Heads or Tails
Of the oldest and simplest games. Anyone who looks lucky wins!
If the game is accompanied by a small bet, usually the winner gets the coin. What romantic times! Here we have a classic case of a 50-50% chance of winning for each of the two players. If the coin is not fake, then it is certain that over 50-50 years will be verified. So we have an honest chunk that is judged only by luck alone. Perhaps there is no better example than this to understand what a value bet means. Imagine, therefore, that in the above process where the return is always fixed and it is odd 2.00 for each player to intervene a third party, the organizer of the bet, or the sportsbook or the bookmaker.
So bookmaker intervenes and announces that he can put the game in new frames. For example, it may mediate other players who will want to bet on one or the other event. He can also take on his bookkeeping accounts of these bets, can also create pleasant conditions for players and viewers and perhaps the most important to assume the credibility that whoever earns will actually get his money back together naturally with his profit. All fine and good!
For all of these services, however, it will somehow have to cost its profit from the game. So without saying anything publicly he processes the odds he will give to the winners. He therefore estimates that in order to be happy he will have to return not 100% to the winners but 90%. So they estimate their performance will be 1.90 instead of 2.00
But What does 1.90 mean? It means that the winner will take back his stake (this is the unit 1 in the full part of the number) along with a 90% gain ie 0.90 of the odds of 1.90.
Of course, there is no reason to announce them publicly.. No reason! Applies profit (House Edge or House Advantage) on the odds and the game start! In all of this, however, there is of course an unpleasant prospect for betting participants. We said at first - in the original form of the game - that because everything is left to chance the chances are always shared 50-50% over time. But now this is past. The betting organizer (sportsbook) advantage causes players to be lost in the long run almost 10%... It's just math, right?
And even the more they like to participate and take their risks, the more the more losers wll be. Take care of the detail.. As long as the players want the coin to be genuine, so there is no doubt about the credibility of the game, the more wants this and the bookmaker to be sure he will get sure profit. A phony coin or a pre-agreed (in some way) outcome would hurt his calculations.
Do all the above remind you of something in the football betting process? If so, you are not wrong and you are on the right track to understand what is value betting and to be able to remain if not necessarily in profit in the long run but at least to know how things go and to study well the values behind odds.
Well ... forgot to answer ... Heads or tails? Or is it a more correct question: What is the odds my friend?