Do bookie's lose money?

Forum: Streak Survivor Page 2 of 7 «  1 2 3 4 5   »
Author: [Streak Survivor] Topic: Do bookie's lose money?
lightsout2184 PM lightsout2184
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Posted: 12/1/2010 7:06:55 PM
QUOTE Originally Posted by seakev1:

YOU MAKE IT LAND 20-20.......By hedging...



obviously you have never worked for or run a book. On saturday for example with games starting left and right how do you hedge. plus u always get late action up to game time. I'm telling you with a big enough client base instead of 10 percent you will make much more. also you can't hedge parlays or teasers.  Hedging takes away part of the risk but also kills the reward.
vtechustle PM vtechustle
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Posted: 12/2/2010 10:28:23 AM
whats da piont of being a bookie?keep going.
RantinRave PM RantinRave
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Posted: 12/2/2010 4:37:18 PM
Well - Just to let you guys know. Things did change around a little bit last weekend, but we'll see what happens this weekend ...
tts_22 PM tts_22
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Posted: 12/5/2010 9:39:09 AM

I have 6 or 7 guys that always bet every weekend.  I love it when one guy turns in 200 on the favorite and another guys turns in 200 on the underdog.  However, there are some weekends when all of my guys take the same team and it's big $.  Usually I take up to 500 or 1000 per game and then dump the rest to my local guy so I don't have the possibility of getting cleaned out.  However, if a guy is buried and chasing - I usually always keep a little bit more since he is way down.  I also take into consideration if my side is the is the home dog.  I love home dogs and they usually cover more times than losing - esp. on a national televised game etc such as Thursday Night College Football, etc.

I also bet some myself, but usually just a couple of games per week.  You can't bet and book at the same time.  So you have to be smart with what you do and not get too greedy.

Also - I have a couple of guys who always bet the favorites so I move the line a half or a full point.  One of my guys is a huge bettor so I usually have to turn part of it in.  You would be amazed how many times that extra half or full point plays into things.  For example - if a line is Wisconsin -6.5 and I move it to -7.5 and Wisky wins by 7....you win both ways.  You always have a couple of weekends per year that all of the stars align and you win both ways.

By the way - you always want to take teasers and parlays - they are a book's best friend!

cisco PM cisco
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Posted: 12/7/2010 1:14:47 PM
When bets swing heavy to one side you gotta lay some of it off so you won't get buried if you lose. My bookie in Philly had guys in Vegas that would do this for him.
WizrduvOdz PM WizrduvOdz
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Posted: 12/7/2010 5:08:08 PM
QUOTE Originally Posted by goblue2424:

Bookies only lose money when I bet with them


Bookies win money when I bet with them
RantinRave PM RantinRave
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Posted: 12/9/2010 12:48:47 PM
tts - Thank you very much for your response. I'll take what you said in to consideration and cross my fingers that things will change!
lanadang37 PM lanadang37
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Posted: 1/2/2011 12:31:26 PM
I have friends that book really big. They would win/loss about 20K a week thru their sites. I would recommend having parlays, teasers, and reverse bets because house have the most advantage on it.

With single bets, your odds are hoping the bets would even out and win only juice.

Look at reverse bets: A player bets the underdog plus the over for $100. There are 4 outcomes total, 3 are losing outcomes and only 1 winning outcome. As house, this means you have 75% winning ratio.

With parlays: A player can play a parlay 3 for $100 to win $600 or parlay 4 for $100 to win $1000. As house, you would have an advantage on the payout odds. Let's say a person didn't play a parlay but placed them as single bets instead. Player bets $100 on game 1 and wins $100 so player now has $200 to bet on game 2 and wins $200 so player now have $400 to bet on game 3 and let's say players wins bringing with a total of $800 but minus the $100 he put in so he won $700 and the parlay 3 payout is only $600. Parlay 4 pays $1000 but with single bets a player would win $1600 minus $100 profiting $1500.

As house, you wanna offer as much props as possible cuz that's where you'll have the most odds. Don't offer parlay 6-8 if you don't have enough back up funds because payout is very high.

My friend who books love the reverse bets the most and that's where they make the moola...  GL!



rstacey PM rstacey
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Posted: 1/6/2011 10:35:41 PM
QUOTE Originally Posted by Chadnailz6:

lightsout,

you are moronic if you are claiming that a bookie is not hoping for near equal action on the games.  Why in the hell do you think spreads are created?  To lure people into betting evenly on the matchup. 

Take this as an example:

Bookie takes 100 bets on Monday Night Football game.  Colts vs. Patriots, Patriots favored by 3.  It is a bookie/sportsbooks nightmare if 85 people take the Patriots.  They don't want to lose all of that money.  By getting more even bets, the bookie is going to make money no matter what.

