Probability

Probability is the probability of an event happening. If the price offered on an event occurring is equal to its probability, then the price can be deemed fair (in the above example, Evens either event). The price of an event can be considered fair if it is the same as its probability (in the example above, Evens or either event). Unknown factors (e.g. Weather can influence the probability of an event happening. Since exact calculations are not possible, fair prices are educated guesses as to the probability that an event will occur. Bookmakers make an educated guess about the likelihood of an event and then price it accordingly. If they're wrong, there is the potential to make money, provided the punter realizes their error.

Fixed Odds

Fixed odds betting is a form of betting that originated in newspapers from the late 19th century. They offered fixed prizes to predict match results. Bookmakers offer fixed odds. The term is more commonly used by high street betting shops, which publish a list of matches and odds for the weekend several days ahead. It is a costly process that cannot be repeated in the event of a mistake or if alterations are needed to a bookmaker's price. Odds are fixed once the list is printed. Internet bookmakers have more flexibility to adjust prices and manage their projected liabilities. Even for high-profile matches with large turnovers, odds for the standard home/draw/away markets do not vary by more than 10%.

Rating Systems and Value Bets

In order to determine such probabilities, it is necessary to analyze previous events. Rating systems are used by some punters to use a numerical method of historical analysis แทงบอลออนไลน์.

In the past, the traditional way to beat the bookmaker was to use forecasting and predictions in order to expose the errors of the bookmaker. The bookmaker and the punter approach an event the same way, by estimating the likelihood of a certain result and assigning it a numerical value. Both bookmaker and punter will calculate their own price for an outcome. A value bet is made when the bookmakers odds are higher than the punter's.

Popular Betting Events

The most popular betting medium is English football. Betting on the Football Premiership is increasing every year since 1992. Online betting is also very popular for the domestic cup competitions. Online betting is also very popular for the F.A. The Champions League has been covered extensively on television, and the top European players have become household names. Even when no British team is involved, the Champions League provides a great source for online football betting. Euro 2008 is no different. Online betting has been active despite the fact that all of the "home" nations failed to qualify. Even at this early stage, World Cup 2010 betting has been active online.