Why The Bookmaker Always Wins (Over-Round Explained)
Hey guys, this is the first in a series of videos I plan to do about sports betting and gambling in general. "The Bookmaker always wins" is a saying that related to the fact that the ODDS ARE AGAINST YOU.
That's not to say you will never win a sports bet, or that you will never be in a position where you have more money than you started, it means ON AVERAGE you are going to get less money back than you put in.
If you imagine betting on a coin toss where for every £1 you bet, you only win £1.90 if you get it right. You could bet on Tails and it comes up, so now you've made 90p profit. If you play 10 times then you would expect to win 5 times (5 x 1.90 = £9.50 return), but you've made 10 x £1 bets so you are down 50p.
You COULD have guessed right six times out of 10, in which case (6 x 1.90 = £10.40) so you have 40p profit, but the more times you play the luckier you need to be to avoid defeat. If you played 1000 times in order to make back your money you'd need to win 1000/1.9 = 526.3 times, so 527 times. Since the odds are 50/50 you're more likely to be losing at this time.
If you happened to win 8 times out of your first 10 bets on a coin toss then you clearly have some innate ability and knack for the game, so you can begin a career as an online tipster!