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The Mathematics Of Bookmaking

Making a 'book' (and the notion of overround)

It may sound like a boring topic, but without understanding how bookmakers operate and why they usually make a profit, it’s unlikely that you’ll appreciate ways that you can make long-term betting profits yourself.

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Gambler’s Fallacy

The importance of understanding probability

We toss a coin 7 times and record whether it lands on heads (H) or tails (T). We then write down the following list and give it to you. It shows 3 results, but only one of them is the real outcome. Which is most likely to be the result?

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Bankroll Management

What's the best staking plan for your betting?

Winning at sports betting is about picking winners. Without winners you can never grow your initial investment. Sounds simple right? Pick more winners than losers, and you will end up with a nice little profit on the side to supplement whatever it is you do in your day job.

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Value Betting

Seeking an edge to beat the bookies

We have discussed in detail elsewhere the essence of bookmaking – where a bookmaker will always attempt to offer odds which imply a probability greater than the true odds of that outcome occurring really are.

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