Gambling Blog

As the horse racing industry goes from strength to strength around the world, we are seeing a major increase in the Ante Post market - betting on a horse before the day of the race - as everyone looks to take that extra point out of the race.  But is it actually worth the risk?

For those not aware, traditional Ante Post betting allows to you to bet on a horse before the day of the race, but the potential problem is that if the horse is pulled out of the race then you do not get your stake back.   However, if you place a bet on the day of a race and the horse is pulled out then you will receive your stake back.  This is where the gamble comes in, because all Ante Post odds will have that added risk that the horse is pulled out, which means you will normally get improved odds.

What are the chances of a favourite being pulled before the race?

You may be surprised to learn that it is probably the more popular horses which are likely to be pulled prior to any race.  These horses are some of the fittest animals you will ever come across, and often need perfect race conditions.  Who is going to risk a potential multi-million dollar horse on “going” which does not suit?

For many race horses their racing career is just the start of their lives, with many going on to years of stud and breeding, and the potential for owners to earn millions of dollars.  This is why you will often see horse commentators mention a horse’s bloodline, which can often give an indication of the future potential.

What about betting exchanges?

Interestingly Ante Post bets made via betting exchanges will not be lost in the event of horses being pulled, because funds will be returned to both sides of the transaction.  This is an interesting way to squeeze better odds from a horse, although you should always check the terms and conditions of any gambling site before placing a bet - especially Ante Post.

While we often hear about betting syndicates taking home massive jackpots, whether this be in sport, the lottery or any other form of gambling, do they work for everyone?

A syndicate is basically a number of people who pool their funds together, with an agreement that any wins will be shared amongst the group. While it is advisable to formalise your syndicate with a written agreement, many people choose to do this on an informal basis - often causing major problems at a later date!

While the use of the syndication process will reduce the amount that you could win, it will also offer you more chance of winning.  On the downside, depending upon the size of the syndicate, even the largest of wins can soon be reduced when spread amongst all of the members, with a £100,000 win reduced to “just” £10,000 each in a 10 syndicate group.  That headline grabbing jackpot which may have changed your life, may soon be reduced to a figure which ensures that you will be going back to work tomorrow!

Unless a syndicate is set up on a  formal basis, there may be problems in the future, with many instances of informal agreements being ripped up at the first sign of a big win - leaving some syndicate members “out of pocket”. 

There have been many court cases where rulings have gone in favour of an informal syndicate, but there have been many rulings against informal syndicates.  While you may enjoy a flutter, it is essential that you ensure your syndicate is set up correctly, otherwise you may be taking a massive “gamble” with that future big money win!

In the correct environment syndicates can and do work, but they have also seen the end of many a long term friendship, prompting thoughts of the old saying “do not mix business with pleasure”.  Friendship can often go out of the window where money is involved, but you might only find this out when it is too late.

When you strip down the bare bones of the gambling industry, it is very easy to see the attractions and the way in which the industry operates.  It is simply gamblers pitting their wits against each other in a show of knowledge, gambling acumen and straight forward nerve.  While there are many strategies and styles when gambling, whether at the casino, online or at the horses, the basic skills are the same.  So why do so many ask themselves if they should go with their head or their heart?

The beauty about the gambling industry is that fact that dreams can come true (although not too often!) and you can bring home a massive gamble, and the big bucks which go with it.  The industry is also littered with moving, touching stories of sports men, sports woman and animals which have overcome great heartache to reach the finishing line first.

Whether you are looking at the story of Shergar, and his tragic disappearance, or Denmark winning the European Championships after being added at the last minute after Yugoslavia were banned, the industry is littered with hard luck and good luck stories.  It is this element of real life which can force many gamblers to go with their hearts when they know they should really go with their head, and the stone cold facts.

However, the beauty of the industry is that dreams do come true as we saw with the likes of Red Rum and Best Mate, coming from unfancied stables only to capture the hearts and minds of the public.  Sometimes we want to believe it can happen, sometimes we need to believe it can happen and sometimes we are just glad to see it happen - even if we may have lost a few pounds!

It is the unpredictable nature of gambling which attracts so many, dreaming of a little piece of history……..

