The emergence of betting exchanges has allowed the public to keep a greater share of betting turnover and allowed a knowledge of sports betting markets to be rewarded. In this post I also cover the concept of value betting and probabilities.

Chance and probabilty

All us punters have one thing in common. We are all trying to beat the bookie. Or, with the emergence of betting exchanges, the guy on the other side of the bet. For the average punter betting is just entertainment, a few quid on a Saturday at the bookies or between friends in the pub. A detailed assessment of the likely outcome is given only moderate consideration. The entertainment is most often in making the bet and the excitement of having a few quid on whilst watching the event. Collecting the winnings of course also has its pleasures!
Continued