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Bookmakers and casinos give themselves an advantage and 99% of men and women fall into their «trap». How do they do this and what should be avoided?

Let’s look at the example of roulette in a casino.

On the surface, it looks OK. 36 numbers, choose one and get 35-1 in case you are correct right? Wrong. many people forget that there are actually 37 numbers including zero (or perhaps 38 with a double zero on American roulette). This make a big difference in terms of payouts. So just using European roulette, let’s crunch the numbers.

If you choose one number, the specific odds of getting that number correct is 1 in 37 or relevant website 36-1. So by offering 35-1, the casino has instantly stacked the odds ever so subtly in their favour. Just the reduction of 1 point gives the home an advantage of around 2.seven percent. Not a lot you might think but over the course of Ł100,000 that’s Ł2700 in favour of the casino. A small margin but a margin nonetheless.

So what about red/black or odd/even? Again, it might appear to be a 50/50 bet. But with the inclusion of zero, you truly have an 18 in 37 chance (48.65%). That favours the home by 1.35% which over the course of one day, could equal to thousands of pounds.

But this really is nothing in comparison to bookmakers.

As I’ve demonstrated, a «50/50» at a casino is really a 48.65/51.35 against you. At bookmakers, the margin is significantly greater. A seemingly 50/50 bet is usually priced up at 9/10 or 1.9 in decimal odds.

This means that the bookmaker is giving themselves an enormous 10% margin on these sort of bets, the most usual of which are called «handicap bets». The handicap bets are set up in such a manner that you will find only two possible outcomes, rated as equally likely. But regardless of what your decision is, the bookie stands to keep 10% of the particular odds. Not fair, you might think. Well, they are not going to give you anything for free. They can be within the business of making money after all.

Now how can you counter these edges?

It is possible with bookmakers to make use of a system of «handicap doubles». I will explain this at another time. Otherwise, only good fortune will counter a bookie’s edge and that is not something to depend upon.