Being a bookmaker is a tricky business, requiring that odds be made on multiple sporting events, in very short spaces of time. It requires, of course, a very thorough understanding of sports, maths, odds, and potential outcomes. And, although bookmakers are often portrayed as unscrupulous characters in movies, the basis of being a bookmaker is that odds be fair to bet makers. After all, a book maker who cheated his clients would not stay in business very long. On the contrary, there are ways in which the bet maker may take advantage of the book maker. One of these ways is known as arbitrage betting.
Arbitrage Betting
Book makers need to stay in business, and one of the ways to do this is by giving more favorable odds then competing book makers. The trick is, of course, giving odds that are still profitable, but are likewise enticing to bet makers. This can lead to a situation where book makers are on a mission to outdo each other, the result of which can be conflicting odds at two different establishments, for the same game.
Bet makers who are experienced, highly knowledgeable, and very well connected may implement a technique called arbitrage betting. This means that a bet maker puts two bets on the same game, one at one bookmaker, and one at another, on two different outcomes. If the odds work out in just the right way, the bet maker is guaranteed to make a profit, whatever the outcome of the game. The profit is generally small, and some may consider not worth the risk of being caught and banned, but some who use this technique efficiently make a good amount of money over time, with literally zero risk of ever losing a cent.
Book Maker Retaliation
Book makers, of course, frown on the practice of Australian betting, and often go to great lengths to avoid it. In times past, book makers, although competing entities, would stay in close contact, ensuring that no such anomalies in odds existed. As more and more book makers opened, however, keeping cooperation and coordination between odds became more difficult, and the opportunities for bet makers to take advantage became greater. This often lead to swift action by book makers looking to set an example, and it was not unheard of, and it is still not unheard of, that book makers deal with those looking to take advantage in very extreme and violent ways.
More so, with the evolution of the internet and incredible freedom of information, the possibilities for taking advantage are again on the rise. In modern times, however, where internet bet making is concerned, a book maker is more likely to ban an unscrupulous user, and put out the word to other book makers, making certain the person may never place a bet online again. There is some controversy, however, as to whether it is really the fault of the bet maker, or perhaps more to do with how book makers do business. Whatever you feel about the subject, it certainly isn’t a good to try and put one over on a professional book maker, online or real world.