Is this how Sportsbooks Really Operate?

Coin_trader

copper member

Activity: 2800

Merit: 1179

Leading Crypto Sports Betting & Casino Platform

Quote from: Slow death on December 29, 2024, 01:10:35 PM

Whenever I read about people being limited in the amount of bets they can make, it's always people who say they were winning a lot or were winning consistently. So it makes me think that casinos limit people when they win a lot and often it's to keep the casino from going bankrupt. Although I consider this practice to be very unfair because when people are losing a lot of money, they are not limited to playing with less money.

In most cases yes! Casino will restrict users that keeps getting profit from their bankroll either from pure skills or doing some strange strategy like match fixing and arbitrage betting that makes the EV of their bets positive.

Not only bets being restricted also some casino restricts users to avail bonuses or participating in the tournament. Overall, anything which the player make a consistent profit can be limited/restricted.

romero121

legendary

Activity: 3234

Merit: 1214

Casinopunkz - Anonymous Crypto Casino

We just say that the sportsbooks pay the winners with the losers money. Beyond this there is a big team that does major operations of setting the odds. It is the odds that bring the profit and loss. Different factors were considered, and the odds were set. Particularly historical data, predictive models, public sentiments, and expert opinions were given importance to balance the odds. The dynamic variations in odds continue till the end of the sport event, which too contributes to balancing the book. During the event, the weather and player changes due to injuries were also considered, and odds were changed. This is how it operates, and not just on the winnings settled out of the losers. To have a balance, initially the sportsbook team needs to do a lot of work.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: Russlenat on December 29, 2024, 06:56:36 PM

Quote from: Slow death on December 29, 2024, 01:10:35 PM

Whenever I read about people being limited in the amount of bets they can make, it's always people who say they were winning a lot or were winning consistently. So it makes me think that casinos limit people when they win a lot and often it's to keep the casino from going bankrupt. Although I consider this practice to be very unfair because when people are losing a lot of money, they are not limited to playing with less money.

That really proves the saying: "casinos love winners and hate losers" holds true. It’s just business, and they have to ensure their operations stay profitable. If they let someone consistently win big while betting huge amounts, it could jeopardize their survival.

Sports betting is a massive market, though, and if a bettor faces limitations, they can always switch to a bigger sportsbook with higher limits. That usually solves the problem for them. It’s just part of the game, casinos protect their interests, and bettors find ways to keep playing.

At the end of the day, they need to take care of the continuity of their business so they need to establish a system where they will not go bankrupt. Of course, it is their prerogative if they will limit the amount of bet as they have considerations such as their financial capabilities, the operational costs and other matters that can support the stability of their business.

Russlenat

hero member

Activity: 2716

Merit: 904

Quote from: Slow death on December 29, 2024, 01:10:35 PM

Whenever I read about people being limited in the amount of bets they can make, it's always people who say they were winning a lot or were winning consistently. So it makes me think that casinos limit people when they win a lot and often it's to keep the casino from going bankrupt. Although I consider this practice to be very unfair because when people are losing a lot of money, they are not limited to playing with less money.

That really proves the saying: "casinos love winners and hate losers" holds true. It’s just business, and they have to ensure their operations stay profitable. If they let someone consistently win big while betting huge amounts, it could jeopardize their survival.

Sports betting is a massive market, though, and if a bettor faces limitations, they can always switch to a bigger sportsbook with higher limits. That usually solves the problem for them. It’s just part of the game, casinos protect their interests, and bettors find ways to keep playing.

Lida93

hero member

Activity: 980

Merit: 621

Leading Crypto Sports Betting & Casino Platform

Quote from: Tmoonz on December 29, 2024, 11:54:17 AM

Quote from: Lida93 on December 28, 2024, 03:49:00 PM

I have once thought about this once but not sure about my conclusion about what I think about them meeting up with payouts whether huge or small amounts. But I do believe that for a well established sportbook that have gained popularity with large user base then it's safe to say that it can be true about paying winners from losers money with the high ratio of losers to winners in every gambling day.
It's for newly developing sportbook that are in their building phase that would have to worry about keeping money somewhere to cover for any huge win since their user base isn't yet big and players losses to the sportbook can't be sufficient to cover for huge winnings.

