Bettingschool (Lesson 1)

They are a lot of beginners who do not really know what betting is all about. For those who do not know I will lay out three lessons about what betting is all about. I will lay out a lesson / day, so today we start with lesson 1.

LESSON 1

Introduction

So you wanna take your gaming seriously and stop donating your money to gaming companies? Since you've been looking for you here, I think so. You've come to the right.
In order to master something so needed skills and it is the first step to becoming a winning player. Learn as much as possible, no knowledge is unnecessary in this industry. Learn from others with more experience and actively participate in the forum.

First and foremost, you have to understand that playing sports is all about math. What does the odds of 1.90 you? For me, it means 52.6% and the goal is that it will mean that for you too. Odds are simply another way to write percent. There are American odds (-110), the British fractional odds (9/10) and the most sensible and intelligent way, decimal odds (1.90). Any way, you should know, but may also remember that all ways are really just different ways of expressing percent.

The challenge to make money on sports betting in the long run is a lot in that possess very basic knowledge of probability theory that we all people with at least grundskoleutbilldning know. Theoretically, it may be easily but to transmit in practice it can be difficult. To adhere to their rules and not bring emotion into their playing is fundamental for success, more on this in the lesson on managing bankroll.

Expected value, the odds and variance.

A very important part is to understand what is meant by the odds and why nothing else but the odds ever be played.

We play with the idea that it is possible to play at FC Barcelona as winners at home at 1.85 in odds against Real Madrid. Is this an over the odds?

To answer this you need to give Barcelona a win%, ie, how many times out of 100 games do you think Barcelona will win the El Clasico that will play out. It's up to you to clean statistically and using information form your sharp analysis of the situation. Form, injuries, past meetings, change of trainer, pressure etc..

After careful analysis, you assess that Barcelona should have 58% chance to win against Real Madrid, now you're so smart, so you know that the odds are just percentage so you can now calculate the odds applicable at 58%. (100 / =% odds) 100/58 = 1,724. Here we have an over the odds! We can now see clearly that we have an advantage, but how big is it? We round off to 2 decimal places and calculate it:

1.85 corresponds to 54.10% ((1/odds) * 100). 58% -54.10% = 03.09%.

It's up to you now if this advantage is sufficient for you to play or not. Remember that it takes practice and experience to be able to appreciate their advantage.

We now have an expected value (EV) is positive and it means that in the long run so it is beneficial to play Barcelona at this odds (1.85). For each 100kr we invest, we will serve 3.9kr ie +3.9%. This is, in theory, in practice you'll lose 100kr or you win 85kr but in the long run, the game was good.

It's very important to learn that you have to see it all as one big "gate". Or, "wearing down" in Swedish. You can only have long-term goals with their gambling if you take it seriously. Everyone has bad periods where you lose money but you have to stand firm and believe in their games.

You may have heard of variance? It is a measure of how bad it can still go even though playing on the odds. The same applies to the opposite, playing the unfavorable odds but still wins more games in a row. Lucky and unlucky still exists, it does not matter how good you are. Sometimes sitting everywhere, sometimes sits very little, but mostly it stays mostly. This is the goal, to win more than you lose. Assess no or yourself after just five games, 10spel or for that matter 20 games. Wait until you have at least hundred games before you start talking about being a winning or losing. There is a very good quote:

"Gambling is a marathon not a sprint"