If you're bookie would rather take the 85-15 spread, then I would deem him an ignorant person...

He would if he knew that the 85% lost more times than they won ( if he had enough money to get thru losing streak)
gamble04 PM gamble04
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Posted: 1/7/2011 2:26:19 AM
B
georgiadog PM georgiadog
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Posted: 1/10/2011 7:52:29 AM
just depends if the friends who are betting with him will pay when they lose. I was a bookie for a couple months and paid out 2200 to a guy and 175 the next week. then this same guy lost 750 the next week and had a hard time coming up with the funds. boy was i pissed. everybody wants to get paid right away, but never want to pay the bookie right away. still have people that still owe me money waiting on their income tax refund to pay. i will never take bets on credit again lol.my suggestion is make sure they pay upfront. the odds will turn around in the bookies favor it always does. as the bookie close the lines about 15 to 30 mins before game starts so you can lay too much action on another book.
sek_wit_it PM sek_wit_it
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Posted: 1/11/2011 1:08:31 AM
A.  STOP - if he's taking action from friends and locals.  Of course he would be gambling if he got cleaned out for 4K. 

B.  CONTINUE - if he doesn't gamble.  if he is smart, then he would have another source to hedge out unbalanced lines.  ex:  75-25 on a game, drop 50 elsewhere and keep the vig.

If money isn't an issue, continue if you like to gamble.  Take all the action if you can.  Most players are degenerates and will make you money in the long run.  Bookies will always come out on top.  Keep your faith in the hands of the oddmakers and you will catch your players on some bad runs.  Vegas don't give out free money.  They know what they're doing.
 
The key is having another source so you can hedge any unbalanced lines.  


Football10 PM Football10
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Posted: 1/13/2011 11:26:44 AM
QUOTE Originally Posted by lightsout2184:

completely wrong. "knew a guy who ran a book for 3 years" lol never wanted to just win 10 percent. The action is never even and thats a good thing. You will always come out ahead in the long run. Last couple weeks have been bad. A lot of public plays hitting like crazy. Vegas knows what they are doing just watch they will go on some bad runs.

Right. I booked for 25 years before retiring. I loved to have ONE SIDED games. I did not win them all but the public was wrong enough that I did quite well Very few games are even on both sides. If one side get extremely HEAVY, then you might wish to LAYOFF some to another book. Believe me, I never knew a book that lost money on the long term. Some years are better than others.

Football10 PM Football10
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Posted: 1/13/2011 11:35:42 AM
QUOTE Originally Posted by Football10:

Right. I booked for 25 years before retiring. I loved to have ONE SIDED games. I did not win them all but the public was wrong enough that I did quite well Very few games are even on both sides. If one side get extremely HEAVY, then you might wish to LAYOFF some to another book. Believe me, I never knew a book that lost money on the long term. Some years are better than others.

Another MYTH is that a book does not care who wins as long as he is even on a game. WRONG AGAIN. Booking is a BUSINESS. If some guy keeps beating a book regularly for large amounts, the book WILL CUT THAT BETTOR OFF. This rarely happens because most bettors are "long run losers".

These guys that have you believe they bet 5-10 thousand with local books most times will be a lie. Most players are 10 - 500 dollar players and most,how ever inviting it might be, don't like to have their weekend ruined by sitting on one large bet.

Football10 PM Football10
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Posted: 1/13/2011 11:38:18 AM
QUOTE

Originally Posted by georgiadog:

just depends if the friends who are betting with him will pay when they lose. I was a bookie for a couple months and paid out 2200 to a guy and 175 the next week. then this same guy lost 750 the next week and had a hard time coming up with the funds. boy was i pissed. everybody wants to get paid right away, but never want to pay the bookie right away. still have people that still owe me money waiting on their income tax refund to pay. i will never take bets on credit again lol.my suggestion is make sure they pay upfront. the odds will turn around in the bookies favor it always does. as the bookie close the lines about 15 to 30 mins before game starts so you can lay too much action on another book.

Yes, people would be surprised at the bettors that have to be CUT OFF toward the end of the season because they are TAPPED OUT and unable to pay !!! THATS WHY LAS VEGAS GETS THE MONEY UP FRONT!!

Football10 PM Football10
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Posted: 1/13/2011 11:43:18 AM
QUOTE

Originally Posted by georgiadog:

just depends if the friends who are betting with him will pay when they lose. I was a bookie for a couple months and paid out 2200 to a guy and 175 the next week. then this same guy lost 750 the next week and had a hard time coming up with the funds. boy was i pissed. everybody wants to get paid right away, but never want to pay the bookie right away. still have people that still owe me money waiting on their income tax refund to pay. i will never take bets on credit again lol.my suggestion is make sure they pay upfront. the odds will turn around in the bookies favor it always does. as the bookie close the lines about 15 to 30 mins before game starts so you can lay too much action on another book.