I believe they all have money somewhere to pay on a huge win even though it can also be subsidized from other peoples losses considering the fact that while others might be Lossing others too might be winning and it can be very hard to balance the losses from the winning as regards to not ensuring that there is a certain amount of money kept already for payouts, and i believe that is one of the reasons they usually have maximum betting amount limitations to balance up what they can be able to payout at maximum winning so as not to get misunderstanding with customers at the events of payments after winning. But from my observations in most betting offices they are very good only wanting to payout on winning from other people losses, I can remember having a delay of Payment because of this reason and which is very bad.

Like I earlier said, this is something that's mostly a concern for new developing casinos to worry about starching some money somewhere untouch for huge wins and which the money would have to be within the range of the casino maximum win amount. This underlies why casinos changes their maximum win as they tend to get more customers with time because they also start having increasing size of losses as user base increases which can easily cover for huge wins.

Perhaps you'll want to read this thread about primedice https://bitcointalksearch.org/topic/m.64881823 and compare them to where they are today if 25000$ is anything that they can't be able to payout at once contrast to how challenging it was for the casino when they were in their start-up phase with no much customers as it is now, through which funds can be generated from their gambling losses.

GxSTxV

hero member

Activity: 1064

Merit: 770

Quote from: Davidvictorson on December 28, 2024, 03:16:59 PM

Is it true that a well-run sportsbook does not care who wins or loses, because they're just are paying you with the losers money not theirs? I find this hard to believe because they are a business and should have some money somewhere for payout. waiting to read your opinions

Do you believe that successful sportsbooks focus on balancing the payout odds versus the bets on each side of the ledger, rather than caring about winners in sports books?

Is it true that when a sportsbook limits your bet size, it’s because they anticipate rapid changes in odds and want to avoid taking unnecessary risks?

Well, Im not really sure about that. Personally, I don’t know all the technical details about how sportsbooks operate behind the scenes but from what I heard they do try to balance the bets on both sides to make sure they always come out ahead without losing anything to the total amount bet by players, regardless of the result. The idea is probably that they make their money from the margins like the difference between what they pay out and what they take in rather than directly worrying about who wins or loses, as a platform that generates money every day and all the time.

As for limiting bet sizes, I guess it’s more about managing their risk. If they see a chance that odds might swing too much in one direction which can make the players win huge, they probably switch things and want to protect themselves from losing too much in a short period. But again, I’m just sharing what I think based on bits I picked up during my long experience in gambling.

Sandra_hakeem

hero member

Activity: 798

Merit: 1045

Goodnight, ohh Leo!!! 🦅

Quote from: Davidvictorson on December 28, 2024, 03:16:59 PM

Do you believe that successful sportsbooks focus on balancing the payout odds versus the bets on each side of the ledger, rather than caring about winners in sports books?

Hold on, all of a sudden, are we now trying to prove that the casinos don't actually take tickets into account? If you think they just go ahead to merge/balance 'em tickets on each side of the ledger, how do they make profits?

Secondly, it doesn't make much sense to me since we'll always have more losing tickets; so let's assume 1000 games were merged, 650 were lost tickets and 200 were winnings (which ofcourse is controlled by the house edge to not exceed the net interest at the end), then maybe 150 refund tickets (depending on their %) after the subsiquent bet is concluded, what happens to options that need refund like the draw no bet and the rest??
I don't know how these bookies operate, but I feel we're gambling against the game itself, putting the casino in the middle to make profit regardless of whether you're able to win or not... Yes, they regulate the whole process with the odds that you see.

Quote from: seoincorporation on December 29, 2024, 12:55:53 PM

Casinos pays the sports bets with their bankroll and not with the losers money. They have diferentes odds in the games, that way they can win in long run.

Even if they decide to pay with it, are y'all not supposed to wait till the bets are settled before payments are made? That way, even without extra income as some of y'all claim, they can pay off of what they make.

Slow death

legendary

Activity: 3290

Merit: 1130

Leading Crypto Sports Betting & Casino Platform

Whenever I read about people being limited in the amount of bets they can make, it's always people who say they were winning a lot or were winning consistently. So it makes me think that casinos limit people when they win a lot and often it's to keep the casino from going bankrupt. Although I consider this practice to be very unfair because when people are losing a lot of money, they are not limited to playing with less money.