While there are many ways and places where you can gamble all day and everyday, it seems as though the clever gamblers, the ones who make the big money, know when to walk away.  As anyone who has gambled will testify, you can often become embroiled in a “bad run”, something which many find hard to break out of, but is there really any such thing as a “bad run”?

For those who have had bad losing streaks, there are probably a number of common occurrences which include :-

• They happen when you perhaps need money the most.
• They always seem to happen when you are near to the bottom of your “pot”.
• They can often appear after big wins, when many increase their stakes.
• They can be very difficult to get out of!

When looking at “bad runs” there are probably two main issues to consider, the odds of you being right or wrong and your state of mind when gambling.  There is a school of thought which says that many people actually bring on their own “bad runs” because of the pressure they may put on themselves, brought on by a number of factors.

The facts are that at some stage in your gambling career you will have a run of losers, but as we mentioned above, it seems that those who make the best returns are the ones who walk away and try another day.  Have you ever been in a “bad run” and kept trying and trying to win your money back? Did you feel the pressure rising? Did you make decisions that you would not normally have made?

What can start off as just a couple of loses can soon escalate in your own mind and before you know where you are, your bets are getting bigger and bigger and you are taking more and more risks.  If you are ever in this situation, you need to walk away, calm down and comeback fighting another day, as there are some situations which become so clouded that often you cannot see the “woods for the trees”.

Temperament has a massive part to play in any gambling career!

Whether you are gambling on the horses, football or a tennis tournament, there will always be a favourite, and more often than not the favourite will be “red hot”, offering very short odds for your money.  So how can you try to lengthen your odds a little, and give yourself the chance of a bigger hit?

Unless there is very small field or number of options, the chances are that while possibly “red hot” in the betting market, you should be able to get at least evens on your money with a favourite bet.  So how can you use this to your advantage?

Imagine if you were in the situation where you had a tip for a winner at say 20 to 1, or you had done your homework and spotted something which the market seemed to have missed, but the favourite was your main obstacle, the one that could spoil it all.  In this instance it would probably be best to give yourself some kind of insurance, by using the favourite as your backup, and putting a few pound on your hot tip.  So how exactly does it work?

Let say the favourite was evens and your “tip” was 20 to 1, you may like to consider the following :-

Place a £10 win on the favourite at evens = potential winnings of £10

Place a £10 win on your tip at 20 to 1 = potential winnings of £200

If your tip comes in then you will walk away with a profit of £190, i.e. the £200 win, less the £10 stake on the favourite.  However, your insurance would kick in if the favourite won, with the £10 win from your favourite bet covering the £10 stake on your tip. 

Many people fall into the trap of thinking it is crazy to bet on more than one outcome in a betting market, when in fact you can cover yourself and in some instances gives yourself an insurance to fall back on.  Gambling is all about strategies…….

While the gambling industry is awash with stories of gamblers wining massive amounts with some of the strangest bets you could ever think of, what actually makes someone take on a seemingly impossible bet? What makes them tick? Do they really think that they can win?

The gambling industry is fairly unique in that for each position that you would like to take, there will probably be someone in the world with an opposite view, someone who will take your bet on. Whether you are looking at a bet about when the first commercial flight will land on the moon, or a forecast of the five winners of each race at Lingfield, what makes someone think they can accurately forecast these events?

There are a number of factors which attract gamblers to seemingly impossible bets which include :-

• Greed.  The attractions of that one off large bet which may bring you thousands of pounds is very strong, and the thought of all that money, well, it can turn peoples heads.  How many times have you placed a forecast for say three events, thinking it is easy, when in reality it can be difficult forecasting one event!
• Research.  As strange as it may sound, many gamblers who go for some of the way out bets will have done their research and maybe found a glimmer of hope which no one else spotted.  Take the golf betting coup a few years ago, where a group of gamblers realised that each and every golf event has a hole in one at some stage in each tournament.  They took out the relevant bet with a string of book makers, and because the book makers had not done their research they gave them very generous odds - the bets came in and the bookies took a massive hit!
• The thrill.  Pure and simple, many people like the thrill and thought that they could be on the end of a massive win, as the first few events drop in to place.  Deep in their minds they know it is almost impossible to win, but while the dream is alive the buzz can be amazing.

