πŸ€‘ THE ODDS OF GAMBLING | Easy Money | FRONTLINE | PBS

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Read part one: Gambling in Australian culture: more than just a day at the races ; part two: Promotion of gambling short-changes Australian sport … and its fans ; and part three: Get rich or die trying: when gambling becomes a problem. No strategy can be used by the punter to make the game profitable. A sporting chance In general, more outcomes in a game allow for a higher house percentage. Casinos make profits by paying less than they should on winning bets. What is Quantum Technology? Competition reduces this further. Houses of all sizes For casino games such as roulette, Keno and poker machines, the house percentage can be calculated mathematically, and in spite of many proposed betting systems, is an immutable and unchangeable number. Become an author Sign up as a reader Sign in Get newsletter. The Clockwork Universe β€” Portsmouth, Hampshire. But the profits made by the plethora of sports bookmakers indicate that most sports punters are not that astute. But a sensible casino gambler should at least be familiar with the house percentages:. Certainly not from casino games. This reduces the prices of popular players or teams, thereby increasing the price of their opponents. Roberto Bouza. Stephen Clarke , Swinburne University of Technology. In a horse race, the chance of winning and hence the price for a winning bet is determined subjectively, either by the bookmaker or by the weight of money invested by the public. While gamblers may experience short-term lucky streaks, in the long run they will lose this predetermined percentage of their wagers. There are several reasons why sports betting lends itself to punters seeking value bets. But sports betting is different. Many sports punters bet with their hearts, not their heads. Of course the more successful have a vested interest in keeping their methods to themselves and may not publicise their results. They prove the veracity of their models by testing either on past data or in real time whether they would profit if the predictions were used for betting. A logical punter looks for value β€” bets that pay more than a fair price as determined by their true probability of winning. Astute punters can make sports betting profitable in the long term. Betting the win line at craps at 1. In general, more outcomes in a game allow for a higher house percentage. Only the state-run totalisator an automated system which like Tattslotto, determined the winning prices after the event, thus always ensuring the legislated house percentage , and a handful of on-course bookmakers were originally allowed to offer bets on horse racing, whereas countless internet operators now compete. To overcome their heart, and lack of inside knowledge, many mathematicians create mathematical and statistical models based on past data and results to predict the chances of sports outcomes. The low margins and extensive competition even allow punters to sometimes find arbitrage opportunities where betting on both sides with different bookmakers allows a profit whoever wins.

But is this always true, or can an astute gambler make long-term profits? Head or heart Many sports punters bet with their hearts, not their heads.

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