Marvelockg

sr. member

Activity: 392

Merit: 277

Quote from: Davidvictorson on December 28, 2024, 03:16:59 PM

Is it true that a well-run sportsbook does not care who wins or loses, because they're just are paying you with the losers money not theirs? I find this hard to believe because they are a business and should have some money somewhere for payout. waiting to read your opinions

even if they don't have some money elsewhere for the payment, the amount lost in .last gambling is always more than the amount won and that way, it is easy for them to make enough profit that will serve for the settlement of those that have won in Thier bet. It's a business scheme and they care less about what's going on with gamblers or who is winning more or lossing more. As long as the strategy in use is working in a way that thier is enough money to be used in settling gamblers and others that goes into adverts and other logistics, then thier operation pattern is very much okay.

But the truth is that casinos and sports betting platforms always have enough capital that is enough to run all their expenses. When you consider the amount that goes into advert just on the forum and in all the other platforms, you will discover that it takes a lot to run a casino and any active casino is strong enough to sort out gamblers pay out and every other expenses.

seoincorporation

legendary

Activity: 3388

Merit: 3154

Quote from: Davidvictorson on December 28, 2024, 03:16:59 PM

Is it true that a well-run sportsbook does not care who wins or loses, because they're just are paying you with the losers money not theirs? I find this hard to believe because they are a business and should have some money somewhere for payout. waiting to read your opinions

Do you believe that successful sportsbooks focus on balancing the payout odds versus the bets on each side of the ledger, rather than caring about winners in sports books?

Is it true that when a sportsbook limits your bet size, it’s because they anticipate rapid changes in odds and want to avoid taking unnecessary risks?

Whats your source?

Casinos pays the sports bets with their bankroll and not with the losers money. They have diferentes odds in the games, that way they can win in the long run, but not all the event make them win money.

If a popular soccer team play VS a newbie team, most of the bets will go for the popular one, and that match will representa a lose for the casino if the popular team win.

Tmoonz

sr. member

Activity: 420

Merit: 339

Quote from: Lida93 on December 28, 2024, 03:49:00 PM

Quote from: Davidvictorson on December 28, 2024, 03:16:59 PM

Is it true that a well-run sportsbook does not care who wins or loses, because they're just are paying you with the losers money not theirs? I find this hard to believe because they are a business and should have some money somewhere for payout. waiting to read your opinions

I have once thought about this once but not sure about my conclusion about what I think about them meeting up with payouts whether huge or small amounts. But I do believe that for a well established sportbook that have gained popularity with large user base then it's safe to say that it can be true about paying winners from losers money with the high ratio of losers to winners in every gambling day.
It's for newly developing sportbook that are in their building phase that would have to worry about keeping money somewhere to cover for any huge win since their user base isn't yet big and players losses to the sportbook can't be sufficient to cover for huge winnings.

I believe they all have money somewhere to pay on a huge win even though it can also be subsidized from other peoples losses considering the fact that while others might be Lossing others too might be winning and it can be very hard to balance the losses from the winning as regards to not ensuring that there is a certain amount of money kept already for payouts, and i believe that is one of the reasons they usually have maximum betting amount limitations to balance up what they can be able to payout at maximum winning so as not to get misunderstanding with customers at the events of payments after winning. But from my observations in most betting offices they are very good only wanting to payout on winning from other people losses, I can remember having a delay of Payment because of this reason and which is very bad.

danherbias07

legendary

Activity: 3346

Merit: 1134

Leading Crypto Sports Betting & Casino Platform

I don't think so. They must care or else they will be the ones losing.

Imagine just leaving everything behind with the system. It's more like a decentralized sports bookie because you are just letting both sides play against each other.
They must care about the odds or else they won't make profits. They will keep on adjusting it to where it suits them best and that's where they will get their profits from. Sure, they are letting both sides play but they are also keeping it under control so that they won't lose money in the end.

crwth

copper member

Activity: 3010

Merit: 1284

https://linktr.ee/crwthopia

I know that sportsbooks balance both sides of each wager and make sure that winners are paid, including their commission. They need to have that in order to continue their business. If it's not balanced, it's not a good sports book, and I believe that they also need to have funds for covering payouts that might not be balanced correctly.

I think it's to help them maintain market stability and not be surprised by rapid changes in odds that might cause the imbalance. If they have this instability, it will also impact their profitability.