Gambling means different things to different people, with some happy to take a “dead cert” evens winner, while some are looking for that 3,000 to 1 accumulator which may change their lives.  After all it is differing views which make a market, where would we be without them?

Over the years the Bookmaking profession has acquired a reputation for taking on just about any bet you could care to think of.  We have had fathers betting on their children playing for their country at a sport, bets on a hole in one in golf and gambles on the length of speeches at political gatherings, but where does it all end?

To understand how a bet can be accepted you need to learn the principles of the betting industry, i.e. there will be a market where you can find someone to place the bet, and someone to lay the bet.  Whether you have one thousand people placing and laying bets, or just the one on each side, you have a market. 

The beauty about the betting industry is the fact that it is constantly growing and constantly changing, with TV gambles introduced over the last few years, bets about flying to the moon and finding life on Mars.  These are all strange bets which would have never been taken on thirty years ago, but due to statistical analysis and good old fashioned gut feeling, new markets are popping up all over the place!

So do the Bookmakers often take a hit on those obscure gambles?

While we often see strange bets highlighted in the newspaper, where someone has maybe bet £10 on their son to play for England at football, for each one that has been successful there are probably tens of thousands of similar bets which have flopped.  Bookmakers will know the rough chances of certain events happening, which is why they can offer such large odds on some of the more obscure gambles.  For each one they pay out on, they will have taken many more which came to nothing.

Gambling is an industry which is constantly evolving and if you want to place even the most obscure bet, there is every chance you will find someone to take it on if you look hard enough.  Finding a winning obscure bet is a little more difficult!

While there are many different types of sports betting available both online and offline, do you really need to study the form? Do you even need to have an understanding of the sport?

To be honest, it is a necessity to know about the sport on which you are betting in order to spot any anomalies, and actually know what is happening.  However, there are those who believe that you do not actually need to study the form of the teams / individuals involved because the market will do that for you.  Is this really true?

There are certain sports where form can often mean nothing, with one example being horse racing, where some of the younger horses may be held back for a few races to give them experience.  You may then see them win a race form no where, and wonder where that run actually came from.  This is not fixing, this is just common sense, allowing a horse to get used to new surroundings and new pressures.  Pushing a horse too far too early can ruin a career, not to mention spook the horse!

There are other sports such as football (soccer) where the form will really be reflected in the betting odds, with very few major upsets.  As we mentioned in one of our earlier posts, a betting market can correctly be described as an information exchange. Information is passed and changes hands, which can often alter the odds on a particular out come.

While there are very few major shocks in the likes of football (soccer), if you do your research you can sometimes spot potential shocks, and anomalies on the odds for a certain event.  If you are brave and ultimately lucky, you will have times where you may pull off a shock result and collect some sizeable winnings.  However, you should never bank on these shocks as they are very few and far between.

Anyone who has ever gambled will at some stage have wished that they were the “house”, the “bookie” or the third party taking on our bets.  But is life really so easy on the other side of the table? Is it really all champagne and caviar? One day it may be caviar, the next day it may be yesterdays sandwich!

Life on the other side of the gambling “table” is not as easy as many would have you believe, or which you might even believe from your own experiences. Whether you are looking at a “house” card game or sports bookmakers, on balance the margins are very small and the parties involved really depend upon the volume of players and the volume of money going through their books.

There are very few bookmakers or casinos who would take a massive gamble on one bet, for fear that it could actually have a grave effect on the business.  In sports bookmaking you may see the “house” take on a big bet, but the chances are that this is covered by wins on other positions, or else all or part of it has been hedged off to reduce the liability.

While the gambling industry often benefits from the publicity surrounding a  big win, or even a big loss, it can effect the perception which the public have of the industry.  While a lot of the larger companies may announce record figures from time to time, these tend to be a very small percentage of the gambling stakes which go through their books.

However, sites such as the betting exchanges are in a no win, no loss situation, because they do not take on any liability themselves, leaving the gambling public to place bets and lay bets to make the market - with the exchanges taking a commission on each transaction.

