In this article, we will talk about the new sports bookmakers in Spain, how bookmakers work, odds comparator, etc.
Bettors believe that the functions of bookmakers are clear: to correctly place the odds and make a profit. But it is not that simple.
Each bookmaker aims to be more attractive to the customer than its competitors. The betting operator must also work within the current legislation and be able to pay the bettor the money earned.
Online and offline bookmakers
A bookmaker is an organization that accepts sports bets. Bookmakers hire analysts who evaluate the odds of an outcome in a sporting event and set odds accordingly.
Players (customers) place bets. If the bet wins, the bookmaker pays the winnings calculated according to the odds, if it loses, the player loses the amount of the bet. Bookmakers can be divided into two broad categories: online and offline bookmakers. The synonym for the latter is the Betting Reception Point or physical location. Each type has advantages and disadvantages that we will analyze below.
Online bookmakers operate on the Internet. The main advantage is convenience, because the player does not have to go anywhere, and only has to turn on the computer or go to the bookmaker’s application. Often, the odds in online bookmakers are higher than in physical bookmakers.
The level of competition on the Internet implies the following: bettors do not have accounts at one but at several bookmakers. And if another bookmaker offers higher odds, the customer will go to the competitor’s website (or app). At online bookmakers, it is easier to play at any time of the day and bet live.
Betting Reception Points
Bookmakers that work offline also have advantages. Here you will be greeted by a real person, an employee of the venue. If bets are calculated incorrectly, or there are other difficulties, you can ask for clarification from the staff of the betting shop, and not write complaints to different departments of the bookmaker. On the Internet, bookmakers often block the bettor’s account or limit bets. Also in the physical premises, the risk of making unwise decisions is lower.
To place a bet online, it is not necessary to get up from the couch – to place a bet, just click on the desired odds. If you bet at the bookmaker’s premises, you have time to think carefully about your bet. And maybe change the decision to a more rational one.
And finally, for many, one of the main advantages of land-based points is their traditionalism. Conservative bettors like to gather and follow the course of a sporting event while playing their bets.
How a bookmaker works
Each bookmaker operates according to a mathematical model that calculates the odds needed to make a profit. The bookmaker seeks to earn income on any event outcome. The task of the bookmaker is to compile a variety of events for the conclusion of the bet by bettors. The range of the exposed odds includes tens or even thousands of different outcomes. It depends on the scale of the bookmaker.
There may be several outcomes in one sporting event depending on the sport, the state of the event, and other factors. The odds are basic and additional. In the most popular sport, soccer, the main bets include the outcome of the match (victory of one of the participants, draw), totals, or odds. In addition: statistics (number of corners, offside, yellow cards); goals scored by certain players; results that will or will not occur in a single leg of the match, etc.
How bookmakers make money
The principle of the job is to make a financial profit. The more players place bets, the greater the bookmaker’s income. To this end, bookmakers
- attract new users;
- disseminate referral links through partners on the Internet;
- create conditions that attract new and old customers: bonuses, promotions, higher betting limits, etc.;
- tend to keep bettors, these customers bring to the bookmaker the highest profit;
- skillfully fight against successful players.
The bookmaker makes money on the bettors who lost and on those who won. This paradoxical situation is explained by the fact that a percentage is placed on each odd, which the bookmaker takes for himself as a profit – margin. In bookmakers, there are analytical departments, where betting professionals work. They monitor tournament events and, based on their knowledge and experience, evaluate the probability of results. Then, the margin is removed from this coefficient.
On average, on each installment, the bookmaker sets between 3-4% profit and up to 30%. The yield depends directly on the popularity of the sporting event. The more popular the meeting, the lower the margin. After all, many bets are expected, and on them, the bookmaker will make a profit. Conversely, if few people know about the event, then the margin is higher. After all, in such cases, the bettors themselves may know more about the upcoming match than they do. In such cases, betting operators strive to protect themselves.