Questions and Answers on Bookmaker
Looking to try sports betting online and the most good reviews pointed to BookMaker.com from what I saw. So for anyone that has used it…
Do you have to place a bet often or for example could I bet a couple games this week and never bet again?
What is the fee when they payout?
Will a debit card from a bank work or do banks in the US not accept online betting charges any more?
Any other reviews or advice would be appreciated. Thanks!
BookMaker is definitely one of the best and biggest online sportsbooks today. Since it sounds like you're from the U.S., they do cater specifically to US residents. BookMaker is a sportsbook that I use personally and have no problem recommending it to anyone. I've also written a review of BookMaker here, Http://www.sports-betting-insights.com/B… . Here's a list of the criteria that I use, Http://www.sports-betting-insights.com/h… , before recommending a sportsbook. This might help you out a little bit as well.
As far as your questions, here you go:
Do you have to place a bet often or for example could I bet a couple games this week and never bet again? Yes, I actually use and have money on deposit at five different sportsbooks, with BookMaker being one of them (you can see all of them by clicking on one of the links above). You can bet as many games as you'd like, never bet again, and shouldn't have any problem withdrawing your money (although there will be a restriction with any bonus money that is credited to your account when you sign up…but hey, who doesn't want free to money to bet with).
What is the fee when they payout? That will depend on how you withdrawal the money. There are a number of different ways.
Will a debit card from a bank work or do banks in the US not accept online betting charges any more? 99% chance that won't work. You're most likely going to have to go the route of wire transfer, moneybookers, western union…etc.
The reason I have accounts at multiple books is so I can take advantage of the book that's offering the best line…in case you were wondering. Something definitely to look into if you're going to be betting for a while.
Good luck with all your sports betting endeavors.
The formula for calculating a bookmakers rate of return is to take the inverse of the sum of all outcomes. Why is this the case? I'm trying to understand this intuitively but can't seem to wrap my head around it. If anyone can explain I would appreciate it.
For reference, I came across the formula here Http://en.wikipedia.org/wiki/Arbitrage_b… Just search for the section "Arbitrage using bookmakers".
The formula is based on the assumption that the bookmaker has set the odds so close to the expected outcome that there will be an amount of money betting on every possible outcome will be inversely proportional to the odds. If the bookmaker has not done this and there is a disproportionate amount of money placed on one side of the bet, this rate of return falls apart and the bookmaker can lose, or win, very big.
So again, this is an ideal case analysis. Let's keep it simple and assume there are only 2 possible outcomes…like a boxing match. Either fighter A is going to win, or fighter B is going to win.
Now suppose the bookmaker is going to pay 5 to 4 if fighter A (the champ) wins and he is going to pay 15 to 4 if fighter B (the underdog) wins.
Suppose all the bets are placed and fight time starts. If the bookmaker set the odds properly, for every dollar bet on fighter B, $3 would have been bet on fighter A. So lets say at fight time, a total of $30,000 was bet on A to win and $10,000 was bet on B to win. The bookie took in $40,000.
If fighter A wins, the bookmaker must pay out $37,500. If fighter B wins, he must pay out $37500.
His profit either way will be $2500 out of $40000 = 6.25%
The "inverse sum of all outcomes" actually computes his profit based on his payout ($37500), not the money he took in ($40000), in this case $2500/$37500 = 6.67%. This is a good approximation to his return however:
4/5 + 4/15 = .8 + .2667 = 1.0667 which indicates a 6.67% profit.
Intuitively, the way to think about what's going on with the inverse sum of all outcomes formula is this. First, realize:
4/5 + 4/15 = 12/15 + 4/15 = 16/15
Now you should see that the bookie is receiving $16 in bets but only paying out $15. He keeps $1 for every $15 paid out (1/15 = 6.67%) or $1 for every $16 bet. (1/16 = 6.25%)
WWW.BETBOO.COM JOIN NOW TO WIN LOADSAMONEY, THEN GET IT STOLEN OFF YOU BY SECURITY, so they can LAUGH ALL THE WAY TO THE BANK AT YOUR EXPENSE, youve been warned folks. Question is would I be better off going to corals or ladbrokes, ( I thnk I would wouldnt I, just confirm anyone please ?????
Sounds like you have had a bad experience. I've personally found some of the bigger bookmakers more reliable with payouts and keeping my money safe.
Every bookmaker will have some kind of free bet promotion to entice you to join but there are always some terms and conditions that you have to adhere to. E.g. £50 free bet but you can't withdraw anything until you have bet 5 times etc.
Always look for a prominent customer service number, an address and/or a live chat feature. That's some assurance that you are using a credible site. You can also check out various bookmaker review sites which give ratings to bookmakers. Some sites may not be totally unbiased but atleast then you have another source to go to who can try and help you…a couple I have listed below.
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