How to be a bookie – How bookmakers make money from your betting
Everybody says that only the bookmakers win, so how do they win?
When you place a bet with a bookie or on a betting exchange the bookie or layers always seems to be up on the deal at the day.
In this video we examine bookmakers and how they price a market and how that results in you, eventually, losing money. Even if you use some good betting tips or are great at betting predictions, you can still lose unless the market is fair.
We use decimal odds in this video, the sort of odds you see on the Betfair exchange.
While we are focusing on the bookies here and not specifically Betfair trading, this video should prove useful for your understanding of the betting exchange markets. At the end of the video, I show a football market in Bet Angel and compare it to bookmakers betting coupon and show you how that differs and where the bookmakers margin is.
Pricing a market as a bookmaker is very different from matched betting, hopefully you will see that in this video.