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Do bookie's lose money?

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Posted: #76
good bookies don't lose money.  i have a couple of friends that run their own books.  one is great at it: he changes the lines depending on how much money is one one team, changes the juice, etc. he makes good money

the other keeps it the same all the time and loses a shit ton of money.  he'll stop for a couple of weeks or months, then come back to it 
 
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Posted: #77
Raise the minumum wager and stay with it you will make funds in the end, also set high pay & collect amounts. This way you arent wasting alot of time paying out small amounts. and your bettors will rarely hit the collect. And only pay and collect one day each week. you will force action when they dont want to play which obviously is good for the house!
 
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Posted: #78

Quote Originally Posted by yankee444:

bottom line is games are fixed not all of them but there are enough to where vegas cant lose. thats why the last time vegas lost money was when sd played sf in the bowl. i know people dont want to believe it but ive seen way too many shady calls and plays and dont anyone give me they make too much money to fix games. james harrison was contimplating retiring over a 50k fine,vick killed dogs,carruth and lewis killed humans,pacman well he does it all thats illegal the list goes on and on so dont tell me that if these guys are doing crimes like these that fixing games is so immoral and they wouldnt do it.you see politicians going to prison over a few grand and martha stewart a billionaire going to jail over 400k. people cheat in all aspects of life lets not fool ourselves and think that theres no way it cant happen in sports either.wheres theres money there will always be corruption that much is guaranteed.and to answer your question when taking bets you will go through rough patches but the most important thing is getting people who are good pay you can win all you want getting the money on the street is the hard part. that my friend is your way of paying taxes in the illegal world. if you have the bankroll and good paying gamblers you will come out on the positive side.

All true here. This is a the best analisys of the betting industry that i have ever read. You are absolutly right on this call. You just can win when your boarding pass (ticket) goes to the "Right Side" that Vegas Decide on that Contest. The Sad point of that is that trully Fans are Fading Down in their Hopes to come to see their teams winning when they sometimes just CANT goes and WIN against VEGAS call... Major Sports Events are Becoming like the WWE (World Wrestling Entertainment) Just to pay for the Big Fake Show!... What you lost in VEGAS, STAYS in VEGAS!.

 
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Posted: #79
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...

It is the funniest thang to see a adicted gambler try to justify that a bookie is gambleing on his own games! You here are almost perfectly correct but it is really based on Money on the line to be identical at all times to  maximize there profits. That is why you see the odds changeing on a regular basis to catch attention to wager on the other end to even things out. You can do this process yourself to garrentee winnings goggle arbitrage betting there is software to do this with never lose again ill post a link a little later and the bookies love when you use this as well
 
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Posted: #80
If your going to be a bookie make sure you have pockets deep enough to cover you in the bad times - yes ultimately if your smart you should always come out on top, but you have to have enough bank roll to keep going. Much like people trapped in negative equity on a house, ultimately the market will pick up, but can you afford to wait it out till it does? Here is a real life example from a large U.K. bookmaker a couple of years ago - quote taken from a prominent industry news outlet:

Ladbrokes cuts dividend, freezes pay, seeks £275m to cut debt as football hits profits
Ladbrokes, the UK’s largest bookmaker, says a tumultous start to the Premier League season has wiped more than £15m off operating profits.
The barren start to the Premier League season has been caused by a lack of draws and a flurry of goals.
 
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Posted: #81
Quote Originally Posted by boomersooner13:

good bookies don't lose money.  i have a couple of friends that run their own books.  one is great at it: he changes the lines depending on how much money is one one team, changes the juice, etc. he makes good money

the other keeps it the same all the time and loses a shit ton of money.  he'll stop for a couple of weeks or months, then come back to it 

Never changed lines and did great. look at this form and see how many people 'buy points". A .5 or 1 point change in a line is not going to cause a rush to the other side.

 
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Posted: #82
Quote Originally Posted by boomersooner13:

good bookies don't lose money.  i have a couple of friends that run their own books.  one is great at it: he changes the lines depending on how much money is one one team, changes the juice, etc. he makes good money

the other keeps it the same all the time and loses a shit ton of money.  he'll stop for a couple of weeks or months, then come back to it 

No local books that I did business with change juice. They have a 11-10 on games and 12-10 on O/U. Changing juice for a local book would be a nightmare. NO BOOK THAT I HAVE EVER KNOWN EVER LOST MONEY. PERIOD !!!!!!!!! Line changes are a small part of it. The GOOD MONEY comes from parlays and SUCKER GAMES !!!!!

Another cavet for a book to change lines. mGoing from 2.5-3.5 can lead to a nice little middle job. Books don't like that.

 
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Posted: #83
Quote Originally Posted by RantinRave:

This is all hypothetical of course..

A person loses a lot of money to online sports books and this person's local guy. He then decides to take action from close friends and some others. In four weeks he gets cleaned out for 4k. Usually a bad weekend would be -500. He's doing everything "correctly" (i.e. charging 10 cents on the dollar, taking straight wagers only, game and halftime lines, etc.)

Keep going... I've been betting for 20 years and bookies dont lose.  It's a big headache tho because you have to constantly chase money around.

If the book was smart, he'd have his players post the money before they bet.