Another problem is DOUBLE UP AND CATCH UP BETTORS! That's when the "no pays "start to show up. I always tried to tell them, You didn't lose it all at once, so don't try to get it back all at once.

Football10 PM Football10
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Posted: 1/13/2011 11:56:57 AM
QUOTE

Originally Posted by lightsout2184:



obviously you have never worked for or run a book. On saturday for example with games starting left and right how do you hedge. plus u always get late action up to game time. I'm telling you with a big enough client base instead of 10 percent you will make much more. also you can't hedge parlays or teasers.  Hedging takes away part of the risk but also kills the reward.

RIGHT !!!!! You write your bets down,lay off anything that you don't wish to keep for whatever reason, and let the chipa fall where they may. Why do I want to shoot for 10% when I can get 90%.

tts_22 PM tts_22
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Posted: 1/13/2011 11:35:54 PM

enjoyed reading this thread.... 

Football10 PM Football10
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Posted: 1/15/2011 12:43:57 AM
I have never known a book that has booked for any length of time that is afraid the public willbeat him over the long hall. Most players bet too many games and bet "with their heart" Parlays will grind you down over the long haul. Books love parlay players.4 teamers will pay about 10-1 so lots of smaller books will limit the amount a player can bet on a 4 teamer. I know one small book that has 10-100 dollar players that wil not take a 4 teamer. One hit at $100 puts him in the hole for $1000. VERY FEW four teamers are hit but it does happen. Three teamers are hit more frequently. Say a guy plays 6 or 7 3 teamers a day, He gets lucky and hits one. He is still a loser. Again, the thing that gets most players in trouble is playing TOO MUCH on TOO MANY games. The other thing that just adds trouble to trouble is the DOUBLE UP TO CATCH BETTOR. I have been retired for several years and still have numerous bettors that have never paid up. I know they got in over their head and just hope someday that they pay. SOME BOOKS ARE NOT AS UNDERSTANDING AT ALL, if you know what I mean. I was friends with lots of my players, but my objective was still to beat them!!!
skinnyskins7 PM skinnyskins7
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Posted: 1/24/2011 11:26:08 AM
Id keep doing it but when U get alot of action on 1 specific side in 1 specific game id make sure to place a bet of my own on other side in those circumstances to make sure u know get ur pockets raped on big payouts
Football10 PM Football10
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Posted: 1/24/2011 6:26:41 PM
QUOTE

Originally Posted by skinnyskins7:

Id keep doing it but when U get alot of action on 1 specific side in 1 specific game id make sure to place a bet of my own on other side in those circumstances to make sure u know get ur pockets raped on big payouts

The book would not place a bet on the "other side", he would just pass off some of his "heavy sides" to another book. He would just "sit on" what he felt comfortable with.

Football10 PM Football10
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Posted: 1/24/2011 6:28:31 PM
QUOTE Originally Posted by skinnyskins7:

Id keep doing it but when U get alot of action on 1 specific side in 1 specific game id make sure to place a bet of my own on other side in those circumstances to make sure u know get ur pockets raped on big payouts
Football10 PM Football10
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Posted: 1/24/2011 6:31:46 PM
QUOTE

Originally Posted by skinnyskins7:

Id keep doing it but when U get alot of action on 1 specific side in 1 specific game id make sure to place a bet of my own on other side in those circumstances to make sure u know get ur pockets raped on big payouts

If I bet the "other side" and the bettors side wins, I have lost both bets.

stduhoh PM stduhoh
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Posted: 1/28/2011 5:55:29 AM
QUOTE Originally Posted by RantinRave:

Is there a place for archived lines? I swear the over has been hitting ALOT more often these days.

The reason you notice over to hit more often than under is because players bet games they are familiar with, and games that they feel are more secure. The over bet is an obvious fan favorite because players choose it accordingly and selectively. Over is also the more appealing bet to most people.

One thing i would suggest, is allowing parlays and teasers. Although allowing them with a limit, such as the amount of bets per parlay, or the amount they are betting. with such limitations, bookies should be able to come out on top in the end.

And Hedging is also an important part. If you feel your income is hurt, it is always advised to hedge to build income back so as to not risk your own debt and failure.

In the end, it is all gambling. In order to have the gambling and luck work in your favor, you have to use loopholes and strategies to win money. After all, isn't that what bettors do?
daTownDrunk PM daTownDrunk
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Posted: 1/30/2011 12:19:29 AM
haahahah
bookies want even money on both sides
get a clue!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

the he!! they do!
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