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Since time immortal, one of the favorite pastimes of sport freaks has been gambling. Gambling is exciting, taking into consideration the risk involved, the luck factor and the chance to make lots of money in a few of hours. Online gambling has become popular with millions of individuals around the world, with more visiting betting sites and online casinos popping up online than previously. One great benefit from having this facility online is remember, that it is accessible from any place which has an active internet connection. This has made gambling a sport in itself, available to millions of new people.

There has been a boom in the online betting industry as well as the kind of profits many sites are enjoying now is unimaginable. Online casinos are not to be left behind, as there is a rapid explosion of these as well. In reality, online poker gives gambling, a glamour quotient by roping in celebrities for high profile tournaments. What this means is reaching out to a whole new market in itself.

But as always, the most successful story is the rise of sports betting. Fans that have enjoyed betting on games like soccer, football, polo, baseball, hockey and horse racing, can now do so online with the assistance of these sites. A whole new variety of sporting events are cropping up to encourage the already soaring popularity of excellent online casino betting. It may be correct to state that audiences are now enjoying the betting experience without having to be at the field themselves. Welcome to the world of virtual reality.

You will discover innumerable so-called gambling experts ready to dish out information of their systems to 'beat the bookie' or to make a second income from gambling, for a price of course. I won't do that. I will simply give you details about bookmakers, odds and gambling that you can use (or forget) when you see fit.

The very first thing to mention is that the great majority of individuals who engage in gambling will be net losers over time. This is the very reason you will discover so many bookmakers making so much cash throughout the world.

While bookmakers can sometimes take big hits, by way of example if a favourite wins the Grand National, they spread their risk so widely and they setup markets that incorporate a margin, so they will always generate a profit over the medium to long term, if not the short term. Which is, as long as they got their sums right.

When setting their odds for a particular event, bookmakers must first assess the probability of that event occurring. To do this they us various statistical models based upon data collated over years, sometime decades, about the sport and team/competitor in question. Bear in mind, if sport was 100% predictable, it would soon lose its appeal, and while the bookies will often be spot on with their assessments of the probability of an event, they can be sometimes way off the mark, simply because a match or contest goes against conventional wisdom and statistical likelihood.

Just look-at any sport and you shall find an occasion in the event the underdog triumphs against all the odds, literally. Wimbledon beating the then mighty Liverpool within the FA Cup Final of 1988, for instance, or the USA beating the then mighty USSR at ice hockey within the 1980 Olympics are two illustrations of when you could have got handsome odds on the underdog. And could have won a decent wedge.

The big bookmakers spend a great deal of time and money ensuring they possess the right odds that ensure they look at the perceived probability of the event, and then add that extra tiny bit that gives them the profit margin. So if an event has a probability of, say, 1/3, the odds that reflect that probability would be 2/1. That is, two to one against that event occurring.

In contrast, a bookie who set these odds would, over-time, break even (assuming their stats are correct). So instead they will set the odds at, say, 6/4. Inside this way they have built-in the margin that guarantees, over-time, they're going to make the most of people betting on this selection. It is the exact same concept as a casino roulette.

So how can you spot the occasions when bookmakers have got it wrong? Well, it's easier said than done, but far from impossible.

One way is to get very good at mathematical modelling and setup a model that takes into mind as many of the variables that affect the outcome of an event as it can be. The problem with this tactic is the fact that however complex the model, and however all encompassing it appears, it can never account for the minutiae of variables relating to individual human states of mind. Whether a golfer manages to hole a major-winning five foot putt on the 18th at St Andrews it's as much down to their concentration as to the weather or day of the week. Additionally, the maths can start getting pretty darn complicated.

Alternatively you can find yourself a sporting niche. Bookmakers will concentrate their resources on the events which make them the most money, generally found to be football (soccer), American football and horse racing. So trying to beat the bookies while betting on a Manchester United v Chelsea match will be tough. Unless you work with one of the clubs, or are married to one of the players or managers, it really is very likely the bookmaker setting the odds will have additional information than you.