The casinos and bookmakers are very different, and they play the averages game, knowing that if they have their calculations correct they will always retain a percentage of their turnover as profit.  However, forecasting this profit on a monthly or yearly basis can often be difficult.

While it may seem very strange, you would be surprised at the similarities between professional gamblers taking a punt on the next gambling event, and stock brokers who are shifting around million of dollars a day.  So would a professional gambler make a good stock broker?

Like any employment or hobby, you need to enjoy what you are doing to get the most out of it, but check out these similarities between gamblers (predominantly those who gamble in-play) and brokers :-

• Speed of thought.  Every gambler and every broker needs to be able to react quickly to ever changing situations.  Sometimes they will need to admit defeat, take a loss and call it a day, and other days they will be waving their winnings in the air!
• Mis-pricing.  This is an interesting similarity between gamblers and brokers, with both looking for the next “dead cert”, but also looking for situations where prices are wrong.  By either placing bets or laying bets (buying or selling shares) it is possible to make a quick turn on a pricing anomaly.
• Research.  While there are situations where you can run with your gut feelings, the majority of good bets and good investments need researched.  The more research you do, the more viable or unviable the transaction will become.  Remember those gamblers who noticed that each European Golf tournament had at least one hole in one? They stung the bookies for thousands of dollars because the bookies did not research the bet.
• Following the “hot money”.  Many gamblers and stock brokers make very good money by following the “hot money”, the informed punters who maybe have a little bit of inside knowledge.

These are just a few insights into the comparisons between a professional gambler and a stock broker and while it may seem a little odd, they are very similar creatures - except maybe their pay packets!

If you look around the internet for help in a certain area, a specific technique or just general advice, it wont be long before somebody tries to sell you an eBook.  Written by an “expert”, you will be asked to part with your hard earned cash to hear about some “star” of the past tell you how they did it, how they made it to the big time - well maybe not.

In reality the mass of gambling eBooks available on the internet are actually written by people who have little or no experience of professional gambling.  They may know all of the terms, the way the industry work, but can they really convey to you that feeling when your horse comes in, or your team score a goal to let you hit the jackpot!

While many will argue that gambling requires a clear head and the ability to show very little emotion, this is not always the case. There will be occasions when you get that gut feeling that something is not right, or something is mis-priced.  You may know all the tricks, all of the short cuts, but that little sprinkling of passion may be the difference between hitting the jackpot and hitting the floor.

Unless the writer of that eBook you are looking at is well known, and has been there and done it, don’t even think twice about buying it.  You can pick up the rules and the basics from the internet for free, it is the gamblers who have been there and done it who can teach you the rest.  However, if you have been there and done it, why would you want to pass all of your tips on to the next punter? Money of course!

Information is invaluable in the gambling world, and if you can pass on your experiences and theories to the next person for a fee, then you have found an added bonus.  Something which may make up for that next losing bet!

While there have always been “professional” gamblers, whether betting on the horses, the dogs, football, poker or a casino, the internet has opened up the market to a whole new generation.  More and more people are looking to make a fulltime living from gambling, with poker perhaps one of the more popular areas for the professional gambler.  So what makes a good gambler?

While the gambling industry is spread far and wide, covering many many different areas of life, from football to swimming to politics to reality TV, the characteristics of the professional gambler are pretty much the same.  The main characteristics of the professional gambler is :-

• A quick thinking brain, able to scan the odds and spot any anomalies in an instant.
• Nerves of steel, and the ability to see their bet through to the very end if they believe in it.
• A lack of emotion.  While this may sound a little strange, there is no place for human emotion in the life of the professional gambler.  Each bet is just that, and it is essential they do not let their heart rule their head.
• Knowing when to walk away.  Some days it will just not happen for the professional gambler, whether playing poker, on the casino tables of betting on the football.  The intelligent gambler knows when to walk away - there is always tomorrow.
• Financial support.  There is no point gambling with your last few pounds, as you will probably look at bets you would not normally have considered.  The smart gambler will keep a little side to take off the pressure, allowing them to think clearly.

These are just a few of the general characteristics of the professional gambler of today,  in a world where emotion is your downfall and you need a quick brain and nerves of steel.  Not an easy task by anyone’s standards!

