BETTING ODDS: This is not a gambling ad but a Mathematical Quest that can make you a few bucks

BETTING ODDS: This is not a gambling ad but a Mathematical Quest that can make you a few bucks!

Sample case: Please read to understand the query;

The betting odds for tonight's EUFA champions's league semis stand as below for an unnamed bookmaker. Simply put for beginners, if you stake 100$, you stand to win 2810$ if Juventus wins; 3040$ if they draw, and 2300$ if Madrid wins, but only one outcome is possible. If you stake on all three outcomes, your net gain is a sum of your gain on the outcome less the total amount staked in all three bets.
JUVENTUS (Win) 2.81
Draw 3.04
REAL MADRID (Win) 2.30

I want to work out a formula, such that I can bet on all three possible outcomes (Win,Draw, Win) and regardless of whichever outcome make +Ve Return no matter how marginal, and I can stake 10,000$ on it.

Any one who knows how I can work out such a formula. I have tried trial and error and it still gives marginal losses. I don't want to make a real bet, that is where I stake on only one outcome, I want to be guaranteed of maximum returns.

Comments (5)

Best Response
May 5, 2015 - 8:00am
Ironuts, what's your opinion? Comment below:

It's impossible to do what you are hoping for if you use only one bookmaker. They set the odds so that it's impossible. i.e. they're doing what you want to do but in reverse. However, it is occasionally possible if you use more than one bookmaker, and it's called sports arbitrage betting.

Look sports arbitrage betting up online. You'll find websites that tell you what matches you can arbitrage, the level of bet you should put on each outcome, and what bookmakers to use. Trying to do this purely on your own time would be near enough impossible due to the volume of information you'd have to review, so the websites are pretty useful. Some of them are free. As you can imagine, given that it's a risk free* bet, the returns are very small, so it's a long game. (circa 0.5% per bet) The compounding should make you a reasonable amount of money over the space of a few years though. (circa. 30% p.a.)

You can also look up sports arbitrage betting calculator if you do decide you want to do this yourself.

*Although it's arbitrage, it's technically not risk free as the bookies could fold or simply not pay out. As such, it's best to only use betting sites that are very well established, rather than no name ones you've never heard of. This reduces the number of matches you can bet on and your potential returns even further, but it's probably worth the risk.

I'd like to caveat all of the above by saying that I have never done any sports arbitrage betting, but it is something I have looked in to, so all opinions are purely academic. I'd also like to suggest that you do a hell of a lot more reading on how bookies make their money etc, as by asking this question it suggests you don't have anywhere near enough knowledge to start doing this for real.

May 6, 2015 - 9:53am
EyeZir, what's your opinion? Comment below:

I hereby knight you Sir Ironuts. The concept of Arbitrage has opened me to a world of new opportunities. I have not worked today, rather I have studied the concept all day, that's how much I'm excited.

That said, I will be placing my first ever bet on Barcelona vs Bayern Munich tonight, via an unbiased arbitrage model. the odds on all bookmakers are not very favorable, but still the concept offers opportunities for betting on two likely outcomes that are possible, that is a win for either team wit ha draw having only a

May 8, 2015 - 5:23am
EyeZir, what's your opinion? Comment below:

Following an inquiry Let me share a few moretips on what I learnt:

First I made 600$ with Barcelona, and being a die hard of EPL, I'm looking forward to a 'smooookin' weekend! Damn! How hadn't I learnt this?

However, the trick is,

                    The inverse of the odds of all the possible bets/stakes on all the possible outcomes should be less than 1. The margin by which it is less than 1 by is your        
                    % profit on the stake.

                   If it is more than one, it means you are making a loss equivalent to the margin by which it is greater than 1.

                  You will read more below on how to place 2 outcome, and 3 outcome based events <span class="keyword_link"><a href="//www.wallstreetoasis.com/finance-dictionary/what-is-arbitrage">arbitrage</a></span>.

There are two online pay sites that offer you opportunities for arbitrage betting.

Please note that most bookmakers neither expressly allow or prohibit arbitrage, and as such your ac may be closed and your stakes lost without any notice when suspicious activity/patterns are observed.

The two common sites are Rebelbetting(dot)com and mathbebet(dot)com. They also have a free model which offers arbitrage opportunities with 0.1-1% return on stakes. Paid models offer returns as high as 6%, with subscriptions running to as high as 1000 GBP p.a. and as low as 12$ per day.

You can read more here on the listed websites below.

The links have been disabled.

www(dot)soccerwidow(dot)com/

www(dot)aussportsbetting(dot)com/2009/01/12/arbitrage-betting-1-theory/

www(dot)aussportsbetting(dot)com/tools/online-calculators/arbitrage-calculator/

www(dot)surebetmonitor(dot)com/2011/07/16/lesson-15-surebet-advanced-types/

www(dot)oddschecker(dot)com/

sports(dot)stackexchange(dot)com/questions/3163/how-is-potential-profit-from-an-arbitrage-bet-a-k-a-surebet-calculated

www(dot)soccerwidow(dot)com/football-gambling/betting-knowledge/arbitrage-en/arbitrage-between-bookmakers-and-cross-market-arbitrage/

www(dot)oddschecker(dot)com/football/champions-league

www(dot)sportsbettingworm(dot)com/arbitrage-betting/

www(dot)aussportsbetting(dot)com/tools/ \ www(dot)sportsarbitrageforum(dot)com/

www(dot)surebetmonitor(dot)com/2011/07/16/lesson-15-surebet-advanced-types/

Jun 25, 2022 - 4:43pm
bvxyfjhjunrfhevgrk, what's your opinion? Comment below:

Hello, I think I can help you with similar earnings on the Internet, which the commentator above spoke about. I advise you to visit the site for https://www.lines.com/guides/what-is-prop-betting/1493 sports tips. I myself raise good money on bets using the tactics and strategies of this service. For a long time, they help me earn money for free. I think that this site will help you start betting correctly. Good luck!

Jun 25, 2022 - 4:44pm
bug-me-not, what's your opinion? Comment below:

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