Bet And Lay Strategies
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We’ve teamed up with one of the world’s leading educational Betfair traders, Caan Berry, to provide you with a comprehensive how to guide.
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In this addition to his series, he dives into why third party betting tools are a must for any serious trader.
He also concludes that in a technologically advanced world, it’s never been easier to make your betting pay.
With the right tools and know-how, the ordinary bettor is gifted and has an edge over the less-educated.
In this article he explain why – whilst showing you how and where to get started with Betfair Trading software.
For more from Cann Berry, check out his book: ‘Betfair Trading Made Simple’.
A betting strategy (also known as betting system) is a structured approach to gambling, in the attempt to produce a profit. To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine.[1] Betting systems are often predicated on statistical analysis.
Best Lay Bet Strategy
Mathematically, no betting system can alter long-term expected results in a game with random, independent trials, although they can make for higher odds of short-term winning at the cost of increased risk, and are an enjoyable gambling experience for some people. Strategies which take into account the changing odds that exist in some games (e.g. card counting and handicapping), can alter long-term results.[1][2][3]
This is formally stated by game theorist Richard Arnold Epstein in The Theory of Gambling and Statistical Logic as:
Theorem 1: If a gambler risks a finite capital over many plays in a game with constant single-trial probability of winning, losing, and tying, then any and all betting systems lead ultimately to the same value of mathematical expectation of gain per unit amount wagered.[1]
Examples[edit]
Common betting systems include:
- Card games – Card counting
- Roulette – Martingale
- Sports – Handicapping
Horse racing[edit]
Some Horse racing betting systems can be based on pure statistical analysis of the odds, while others also analysis of physical factors (e.g. the horses' form, jockey form and lane draw). Common forms of betting systems for horse racing are:
- hedging- betting on multiple outcomes in a race
- arbitrage- lay the horse a low price and back it at a high price
See also[edit]
References[edit]
- ^ abcEpstein, Richard A. (2014-06-28). The Theory of Gambling and Statistical Logic, Revised Edition. Gulf Professional Publishing. p. 53. ISBN9780080571843.
- ^Shackleford, Michael. 'The Truth about Betting Systems - Wizard of Odds'. wizardofodds.com. Retrieved 2017-10-09.
- ^Burrell, Brian (1998). Merriam-Webster's Guide to Everyday Math: A Home and Business Reference. Merriam-Webster. p. 226. ISBN9780877796213.