Question by Ryan C: Can someone explain the math behind how Bookies make money?
I’m not really looking to become a bookie due to how illegal it is. But I am bit of a nerd and it fascinates the crap out of me. To pass time at work , ill often try to see what amount of money placed where would have me win money regardless of outcome and i always end up losing on one side or best case i win money one way and break even the other.. Just wanna know how they do it.Thanks!
Best answer:
Answer by mr.longshot
A bookie is just that.. He/She books stuff..They make their $ off of % of the bets (cheese) That’s why there is a point spread. The bookie wants the same amount on each team. You bet 0.00 to win 0.00. Just before a game/race bookies are scrambling to get their bets even.. they want the amounts the same on each team. A horse race their working off the track odds which is around 22% house odds.. In other words the track takes 22% out of the betting pool and pays the rest (78%) to the winners..
Know better? Leave your own answer in the comments!