Betting on sports is a venturesome ardour, which helps to increase your interest in this or that competition or match, even if there do not play your favorite team, or sportsman.
Or betting on sports is a kind of the risky investments, as all the investments, which aim is to increase the capital, are quite risky. Your attitude to this deal should depend on one of these two approaches, which is more close to you.
Bet is an argue between two men about the result of an event
Each of them stakes some money (the stake), which he is ready to give his opponent if he wins. So the winner of betting, takes both his stake and his opponent’s stake. Those who has lost receives nothing. So the argue (in such cases it is called a bet) to be done, there need two sides (people), which have the opposite to each other opinion about the further match (or event).
A bookmaker, in some ways, is an intermediary between the people who bet. But his function is wider: he doesn’t only take the stakes from the bettors, but he also fix the amount of prize for each bet (coefficients), so he participates in betting himself, because the bookmaker’s profit depends on the correctness of setting the coefficients. Totalizators only accept the bets from players and pay them their prizes, dividing the whole amount of the betted money (except some money which they take for the work) into the amount of winning bets, proportionally to each bet.
So the totalizators’ profit depends only on the amount of bet and nothing more. There is another situation with the bookmakers, who have to pay the prize, which is amounted to the bet multiplied by its coefficient. So the bookmakers try adjusting the coefficients to receive the profit in any cases, and that is why almost every time as far as people bet, bookmakers change the coefficients, depending on the distribution of amount of money.
So the coefficients do not show the probability of results of the corresponded matches, but only the proportions of the bettors’ bets (really or according to the bookmaker’s calculation) on the results.
It was the description of the process in short. And before participating in it as a bettor, you should be prepared. Even if you have already betted, but you do not have any good progress, you would better to stop and start from the beginning, according to the recommendations given in the next post.