms with how one’s probability of winning is influenced and affected in sports betting. This will be a cool topic to consider!

References

Ace Per Head. (2019). What is a Bookie? What Is a Bookie? (Guide), A Day in the Life of a Sports Boomaker (aceperhead.com)

the Pinnacle Podcast. (2020). What is it like to be a Bookmaker in disguise? Being a bookmaker in disguise (pinnacle.com)