What would you do?
A. Stop
B. Continue
C. Other

PS - 50% are known degen's. The other 50% never wagered on a game in their entire life.
 
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Posted: #84
I was in the biz for over 15 years and all I did was make $ Stick with it
 
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Posted: #85
The answer is for sure B!
 
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Posted: #86
The animal is correct and I;ve been around this for 25+ years bookies don't lose  Maybe 2-3 weeks out of a football season.  You want people to play basketball and baseball total $ makers.  Keep people's meeting # to a point you know they can pay Don't have a 20$ player meet up at $1000 around 200 at the most that way no one get's in a bind!!
 
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Posted: #87
yeah, when they drop their wallet
 
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Posted: #88
only winner n any bet is the person taking the wager....juice...
 
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Posted: #89

Quote Originally Posted by RantinRave:

This is all hypothetical of course..

A person loses a lot of money to online sports books and this person's local guy. He then decides to take action from close friends and some others. In four weeks he gets cleaned out for 4k. Usually a bad weekend would be -500. He's doing everything "correctly" (i.e. charging 10 cents on the dollar, taking straight wagers only, game and halftime lines, etc.)

What would you do?
A. Stop
B. Continue
C. Other

PS - 50% are known degen's. The other 50% never wagered on a game in their entire life.

Bookies who know what they are doing keep a balanced book and will lay off the action if they have to in order to keep them balanced (bet an equal amount the other way so as not to get buried).

A professional book is saying, "Look, I've been there, I know I can't pick a winner, so pick your own loser and I'll book the action".

 

 
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Posted: #90
Contiue doing it put a cap on it duh... til u get back to even the caps back off.
 
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Posted: #91

Maybe this will help you out:

Do Morons A}-Get Smarter

                 B}-Get Dumber

                 C}-Stay a Moron

                 D}-Become an Idiot

 

 

 
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Posted: #92
Keep taking the action there is no way you'll lose over the season (90% of all gamblers lose in the long run)
 
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Posted: #93
Quote Originally Posted by Coin Toss:

Bookies who know what they are doing keep a balanced book and will lay off the action if they have to in order to keep them balanced (bet an equal amount the other way so as not to get buried).

A professional book is saying, "Look, I've been there, I know I can't pick a winner, so pick your own loser and I'll book the action".

 

No way in hell a book can keep all lines balanced on all games. That is the biggest myth circulated about booking. Those that believe that have never been around a book and seen a weekend worth of action.

 
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Posted: #94

Quote Originally Posted by gambler66:

I was in the biz for over 15 years and all I did was make $ Stick with it

There will be losing weeks, but booking is a "cash cow", and I never bothered about balancing anything. I LIKED THE ONESIDED GAMES AS PLAYERS WILL LOSE MOST OF THESE.

 
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Posted: #95

Quote Originally Posted by cd2010:

Keep taking the action there is no way you'll lose over the season (90% of all gamblers lose in the long run)

Probably higher than 90%.

 
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Posted: #96

Quote Originally Posted by Football10:

I loved players that had an appetite for lots of action.

This type player is also a 'cash cow" !!!!

 
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Posted: #97
Bookies have been losing consistently over the last year.  It is a set up by Vegas to stimulate the economy!  It is the truth, trust me, I know!  I have lost $25K over the last year booking five players total.  It is non-stop.  Vegas is trying to get players to advertise their winnings and sports books are getting more players signed up.  It is working, now is the best time ever to be a player in the history of sports wagering.  Guaranteed!  Watch the comments that roll in after this post.  The bookies will second the notion.  To gambler66, be glad you quit while you were ahead. 
 
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Posted: #98
Quote Originally Posted by Football10:

No way in hell a book can keep all lines balanced on all games. That is the biggest myth circulated about booking. Those that believe that have never been around a book and seen a weekend worth of action.

In Vegas every book has a formula that so many dollars worth of action  moves the spread one half a point in the other direction.

Smaller books lay off to larger books, etc.....

Granted books take a beating on some games but as been said in this thread over the long run the public loses 90% of the time.

People love betting football when the real money is in baseball. All you have to do is pick the winner and the dogs win often. But people would rather bet an exhibition football game than a baseball game.

Oh yeah PS, re: myths and being around books, I worked in casinos for many years. You?

 

 

 

 

 

 

 
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Posted: #99
Quote Originally Posted by RantinRave:

Tuppy - Thanks for a genuine response. lol.

I always thought that parlay's and teasers were the wrong route to go unless you had a a bunch start up money. For example, "this person" doesn't want a couple people hitting a 3-team $100 parlay. I mean, in the long run they are going to lose, but right now there could be some desperation for a losing week.
 
They will be considered though.


If this hypothetical person was to start running numbers he had better have a lot of start up money.  Parlays, teasers, and round robins are going to make up a vast majority of profit in the long run, but there is not a book anywhere that gets to the ideal 50/50 public split consistently; though they continually will strive for it.  This, and random variance will cause a bookie to go on tough and good runs, but he better have the cash to absorb his bad runs or he will go belly up.

BOL
 
 
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Posted: #100
Bookies win except 2 weeks out of the year  week 5or6 and week10  that's how it was for me for 20 years
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