Davidvictorson

hero member

Activity: 1190

Merit: 901

Livecasino.io

Quote from: stompix on December 29, 2024, 08:59:51 AM

Cheltenham festival before covid in 2019
https://www.greatbets.co.uk/bookies-have-worst-day-in-history-after-40-million-loss-on-day-3-of-the-2019-cheltenham-festival/

Favorites trashed the opposition, all the money went to them, so there was absolutely nothing going to rest that would count as lost bets, Paisley Park went from 3 to 1 to 11/8, million poured in for it and none for the rest, the bookies simply didn't make enough money from hat to pay the insane winnings, Altior which was 3/5 had around 5 million in bets and the entire market was 6 million on betfair then, including placings.

Wow, the story is good evidence for me. I read it all, and learned that even bookies lose money due to an imbalance in betting, like when favorites win a lot, is not common but does happen sometimes. And I believe that bookies lose money during big events but they are balanced out by normal days when bets are even.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Davidvictorson on December 28, 2024, 03:16:59 PM

Is it true that a well-run sportsbook does not care who wins or loses, because they're just are paying you with the losers money not theirs? I find this hard to believe because they are a business and should have some money somewhere for payout. waiting to read your opinions

Do you believe that successful sportsbooks focus on balancing the payout odds versus the bets on each side of the ledger, rather than caring about winners in sports books?

Is it true that when a sportsbook limits your bet size, it’s because they anticipate rapid changes in odds and want to avoid taking unnecessary risks?

Sportsbook isn't paying you just from the losers money because they have to pay everyone if everyone just only bet on the winning team which means they operate and reward the winners from their revenue.

Most Gambling platforms have limits on the rewards not on the betting amount because that's what make them to broke.

ajiz138

hero member

Activity: 1498

Merit: 785

Don't know about this, because only casinos can give a clear picture, but not sure the bookies pay winning bets from the losers, my guess is where they have their own bankroll without having to rely on the losers first to pay the winners,

And we already know that of the many sportsbook bets, there are many losers, so here is the advantage of the bookies to continue to increase their business, so if that's the case, I don't think the bookies are likely to do it.

danadc

sr. member

Activity: 1092

Merit: 342

Hire Bitcointalk Camp. Manager @ r7promotions.com

What I think is that the betting and casino house only has a good algorithm that regulates all this and that, apart from everything, guarantees the distribution of money Among the players who lose to give it to the players who win at any given time. The limitations may be the Capacity that each casino has and this is due to what they want to show, a casino should always take care of the funds it has so that it does not become decapitalized, that is what they take care of the most , in a casino what they take care of the most is its capital assets, that is why these things about the Advantage cannot fail.

Dr.Bitcoin_Strange

hero member

Activity: 854

Merit: 554

Leading Crypto Sports Betting & Casino Platform

If it's a new sportsbook, I believe they do have some investors and backup funds to pay winners but for a successful sportbook I don't have doubt that they pay winning players from the lose of other losing players, the reason is because once a bookie is successful, they already have thousands to millions of people that are losing every day and they can pay gamblers that win their bet from the lose of others. With what some sportbook are doing now, they are now adding some casino casino games too which thousands of players are losing more frequently. So they do have enough money to pay winners and still profit too.

Eternad

hero member

Activity: 1400

Merit: 623

Quote from: Davidvictorson on December 28, 2024, 03:16:59 PM

Is it true that a well-run sportsbook does not care who wins or loses, because they're just are paying you with the losers money not theirs? I find this hard to believe because they are a business and should have some money somewhere for payout. waiting to read your opinions

It’s true that they are paying using losers money but that doesn’t mean it can cover all the winners money. It depends on the winners money amount but they do use their bankroll to cover some payout in case losers money is not sufficient.

Those who believe that casino doesn’t risk their bankroll doesn’t know how casino operates. They are just winning in the long run due to the house edge and the risky bets from gamblers.

Quote

Is it true that when a sportsbook limits your bet size, it’s because they anticipate rapid changes in odds and want to avoid taking unnecessary risks?

It’s not about rapid changes on odds that’s why you are limited rather you are unprofitable to the casino probably due to high winning percentage as way to cut loss.

Solosanz

hero member

Activity: 952

Merit: 662

I think if the bookies use from third party, they will not able to adjust the odds in order to make them always in profit, because using third party provider means not only one bookie use that, but there are other bookies too.

So, the odds comes from the calculation from all bookies, not only from one bookie.

They do need to have reserves, the house always win, but not everything goes as expected.

Topic: Is this how Sportsbooks Really Operate? (Read 299 times)