If you’re a casino player that wants to also bet on sports, here are 5 lessons that will help you.
Understanding the “house edge” is an important fundamental of gambling, whether you’re playing casino games or betting on sports. In roulette terms, the house edge is basically what the house makes on any spin of the wheel if the bets on every possible outcome on the table are staked equally by the players.
For example, the odds of picking a single number or pocket on a European Roulette wheel are 35/1, but the actual odds of picking a single number are 36/1 due to there also being a zero on the wheel. This equates to a 2.7% house edge. In American Roulette, where there is also a double zero on the wheel, the house edge is 5.2%.
Bookies also build a house edge into the odds they offer. For example, if a tennis match features two equally matched tennis players, the odds for either player to win should be even-money (2.00). But the bookies tend to price-up both players in these situations at 10/11, meaning they make a profit no matter what the outcome if both players are staked equally.
That means, whether you’re betting on casino games or betting on sports, you must try and find a way of beating the house edge.
One way that gamblers have tried to beat the house edge is by creating betting systems. The most famous of these is the Martingale System and this can be used when betting on casino games or betting on sports.
Roulette players often use this system to try and beat the house. For example, you place £1 on red on roulette. If you win you bet, you are £1 up, so you then just bet £1 on your second spin. But if you lose you bet £2 on your second spin. If you then win that spin, you’re £1 up after winning £2 but losing £1 on your first spin. Basically, each time you lose you double your bet to win back what you have lost +£1.
The Martingale System can also be applied to betting on sports, for example, horse racing. Even-money shots traditionally have a 50% winning record in horse racing in the United Kingdom, so you could opt to bet on all even-money shots using the Martingale System. Simply double your bet each time you lose to win back what you’ve lost +£1.
Of course, the problem with the Martingale System is you could quickly run out of money if you hit a long losing run. You may also reach a situation where either the casino or bookmaker is unwilling to let you place a bet big enough for you to win back the money you’ve lost +£1.
Most of us don’t have an endless pot of money to gamble with, so it’s always a wise move to set aside a betting bank for casino betting or sports betting.
If you’re thinking of using the Martingale System, it’s important to understand how much money you’d need to cover a losing run, as your bets double each time you lose.
Bet 1 = £1, bet 2 = £2, bet 3 = £4, bet 4 = £8, bet 5 = £16, bet 6 = £32, and bet 7 = £64.
As you can see, to cover 7 losing bets you would need a betting bank of £127, and you would lose it all if you placed seven losing bets in a row or you would need a further £128 in your bank to place the eighth bet.
Value is a term used in gambling that describes a bet where the odds you get are (or are perceived to be) bigger than the actual odds of a certain outcome coming true. If you were playing roulette and the croupier offered you 2/1 on red rather than even-money, you would have to have a bet on red.
Unfortunately, this never happens.
But this is where sports betting differs from betting on casino games. Whereas traditional casino games such as roulette, blackjack, and slots are all games based strictly on mathematically proven odds, sports betting offers punters the chance to apply form and opinions about whether the odds offered by bookmakers are correct or provide the chance to place value bets.
If the last number on your roulette table was seven, you must understand that the odds of the next number being red are still even-money, as every spin of the roulette wheel is independent to any other spin.
However, in sport, the odds offered by bookmakers are just their opinions. In sports like football or horse racing, there are many other factors to consider that can allow you to find value bets every day. Factors that can influence the outcome of horse races include the ground, distances of races, jockey bookings, and many more. In football, even one player being injured can be a massive factor in determining a team’s chances of winning.
Luck or Judgement
Whether you bet on casino games or sports, there’s no doubt that you need plenty of luck to beat the house edge, especially if you bet blindly without trying to beat that edge in any way.
If you’re playing casino games, no matter what betting systems or betting bank you adopt, that house edge won’t change no matter what you do.
But that’s not the case with sports betting, as you can try and beat the edge the bookmakers build into their books by studying statistics and form that allow you to find value bets. Of course, this can be too time-consuming for many punters.
But, whilst you won’t find tipsters at casinos, you can subscribe to sports betting tipsters with proven records of finding the type of value bets that allow you to profit from sports betting. Some tipsters even offer free sports betting tips.
Did You Enjoy this Sample Article?
Then let us write quality content, just like this, for your affiliate websitesLearn More