November 20, 2019
Wisdom of the Crowd refers to the phenomenon that a large number of individuals in a group, will usually be able to make better decisions than any individual in that group.
For example, at a funfair say their was a big jar with an unknown amount of marbles. People were asked to guess the number of marbles (with the closest getting a prize). If you took all the guesses and averaged them (provided there was a sufficient number of people in the group) it would usually come close to the actual number of marbles …
November 19, 2019
Forecasts, Tricasts, Reverse Forecasts, Reverse Tricasts – these bets involve picking horses that will finish in the top two or three positions, in a single horse race. These bets can be useful if the favourite (the horse usually most likely to finish 1st) has a low price. The winnings are usually worked out using the starting prices of the horses, using computer software.
In horse racing betting, if you would like to predict which horse will win, and which will will be the runner-up (i.e. finish second), you can place a Forecast (known …
November 18, 2019
Full Cover Bets in horse racing betting, are bets consisting of all possible doubles, trebles, and fourfold and above accumulators (if appropriate) across a given number of selections. As long as at least two of your horses win, you will get something back (although this does not necessarily mean you will profit overall).
Trixie – Choose three horses you think will win (from three different horse races). Your bet consists of four separate bets (three doubles, and one treble). If you wish to include the 3 singles too (Trixie, plus 3 singles), the bet is …
November 15, 2019
Overround Explained: The odds offered by bookmakers are unlikely to correspond exactly to the actual probabilities of the outcomes in any market happening, as no bookmaker is likely to operate without trying to offset its costs (and trying to make a little something on top)! Bookmakers are likely to be taking money from lots of customers over the possible outcomes – they may try to guarantee themselves a profit regardless of the result. Bookmakers may start a market by working out the actual probabilities of the outcomes in a market occurring and then incorporating a …
November 14, 2019
Accumulators allow you to combine multiple bets, and potentially win big when all your selections win. Accumulators may seem great news to casual gut instinct bettors. After all, they offer the chance to win a lot of money for a small amount gambled. However, for the value bettor who is looking to potentially make a long term profit from betting, accumulators pose a great problem! We have already discussed the notion of overround – bookmakers will want to build in a profit margin on the markets they offer. However, when overrounds are multiplied it can …