How do sports betting apps work?

As you know, sports betting is the action of predicting a result of a professional sport, making a bet on a result or score of the sporting event. We all know that the world of sports betting moves millions of euros. But that less than 10% of those who play win regularly, not many people know. Of this group, some manage to devote themselves professionally to betting; they make their living from it.

It's not easy to win in betting, but maybe that's why it attracts different groups of people. Undoubtedly, the digitization of this sector has also helped more and more people to participate in betting. What used to be seen socially as an activity of people who were very fond of gambling or even of gamblers, now extends to people of all kinds. However, the legality and acceptance of this form of gambling varies from country to country and from sport to sport.

As we said, digitization is helping to spread this activity. And when we talk about digitisation, we are talking, among other things, about applications. There are many applications for sports betting. In this post, we will see the best. In general terms, the best mobile app for making bets is usually the one that has directly developed a sports betting house, that is, the one that has created an offline betting house. If you want more info about mobile apps visit topratedbettingsites.co.uk. The most popular among gamblers are Bet365, William Hill and Bwin. Although these seem to be the best, there are other bookmakers who also offer a very similar service. They do not achieve excellence but they are also safe and stable. Now we will briefly describe 3 recommended applications for sports betting lovers.

The 3 best sports betting apps

Bet365. This app, available for both iOs and Android, is developed by the well-known betting house. It is certainly so complete that it allows users to follow much of the progress of live matches in its section 'Live Meetings', offering the possibility of making live bets from the same application. It allows to have the control of the bets through the function of 'Close bet' total or partial. Includes a notification service to be updated.

Variation in sports betting

There is a lot of variance in sports betting. It is important to be prepared for this and not to invest too much of their available funds per tip voucher.

Unexpected Results

If you are serious about trying to make money playing odds then it is important that you do not invest too much of your available funds per bet voucher. The variance will take you again if you are not careful. Poker players know this as bankroll management and in good Norwegian they say not to put all the eggs in the same basket.

Unexpected results happen all the time. We have seen this very clearly in the Soccer World Cup 2018 where Argentina lost 0-3 to Croatia, Germany lost 0-1 to Mexico and Brazil played 1-1 against Switzerland in the group stage.

Big swings are expected in every form of gambling and sports betting is not the exception that confirms the rule. When you find Value Games you rarely have more than 5% takeover of the bookmaker. Usually, the benefit of a Value game is 1-3%. With such small margins, the variance becomes extremely high and the capital requirement thereafter high.

How much should you Bet?

The worst thing that can happen to a professional odds player is to go broke. A carpenter cannot work without a hammer and an odds player cannot work without money.

We have previously considered the importance of playing with units in sports betting. In that article, we advised beginners not to invest more than 5% of their available funds on a single voucher. We shall now take a closer look at this.

Probabilities

Most who have gone to university and college have learned about expectation value and standard deviation in probability theory. If you have not learned about this, or have forgotten about the book, expectation value can be explained as average over time; and standard deviations such as how far from the average a result can be.

Expectancy value in sports betting

The more you play the closer you will get to your expectation value. Since the bookmaker has a built-in margin in each game, most hobby players will go minus in the long run.

Variance in Sports Betting

Professional odds players often have long periods where they go minus, but they by definition go in plus over time. How many games must a professional odd player place before he goes plus? It depends on the variance.

Sports Betting Variance Sports Betting

Variance describes the difference between actual result and expected result. If you only play high odds you will experience high variance and therefore need more capital to avoid breaking.

This can be produced mathematically. Some may remember that variance is described as the square root of the standard deviation. One standard deviation describes something with 68% probability, 2 standard deviations describe something with 95% probability, while 3 standard deviations describe something with 99.7% probability.

Normal distribution

Expectation value and variance can be used to show normal distribution. Here we see that even though the expectation value is 0, there is still a great chance of very poor results in the short term.

The picture above shows the normal distribution of outcomes over time.

Simulations

We have simulated returns on sports betting using 10 units, 5 units and 2 units. In all the simulations, 8 people start with 1000 kr. 51% of times they win 100 kroner and 49% of the times they lose 100 kroner. This is a profitable strategy, but it may not work as well for everyone.

