Published on October 24th, 2017 | by admin0
Researchers decode how to beat Online Betting Sites:
Be it offline gambling or its online counterpart, there is one rule that has remained unchanged- ‘The House always wins’. If you see it the other way, it speaks out loud that you will always lose. But a group of researchers from the University of Tokyo claims to have found out a way to beat the house to the dirt and extract the profits you were always looking for. They did have a tough time in finding a way to beat the casinos, especially when using all legal methods and found their accounts flagged for manual inspection afterwards. Before they reached this halt, they were able to make a profit of almost $1000 across 250+ football games which accounts to a return of around 8.5% in total.
Now the big question- How did the researchers beat the bookies? Before we dwell into the details, let us get some insight on how the bookies ensure that they are not facing any losses in any condition. This sort of insurance is moderately unimportant for a game like roulette, where there are 38 conceivable results, giving every gambler chances of 18/38 in the event that they pick red or black. A pay-out of $2.11 is reasonable for a $1 stake, yet the house pays $2 and keeps the distinction – in short, the profit is always in play.
They try to attempt the same thing with football too but it has its own set of problems to offer. Online and Offline bookies try their best at all times to make sure that the odds they are offering are as accurate as possible. They even take help from statisticians and sports experts to make sure they are not giving overly generous odds to the customers.
But the researchers were able to find out that the bookies use hedging of bets to make sure that their losses are reduced to a minimum and stay safe from the risks of a huge pay-out. The researchers began their quest by assuming that the odds offered by bookies were accurate. They started to consider the historical data of the matches played from 2005 to 2015. They won 44 percent of the bets placed which yielded them a profit of 3.5% from 56k imaginary $50 bets which summarised to a profit of $98,435.
In order to check that they didn’t get lucky, the researchers placed 2000 random bets which resulted in a loss of $93,000. The researchers concluded that the possibility of making profits via random betting is near to impossible and one in a billion can make it through. The only problem they faced was that the generous odds were available very close to the game and weren’t always available to the regular gamblers. But the bookies were able to strike back in time. They limited the team’s odds and insisted the bets to undergo manual inspection. It was a bit unfair to see that the sports betting industry was free to offer the odds to the clients till the time clients are losing. But the moment the clients start winning good amounts of money, the house begins to question their methods and demands manual inspection.
So even though the researchers have decoded how to beat the house back but the inevitable rule of gambling stays intact- the house always wins, at least for now.