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Betting & Bookmaking 101: The Multiple

Another common question is "What is a Multiple and how do they work?" Well, to start, Yankees aren't Americans and Canadians aren't from Canada...but I digress.

Multiple bets are bets on combinations of markets, selections or outcomes. Combining selections into multiple bets allows you to dramatically increase your potential payout. These are some of the most exciting bets you can make. Some punters use a multiple to find 5 or 6 selections that have relatively short odds to create a single bet that offers the punters a decent return. Others simply love to have the potential of a big payout on a small bet.

On our bet card we try and assist you by letting you know how many bets you are placing per multiple with the number of bets in (#). E.g. Canadian (31) means that you are placing 31 bets at your bet stake. We also assist you by taking your bet stake and multiplying it to the number of bets to give you a "total stake". We then let you know the potential "max payout" should every selection win.

Let's start from the top:

• A double is a combination of two selections, with the payout from the first selection staked on the second market. Both selections must win for the whole bet to win.

• A treble is a combination of three selections, with the payout from the first selection staked on the second selection and the payout from the second selection staked on the third selection. All 3 selections must win for the whole bet to win.

• Fourfold Accumulator consists of 1 bet involving 4 selections in different events

• Fivefold and so on...

• An accumulator is typically given as a general term which consists of 1 bet involving 4 or more selections.

I certainly challenge you to simply start with 2 EPL games this weekend and then add a 3^rd, then a 4^th, etc. and you can see the bottom of our bet card fill with multiples.

For 3 (A,B,C) selections there are 3 main types of Multiple bets:

• Treble – As described above

• Trixie – Every Double (AB, BC, AC) & the Treble(ABC) = 4 bets

• Patent – Every single (A, B, C) all Doubles (AB, BC, AC) and the Treble (ABC) = 7 bets

• There are also 3 doubles that we offer you as well.

The Treble allows you the highest returns for the least amount of money but is the highest risk. The Trixie & the Patent require more bets, but spread your risk.

As the number of selections increase the names change, but the premise remains the same. See below. The permutations are quite extensive when you have 6 or more selections.

Betting & Bookmaking 101: The Handicap

People have been asking us what a Handicap is and the purpose it serves in sports betting. For many seasoned bettors the concept of a Handicap is 2^nd nature. But for the less experienced punter it can be confusing to understand what it means and its implications on the outright betting of the game. Having had so many queries, I feel it requires some explanations and tips.

This type of betting is typically offered in Rugby and American Sports. In the States, they call it a "Point Spread" or "The Spread".

The reason we offer Handicap betting is to offer punters a bet at even money. A Handicap is the number of points added to the score of the underdog or subtracted from the favourite's score to even the pricing in an unevenly matched game. How about a Super Rugby example:

• Bulls 1/20 – Clear Favourite

• Draw 40/1

• Rebels 10/1 – Clear Underdog

This match is pretty boring as a punter unless we add points to the Rebels to provide a more even probability in the outcomes of the game (or subtract the same number of points from the Bulls)

Our bookmakers decided that the "Handicap" we will impose on the game is 24.5 points. Effectively we feel that at that Handicap the probability of a winning result from either team is equal. The .5 points ensures that the punter is on either side of the Handicap, thus eliminating the Draw. A punter can't hit the Handicap and have a "push" - where you get your bet returned.

With the Handicap of 24.5 the betting is far more interesting for a punter.

• Bulls 10/11

• Rebels 10/11

As in the case just described, the two winning outcomes for the punter is:

• If you take the Rebels (+24.5) and the Rebels win the game or lose by 24 or less you get 10/11 on your money.

• If you take the Bulls (-24.5) and they beat the Rebels by 25 or more, you get 10/11 on your money.

For example:

• Final score is 40-10 Bulls win (a difference of 30 points)

  • Those bets for the Bulls (-24.5) would win

  • Those bets for the Rebels (+24.5) would lose

   

• Final Score is 40-20 Bulls win (A difference of 20 points)

  • Those bets for the Bulls (-24.5) would lose

  • Those bets for the Rebels (+24.5) would win

   

Another way of looking at a Handicap is that you are giving the underdog a head start in points. Voltbet have given the Rebels a 24.5-0 point lead before the game even starts at a price of 10/11.

At Voltbet we typically offer many different Handicaps to provide the punter with plenty of options at different prices. As we always post our Super Rugby pricing on Wednesday, we quickly find out if the market agrees with our Handicaps and sometimes we adjust the pricing accordingly.

For our Sharpies this is by far the most popular bets in Super Rugby on our book.