10 units: 

Here we see that two of the eight players go broke and only three of them have earned over 1000 kroner after 1000 games played.

If you play with 10 units on each match you can quickly break.

5 units: 

When we run the simulation with 5 units on each match we see that three of the players break within 1000 games played. This time only two of the players have gone in plus.

Betting 5 units on each match is also not safe.

2 units: 

By betting 2 units on each match we see that none of the eight players have lost everything. Two of them have made a lot of money and the unlucky player has only lost $400.

The results will be better if you only bet 2 units per match.

Conclusion

We cannot recommend playing with more than 2 units on each coupon unless it is a good value game that has more than 1% margin over the bookmaker. If you find a fighting game with a 5% margin above the bookmaker we recommend you bet 5 units. 10 units is too much to bet even with such a large margin. It is simply too much variance in sports betting to invest 10% of your funds on one betting coupon.

It is also worth noting that this does not matter if you do not have a profitable game. If your expectation value is negative then all the money will be lost sooner or later no matter how much you bet, unless you stop playing.

American Odds - How It Works!

As the name implies, American odds are often used in America and are sometimes referred to as US odds. They are also known as "lines" or "moneylines". Reading about and trying to understand American odds can be very confusing, especially if you come from mainland Europe or the UK. They are often considered to be more confusing than fractional odds. Fortunately, our simple guide, which you will find below, will help you understand the American odds.

Positive or negative

The first thing you need to understand with American odds is that they can be either positive or negative. When you look at odds on the bookmaker's website, let's say for an NFL match, you can see odds that show either -150 or +150.

Odds starting with a negative sign (-) will show you what your bet must be to make a profit of $ 100.

Odds that start with a positive sign (+) show you what the potential profit can be if you bet $ 100.

Example

If the Gren Bay Packers play against the Seattle Seahawks in an NFL game, the odds for that match may be as follows:

Green Bay Packers (+120) vs Seattle Seahawks (-140)

So if you want to place a bet on the Seattle Seahawks, the information above will show you that you need to place a bet of $ 140 to make a profit of $ 100. If you want to invest less, the same principles still apply. For example, if you are looking for a profit of $ 10, you must bet $ 14. All we have done is remove a zero from both amounts by moving the decimal place.

If you wanted to place a bet on the Green Bay Packers, the information above will show you that a $ 100 bet will lead to a profit of $ 120. If you want to invest less, such as $ 10, this will result in a profit of $ 12.

The calculation

Here are two simple calculations you can use when playing with American odds.

• Positive moneyline odds: Odds x (bet / 100)
• Negative moneyline odds: (100 / odds) x bet

Let's use the examples above to see how these calculations work in practice.

• Green Bay Packers: 120 x (100 USD / 100) = 120 USD
• Seattle Seahawks: (100 / 140) x 140 USD = 100 USD

Convert to decimal odds

Since it can be more difficult to understand American odds than decimal odds, you can always convert them. Most good bookmakers on the web will do this for you automatically, but if you want to do it yourself you can use the calculation you find below.

• For odds of -140 we must do the following: (100/140) + 1 = 1.71
• For odds of +120 we must do the following: (120/100) +1 = 2.2

If you are unsure of the significance of American odds to your potential winnings, you can always convert them to decimal odds using the above calculation.

Conclusion

You have now got a good understanding of how American odd works and what they mean. If you play on American sports such as NFL, baseball or basketball, this guide will be very helpful to you. Below is a summary of the key points to remember. You can check these whenever needed.

• American odds can be either negative or positive
• Odds starting with a negative sign (-) show what you need to bet to earn $ 100 profit
• Odds starting with a positive sign (+) will show you the amount of potential profit you can make if you bet $ 100
• Calculation of positive moneyline odds: Odds x (bet / 100)
• Calculation of negative moneyline odds: (100 / odds) x bet

Gambling licensors

A company that offers gambling services needs a license to legally offer its services. The type of license the company needs depends on the business model of the company. A Norwegian bingo hall and a sportsbook online cannot use the same license as there are vastly different business models with different target groups. Here we will look at different licenses.