We have seen major changes in a vast array of sports over the last 20 years, with big money pouring into the hands of the major players.  This has led many to believe that Football has seen the last of the big FA Cup shocks, the likes of lowly Hereford United knocking out the mighty Newcastle, or the Wimbledon “crazy gang” lifting the prestigious Cup at the expense of Liverpool. 

Are there no outside bets in football now? Is the game really dominated by the big boys?

The FA Cup is the world’s oldest football competition and the only tournament where both professional and semi-professional clubs mix (league and non-league). The old tournament still attracts a world audience of hundreds of millions on “Cup Final Day”, but are the great shocks gone for good, or can they still happen?

The fact that now a days some of the outside bets you night have fancied 10 years ago, may well in be quoted at up to 100/1 says a lot.  It seems that the only real shocks are seen amongst the top two divisions, and even then they are few and far between.  That is not to say that a non-league team can’t have a “Cup run”, but they are often shorter lived than they were in the past.  Money does talk and the larger clubs are able to put out second teams that would run away with many of the lower division titles. 

It now takes some research and a whole lot of luck to spot the next big upset, and it is often best to stick to the smaller clubs for upsets amongst themselves, with life a little more unpredictable in the lower leagues.  There are many “Cup Teams” in the UK including, Newcastle, Tottenham and Bolton, but it is very often the massive clubs such as Chelsea, Arsenal, Manchester  United and Liverpool who are left to share the spoils.

The romance of the FA Cup may be dented a little, and while the massive outside bets are now few and far between, “Cup Final Day” is still something very special, whoever you are!

While there are many different strategies to follow when gambling, many of the more successful gamblers will look at value in the each way market - the market that traditional gives you a quarter of the wining return, if your bet comes in second, third or even fourth in some large fields. 

This is the market which allows you to have a look at some of the outsiders, who while maybe not ready for a win, may well have place attractions.  Effectively it is two bets in one, although a £5 each way bet wil cost you £10 in stake money - £5 on the win and £5 on the place.

The main market for place betting is the horse racing industry, where fields can vary from just three or four horses, to over forty in races such as the Grand National.  When you consider that the National favourites may go off at anything up to 8/1, with some outsiders priced at for example 100/1 there may be more value in a place bet.  If your 100/1 gamble were to come in the first four, you would receive a payout of 25/1, i.e. a quarter of the winning odds - not bad when you consider that the favourite may have been priced at 8/1.

Sound easy?

Unfortunately, in reality it may not be quite that easy with horses priced at 100/1 for a reason.  However, each way betting can come in useful where you believe that a well priced horse has a chance of winning, but you are fairly certain they will at least get a place.  Many gamblers will use this method as a way to at least protect their stakes, in the event that their horse is placed but does not win.

If your each way bet was to win the race, there is a double whammy as you will receive the traditional winning payout as well as a quarter of the odds for a place.  Each way betting does have some great attractions, but to get the best out of it you need to do your homework!

While many of the best gamblers in the world have been accused of acting like robots, they seem to hit the spot with many making a good living from gambling. How do they manage it, and is there really any need to be so cold?

When you strip down the aspects of gambling, it is really just a game of chance, and the trick is to get the best odds for the best chance - sometimes easier said than done! The best gamblers in the business are like walking calculators, able to see at a glance whether some odds are out of line with the market, with many able to take advantage of the these situations using hedging facilities.

So are you a head or heart gambler?

Those who tend to gamble with their heart will very often see what they want to see, and maybe feel that the 100/1 outsider really has a chance, that the 10/1 odds on favourite isn’t the best hose in the race.  In the back of their minds they may actually be thinking this is not right, but human emotions take over and they seem to become blinked - almost persuading themselves that this is a good gamble.

The colder “head” gambler will see each bet as a commodity, something which can be bought and sold and feel no emotion what so ever.  These are the people who will look at the odds on horses many of us will discount, and see them as a means of getting a 20% return for little risk. The cold gambler is not out for the long shot 100/1 winner (although  they would take it if it was offered!), they are after a gradual increase in their gambling pot, often placing large amounts on events they feel are likely to happen.

While there are many strategies for gambling, the heart and the head gambler are the two main types - and they play the game so differently!