Betting & Bookmaking 101: Margins & Probability

Staying in line with the questions that I get asked as a bookmaker, I want to expand slightly on the meaning of pricing or odds. After the last discussion, I got a few people saying to me: "Ok, if it is the Lions winning the Super Rugby Competition, I understand, it's about probability. But when Man U is 1/1, Arsenal is 3/1 and the Draw is 12/5, how do I equate that to a probability?"

I'll start with probability and how we as a bookmaker determine our prices:

• Let's start with Man U at 1/1. Effectively, Voltbet.com is taking the stance that there is a 1 of 2 (or 50%) chance Manchester United wins.
  • A winning R10 bet would return you a profit of R10 + your R10 bet = R20
• Our price of 3/1 for Arsenal an Arsenal win equates to 1 of every 4 times played, Arsenal would win. That is a 25% chance.
  • A winning R10 bet would return you a profit of R30 + your R10 bet = R40
• The draw price of 12/5 is our expectation that of the 17 times these teams play, 5 of them will end in a Draw. Effectively, Voltbet is predicting that there is a 29% chance of a draw.
  • A winning R10 bet would return you a profit of R24 + your R10 bet = R34

To break down some of the taboos of bookmaking, I would like to explain good prices vs poor prices in respect to the punter. The basic premise is that the lower the margin the bookmaker takes the better payout you get as a punter. The more a bookmaker takes, the less the bookie pays out.

Voltbet.com's margin is 4% (addition of all the probabilities – 100% = Bookmaker's margin) in the above example. If the following prices were available the margins would be higher for the bookmaker.

• Man U - 9/10 – (52.6%)
• Arsenal - 28/10 – (26.3%)
• Draw – 11/5 – (31.25%)

The margin for the above example is 10% (110% - 100% = 10%).

Note: Some bookmakers may offer shorter (smaller) prices in 2 of the 3 but still have higher margins for their whole book on that event.

Many of the shops across the world have much higher margins as they need to pay for rent, staff, electricity, etc. Their margins can be as high as 25% on their book per event. Regarding the online competition, in Europe, where sports betting is hyper-competitive, margins are as low as 2%. Here in South Africa you can get good prices, but there are online bookmakers that take 10% margins or above on certain events.

This discussion hopefully leads to price comparison as a punter and it empowers the punter. Why buy dog food from Woolworths when you can buy the same dog food for 10% cheaper at your local Pick n Pay?

Get your calculators out and determine bookmakers' take on the chances of an event happening. If your opinion differs or you find value in the bookies prices, take it!

Betting & Bookmaking 101: Equal parts Art & Science

One of the most frequent questions I get as a bookmaker is: How do I come up with the odds? The mystery that seems to accompany this question is astounding to me. Sometimes I get the odd comment about how bookmakers are out to screw the punter, sometimes I get that we actually pull it out of our backside. The answer may amaze some and hopefully make sense to all. I will start with an analogy...

By comparison, I think most people understand the price of a Big Mac, a golf club, or even a day at the spa. Quite simply it is the sum of all the costs plus a margin. But to explain this to the layman about sports betting requires a bit more understanding about probability and stats – a subject most didn't pay attention to in school, but it has a role in our lives every day and definitely in Sport. Let's now move on to the Lions winning the Super Rugby competition this year.

If I asked you how many times the Lions would win the Super Rugby competition if it could be played 100 times, how would you answer? None (if you are a Sharks fan), 1 time or 3 times possibly. Maybe you are a Vaalie and you think it may be 10 times consider the changes to the team, the new coach, and the cash injection that the team just received recently... if you are bullish. Now let's equate that to sports betting odds. The pricing without a margin would then be 100/1, 100/3, or 10/1. If you add a 10% margin for me, it would be 90/1, 90/3 or 9/1.

Obviously, I run a business and I have to add my margin, but I must admit that all margins aren't the same. Some bookies are expensive and some are less so, that is dependent on the business savvy (or not) of the bookie. As a tip, shop around for a good price. Here at Voltbet we pride ourselves on our great prices!

The last point is probably the obvious next question: why do bookmakers have different odds? It is simple but complicated at the same time. The first reason, I have pointed out already is the variation of the margin. The second is that as money comes on a particular event, we typically adjust the pricing based on where the money is coming. If Manchester United plays Arsenal and we accept R 1 million on MU to win, we will most likely shorten them (Reduce the price from 15/10 to 13/10) and lengthen the Draw (2/1 to 9/4) and lengthen Arsenal (15/10 to 17/10) to encourage money to back the alternative outcomes to balance our book.

In summary, it is most definitely part Art and part Science. As a professional bookmaker, our end goal is always to have equal money on all outcomes and we simply take our margin, but it never works out that well. When the Springboks go to the 2011 World Cup and win it all, we will definitely lose money, but all for a great cause!