is a well known for almost all over the world. Other synonyms for Sports book are for example “betting, veikkaus” and more common words for betting are “wager or odds”
Sports betting and veikkaus
has been always in peoples interest and a way to have fun and get a little extra excitement with matches. Here is a bit more detailed explanation how sports betting works.
Lets start with the classical sportsbooks and betting kiosks everyone has seen around. These are always run with government betting and lottery operators but the thing common people usually don’t know that on all government ran games the “fee” or the “cut” is always a lot higher for example Finnish government ran sportsbook veikkaus or Swedish Svenska spel.
This is not a big thing or might not mean anything for a casual player but when we open this up a bit what it actually means, it might be an eye opener for quite many players.
Lets take an example tennis match between Roger Federer and Rafael Nadal. Lets imagine that both players are on equal shape and playing the Wimbledon tennis tournament final. Normal players might see this as a nice match to bet on and just run to a betting booth and place bets on whoever they might thing has a slight edge. The reality in fact is that the only edge here is on the bet provider.
Usually in these matches the odds are really precise since the game is so huge that there is no margin, basically all the book makers in the world are having this match on their lists.
Now whats wrong in these odds you might think? Both have same odds and your government betting company has only 0.1 lower, so what?
If you bet for example 100€ for Roger Federer and you win your total cash out will be 185€ from Veikkaus or Svenska Spel but if you make exactly the same bet with an online bookie you will actually with with 100€ bet 195€.
Now you might think its only 10€ difference. But if you’re a regular bettor, lets say you make similar bets twice a week. that would be total of 104 bets. Now if you always make similar bets for 1 year the difference is 10€+104 which makes total of 1040€/year.
The margins start playing bigger role when you place bets on more unknown events. When big events and matches are really followed the smaller ones are much harder for the bookies. For example if you place a bet on some country’s 2nd division football match the variance is much bigger. These odds are much harder to calculate due to the lack of information. There might be key players away from the squad which the bookies are not aware of. 1 Key player absence might affect on the estimated end result more than 5% so if you are on the map of some teams players you should always place bets on the lower division matches.