The Journal of a Bookmaker
Episode 4
by George Radu
The life of a bookmaker at Get’s Bet goes by without knowing it and is full of suspense, always appearing unique moments in life, full of unpredictable!
In today’s article we’ll try to unveil you a few of the secrets of this job, as well as some statistical data, discovered with the help of the players, our customers.
As you know, when you make a bet, either you play at the pay desk or on-line, it has the power of a contract, which must be respected by both parties! What does this mean? That you can request the amendment of the terms of the bet (a match or the stake) only within 10 minutes from its payment (at the pay desk), and we must pay to you any potential gain, even though, let’s say, we have allowed a higher stake than that of the market! Practically, it’s about a risk taken by both parties, translated by the betting ticket – the contract between the pay desk and the customer!
Or, better said, the ticket is for you insurance, a guarantee that you’ll receive your gain.
Which also allows you subsequently to a complaint, if you’re not pleased with the performance of the contract.
The insurance companies – the most important bookmakers in the world
In fact, similarly, it’s good to know that some of the largest bookmakers in the world are the insurance companies. Therefore, any insurance is a bet that that particular event will not take place or the chances to happen are extremely low, and the quota is, in fact, the insurance premium, the gain being represented by the value insured!
The quotas are generated mathematically and are adjusted by the bookmakers, taking into account the information to-date from the respective sports. The bookie quotas leave the trading department, where they are adjusted function to what the customers play, but also function to the competition’s quotas, speaking about the quotas assumed. A great part of these processes are automated, being performed with the help of some softs. This doesn’t mean that we cannot offer increased quotas, which we work manually!
The most popular betting options
In the end of this story we show you which are the most popular betting options, a conclusion taken from your game style:
Simple bet – the customer bets on the 3 options: the host wins (1), draw (X) or the guests win (2)
Double chance – consists in choosing two possible resolutions of the game from the three options : victory of the hosts or draw (1X), victory of the guests or draw (X2) or victory of any of the teams (12)
Total goals – Over/ Under – you can choose whether in a game there will be scored more or less goals than the limit proposed by the bet house. For example, the bet “Over/under 2,5” means that for a prognostic of “Over” there must be scored any number of goals higher or equal to 3, and for “Under” there must be scored no more than 2 (two) goals.
Obviously, in the betting offer you can find countless types of bets, but these are, statistically, the first three in the order of your preference!
As we have already accustomed you, we’ll continue with new stories and many interesting details in the future numbers of our magazine.
