Before you start to make profits of a bookmaker it’s important to know how a bookmaker operates and makes money. Unless you know something that the bookmakers don’t they will always have the best of you in the long run.
If there is a game between to tennis players who are equally good. There will be a 50/50 chance of either of the players winning. Like a coin flip. You would think that odds should be 2.0 on each of the players. But the bookmaker is taking a cut of the odds to make a profit. The odds will be something like 1.91 on each of the players. On average the there will be an equal amount placed on each of the players. Let’s say there is placed a total of $10,000 on each of the players. The total amount wagered is $20,000. If player A wins the bookmaker have to pay out 1.91*$10,000 = $19,100 and the same if player B had won. Since the total amount wagered is $20,000 and the payout is $19,100 the bookmaker has a $900 profit on this bet. So no matter what the outcome of the game is the bookmaker wins.
Usually, the odds are not equal. But the point is the bookmakers is having a cut of the odds to make a profit. If you want to know how much, it’s a very easy way to find out. Let’s start with the bet above:
1/1.91 + 1/1.91 = 1,047=104.7%
This means they are taking a 4.7% cut of the bet.
Having a 4.7% is giving them a payout of 95.3%, the higher the payout the better the bookmaker(for you).
This can also be done with more than two outcomes.
Bayern Munchen vs Manchester City
Bayern Munchen 1.76
Manchester City 4.45
1/1.76 + 1/3.85 + 1/4.45 = 1.0526 = 105.26%
Resulting in a payout of 100%-5.26% = 94.74%
Before choosing to use a bookmaker be sure to check their payout. It may vary from league to league within the same bookmaker. the payout of a bookmaker can be everything from 80-99%.
This video covers the topic of how bookmakers make money more in-depth.