License to operate on the Internet

Such a license grants the licensee the rights to conduct an online gambling business. The operator is obliged to comply with all requirements of the licensor; such as age limits, responsible gaming, player protection and data security.

Malta - Malta Gaming Authority (MGA)

Malta is the most well-known country when it comes to gambling companies. The small island state, which is also a tax haven, is located just south of Sicily. The country is a full member of the EU and thus all gaming companies licensed from Malta can offer their services throughout the EU, except countries that have specific regulations.

Malta is a hub for gambling and much of the country's GDP comes from this industry. It is approx. 400,000 inhabitants in the country and approx. 10,000 of these are Scandinavians working in the gaming industry.

The licensing authority Malta Gaming Authority places strict requirements on the licensees, which means that an MGA license is highly regarded.

Malta offers a variety of licenses in both B2C and B2B.

United Kingdom - UK Gambling Commission (UKGC)

UKGC is by far the most stringent licensor in the world. In order to offer gambling services in the regulated UK market, companies must hold a UKGC license. In contrast, Great Britain is one of the largest gambling markets in the world, and a license from the UKGC also gives the operator the right to operate on the Internet throughout the EU, at least before Brexit.

There are a lot of restrictions on how companies can market themselves in the UK, as well as rules on how the company should maintain sound gaming policies.

British Channel Islands - Alderney Gambling Control Commission (AGCC)

Alderney is one of the eight Channel Islands between the United Kingdom and France, just off the coast of Normandy. The archipelago is divided into two states subject to the British monarch: Bailiwick of Jersey and Bailiwick of Guernsey. Alderney is part of the Bailiwick of Guernsey. States are neither in the EU nor in the Commonwealth of Nations, and both states are self-governing.

Alderney Gambling Control Commission was established in the year 2000, with UKGC approval. The Commission can issue both Category 1 license, which is for B2C, and Category 2 license, which is for B2B.

AGCC is a serious licensor that requires the company's funds and players' funds to be kept in separate bank accounts. If a dispute arises between a customer and an operator, it is AGCC that mediates the case.

There have been a number of scandals in online gambling over the past 20 years, but no scandal was bigger than AGCC-licensed Full Tilt Poker's alleged ponzi scam. Full Tilt Poker broke the license requirements by not separating the company's funds and the players' funds. The company then spent the players' funds on operating expenses, salaries and bonuses to management. In the wake of the scandal, it was revealed that the AGCC had done a surprisingly good job of uncovering the scams and bringing those responsible to justice.

Curacao - Curacao Egaming License Authority

Curacao was formerly called the Netherlands Antilles, but is now an independent country. Curacao introduced a licensing system for online gambling in 1996, at the same time as Belize. Unlike Belize, Curacao has succeeded in its efforts. The reason was simply that Curacao did a better job. The first consultation on a licensing system took place as early as 1993 and it took three years before the licensing system came into force.

As of 2018, Curacao is the world's largest licensor , measured in terms of the number of licenses issued. The reason for popularity is that the entry threshold for startup companies is low. There are less requirements and rules to deal with in relation to Malta and the United Kingdom, and there are financial incentives to use the gaming license from Curacao.

The corporation tax on gaming companies in Curacao is 0% on revenue and only 2% on profit. This tax system is guaranteed until 2026. In addition, it only costs $ 36,000 to obtain a license.

Gibraltar - Gambling Division of the Government of Gibraltar

The corporation tax on gaming companies in Curacao is 0% on revenue and only 2% on profit. This tax system is guaranteed until 2026. In addition, it only costs $ 36,000 to obtain a license.

The gambling industry is the largest employer in Gibraltar.

The big advantage of Gibraltar's license is that it is a full member of the EU, at least until Brexit. What happens after Brexit is uncertain.

Gibraltar offers seven different licenses and sets tough requirements for applicants. Only operators with a good history in the gaming industry and a sound business plan are being evaluated. The auditor is required and both data security and player security are the focus.

The companies licensed in Gibraltar have also set up their own body , of which all the major UK players are members.