Many people have often said that bookmaking is a licence to print money. Well I do not agree with that statement for several reasons and the main one is that bookmaking is a business just like any other and that business depends on people placing bets in sufficient quantity for the bookmaker to meet their overheads and then have enough profit left over to make it a viable concern.
So what this has led to in recent years is an influx of people who are going onto the betting exchanges trying to act as a bookmaker. This is fine to a point but there is far more to bookmaking than meets the eye. I would say that my knowledge of bookmaking is superior to at least 99% of the people who gamble but yet that isn’t high enough for even someone like me to operate on the exchanges as a bookmaker.
There is no doubt that many gamblers are becoming more sophisticated in how they gamble and that can be seen on sites like Racebook for example but the problem is that they are simply making sophisticated mistakes instead of unsophisticated ones. I have known many people personally who were seduced by fancy looking software in the belief that this was some Holy Grail of betting. The latest batch of trading and betting software that interacts with the API of the betting exchanges is one such example of this.
But yet I have been around the gambling industry for a very long time and more than long enough to know that software by itself simply will not do the job properly. Software will really only be of use if it supplements a proven winning method. Take BetAngel for instance what I use, that is a fantastic piece of kit that will help you in your horse racing trading but yet it cannot make you money without an underlying philosophy behind you.
So it is clear then that the betting exchanges are having a huge impact on how punters are betting and even though the average punter is becoming far more knowledgeable and sophisticated, in my view then they are simply making different and more sophisticated mistakes. What this tends to do is leave the punter in a situation where if you were to listen to them speak; they would sound as if they were a really successful punter. This is exactly the same with poker.
But as always the core element is in how much money you are making and most people who can “talk the talk” simply cannot “walk the walk”. So it then becomes clear that taking the next step in sophistication is not the be all and end all if all it does is lead to you making more sophisticated mistakes. This can be linked to someone who trades on stocks and shares to someone who bets on horse racing. One seems more sophisticated than the other but yet is simply making mistakes on a larger scale in what is or seems a more sophisticated environment.
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