A Piece of Advice on How to Beat Bookmakers

Odds are the main element of the whole betting industry. It is the odds that represent probabilities of this or that event to happen and show the probable winning amounts. With this in mind, all the bookmakers pay a great attention to correctly fix them. However, it is not a secret that some bookmakers can fix different odds on the same event. It is clear here that some of them are more profitable for gamblers, while others imply better results for the oddsmakers. So, there must be certain ways in order to be able to beat the bookmakers’ odds and obtain high benefits, and the given article is going to describe the way to achieve this result.

Wisdom of the Crowd Explained

The phenomenon of the Wisdom of the Crowd is said to be rather effective. It means that when numerous people try to predict the outcome of an unknown event, the average guess must be close to the correct answer. It was proved when usual Internet users were asked to guess the number of chocolate balls in a video. It was amazing that the average guess happened to be only 1.4% higher than the correct answer, while more than 600 people were interviewed.

Although predicting sporting events is much more difficult than guessing the number of chocolate balls, the given approach can be still applied in this field. Numerous experts state that the Wisdom of the Crowd proved the efficiency in the betting industry.

As for the sports, outcomes of all the events are binary by their nature, which means that they either occur or not. So, bookmakers feel few difficulties when fixing odds because they use the phenomenon described, and it is not very difficult to find the average meaning from a great number of gamblers’ bets.

Paying attention to what has just been mentioned, it was found that the Wisdom of the Crowd is more accurate when we deal with more popular events. The more usual gamblers express their opinions concerning a certain event, the higher the probability is that the average guess will be close to the real outcome.

Conclusion

The Wisdom of the Crowd is one of those techniques used by bookmakers in order to fix odds on various sporting events. That is why this approach can be perfectly used by ordinary gamblers in order to predict outcomes and beat bookmakers with their weapons.