Meaning of bookmaking and odds in football betting.
In football betting we have a sportwager and a sportbook/bookmarker. Before we go further we need to understand who isa ffotballwager and a sportbook/bookmarker.
Read on the meaning of a sportbook and a bookmarker here and come back here.
After we have seen the meaning of the sportwager and a bookmarker now we are comfortable to get the really meaning of bookmaking and the odds.
Bookmaking is done by sportbook and the sportswager accepts the making. Betting started in the early 1920S. I think you thought betting started recently, no my friend betting started with our ancestors. Countries like America started betting in the year 1920 and after some disagreement with sportbook and the governement, the governement decided to close all the betting companies and thus burned football betting and embarked on other forms of betting like horse racing. I am discussing all this to give you a clear picture of football betting and how the betting companies set their odds.
Odds are being set by a bookmarker. We have different types of odds depending on the country you come from. We have odds in European format ( Normally in decimal odds), UK format ( Normally in fraction format) and American format ( moneyline odds). European format are used in the continental Europe, Cadada and Australlia. UK format are used by British bookmakers.
Since the bookmaking is done by the bookmakers, the bookmarkers set the odds in their favour. They don’t set the odds for the beetingwager to benefit , no.
Therefore for you to win and make money out of football betting you must be very careful when using the the odds as set by the bookmaker. They have the underdog and the winner. Underdog is the team they feel that must lose. It is not obvious that the underdog will lose, no. Sometimes the stronger might lose the match to the underdog.
On our site here we have more than 10 tipsters who have knowledge in betting. These tipsters comes from diffrent parts of the world.