Sports Betting Systems
Poker players should take a lesson from their sports bettor brethern. The offshore sports betting industry has been around a bit longer than the online poker industry. The sports bettors have seen several very big sports books go under due to mismanagement, insufficient capital and outright fraud. All sportsbooks need clients in order to make money, in the effort to find and retain players, new sportsbooks need to give players an incentive to give them a try. They establish themselves and entice players to join by offering deposit bonuses. This can often lead to a business that seems to be built like a ponzi scheme. An example would be an offer of a 25 cash bonus on a deposit, but with some restrictions such as a five times rollover and a one month minimum period before making a withdrawal. A five times rollover in sports means that the player must bet their balance five times over before they are eligible to take a withdrawal. On the surface, this makes sense from the sportsbook...
Getting The Best of It by David Sklansky contains six sections discussing probability, poker, blackjack, other casino games, sports betting, and general gambling conccpls. This book contains some of the most sophisticated gambling ideas that have ever been put into print.
As mentioned in a previous section, fluctuations in online poker can be higher than in brick and mortar casinos. If you play at a few different online sites, this may cause some interesting results. It could look like you are killing the players at one site, but are getting killed by the players at another site. You may start to think that generally players at one site are much better than players at another site. Although it is likely there is some difference in skill among the population of players at different sites, the difference in general skill is probably not very large. For the most part, the fallback opinion should be that the difference in profits and loss is a result of randomness and luck, good luck at one site, bad luck at another. Due to the large fluctuations at online poker, this can easily happen. If you ask those that bet sports you will find a similar situation. Some sports bettors seem to make money hand over fist at one online sportsbook but cannot beat another...
I was sitting alone in a 10 20 table at one of the online poker rooms that did not have much high limit action. Normally, the highest limit game was only 5 10 at this site and it was rare for a 10 20 game to get started. However since this poker room was attached to an online sportsbook, there was always the chance that someone would show up using his funds from the sportsbook account. Usually these players were not experienced playing poker and were just checking out the poker room to gamble. I had the table up on the computer while watching an NCAA College basketball tournament game and did not think about it as I watched game.
A couple months ago, I had the pleasure to make my semi-annual trip to Las Vegas. I play poker online at home, so most of the trip was spent engaging in the forbidden gambling fruits the -EV table games. After three days of losing hundreds at the blackjack tables and sportsbooks around town, I made my first trip to the home of the pros Bellagio's glorious poker room. I was impressed, and the style fit right in with my desire to take it easy and have some fun.
Mathematical expectation is at the heart of every gambling situation. When a bookmaker requires football bettors to lay 11 to win 10, he has a positive expectation of 50 cents per 10 bet. When a casino pays even money on the pass line at the craps table, it has a positive expectation of about 1.40 per 100 bet since the game is structured so that the pass line bettor will lose 50.7 percent of the time and win 49.3 percent of the time, on average. Indeed it is this seemingly minuscule positive expectation that provides casinos around the world with all their enormous profits. As Vegas World casino owner Bob Stupak has said, Having one-thousandth of one percent the worst of it, if he plays long enough, that one-thousandth of one percent will bust the richest man in the world.
It is clear that the United States government will go after any entity that tries to start an online casino or poker room if the entity is located in United States territory. However it is not clear what the legal status is on players playing online games in the United States on computer servers in foreign countries. This is the case with all the popular online poker sites. Some government officials have stated that there is nothing they can do about it because there are simply too many players and they cannot arrest a million people (or more) for gambling in their own homes (this includes sports betting and other casino games as well). However, whether or not the government will take any action on players, does not say anything about the actual legality of online poker. As of yet, there is no definitive answer whether or not online poker is legal. It is possible that in the future the legality will be defined more clearly, and it is useful to keep up-to-date when any news breaks.
Casinos will sometimes use the term for when discussing odds. For example, they may offer 9 for 1 to the public on a wager. This is commonly seen at the craps table or on parlay cards in the sportsbooks. If the odds offered are 9 for 1, then the casino will pay a total of 9 if the player wins, but included in that 9 is the 1 that they had taken from the player already. Thus the player's winnings is only 8, and 9 for 1 is really the same as 8 to 1. It is phrased this way by the casino so it seems like the payoff is bigger. In this book, there is no need to fool anyone, so I stick with the to form.
Then to make matters worse, one of our local bookmakers made this poor fellow a 100 to 1 shot not to win the tournament. (Nobody likes to be a 100 to 1 dog.) The guy left, and he hasn't been back. Each of the Professionals had invested 10,000 every year for several years, knowing he probably would not win it, but did it anyway to stimulate action. And then these two guys (the big name and the bookmaker) drove off one of the biggest action men we had ever attracted just for the sake of a few cruel laughs.
Gambling For a Living by David Sklansky and Mason Malmuth is the ultimate book for anyone interested in making a living at the gaming tables. The book includes chapters on horse racing, slot and poker machines, blackjack, poker, sports betting, and casino tournaments. It is designed to show anyone new to this field how to be successful and what it takes to become a professional gambler. Getting The Best of It by David Sklansky contains six sections discussing probability, poker, blackjack, other casino games, sports betting, and general gambling concepts. This book contains some of the most sophisticated gambling ideas that have ever been put into print.
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