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Edge, Edgebet, Value bet and trades.
To put it simply a value bet, edgebet or trade is the edge that you have versus the bookmaker. Because bookmakers offer different odds, inefficiencies occur. For instance, once the lineups are released and a key player is injured the odds on the other team will drop and some bookmakers lag behind the rest of the market.
Trademate is a tool that helps you to identify edges. You can read more about how edges occur are covered in the articles you can find here.
The differences between sports betting and sports trading, bets and trades, sports bettors and sports traders.
We consider traditional sports betting or punting to be for entertainment purposes only. Sports trading is when you are serious about making a profit from betting and view it as a form of investment. This also applies to us describing bets as trades inside Trademate. It is also why we refer to ourselves as sports traders, rather than sports bettors.
A different way of writing probability. Odds = 1 / Probability. There are different odds types, such as decimal odds, American odds and fractional odds. You can read about them here.
A customizable filter on edges inside Trademate. You can read about how to set up your presets here.
The total amount wagered on all of your trades or for a given time period.
Return on investment
The odds at the time the games starts. You can read more about it and why it is so important in sports trading in this article.
Expected Value (EV)
You can read about expected value in this article.
Basically the deviations from the mean / expected value. You can watch a video that explains it in detail below. There is also a section of articles both covering what variance is, how you can reduce it and how it impacts your betting.
In this particular instance, how high the max bets are. In general we are referring to how much money has been wagered on a particular game, but since one can not see the actual amount, the max bets give a good indication of whether a game has a high or low liquidity. Higher liquidity markets are better, because money wagered = information. So basically the odds in these markets are more efficient. This also reduces the volatility of the odds, meaning that it takes larger wagers to move the odds.
Payout rate, Margin and Vig
The difference between avg. Flat ROI per trade and Avg. ROI per trade.
Avg. ROI per trade is based on the actual stake sizing you register on each trade you record with Trademate. Flat ROI per trade is what your average ROI per trade would have been if you placed a fixed amount per trade. See flat stake sizing. To wheter we actually have an edge versus the market, flat stake sizing is the best measurement, as it removes the effect stake sizing has on the actual returns. While in practice using a proportional staking strategy is better as it does not make sense to given a 2% edge, bet as much on a 2.0 in odds and 10.0 in odds game.
The difference between a value bet and an arbitrage bet.
Proportional staking strategy
Betting an amount proportional to your overall bankroll on each bet. E.g. 1% of your bankroll. Inside Trademate we use something called the Kelly Criterion to calculate stake size. You can read more about it here. Or watch the video below.
Flat staking strategy
Betting a fixed amount. E.g. $10 per bet.
European / Soft Bookmakers
For example Unibet, William Hill etc. Caters to punters. They are position takers, so you are betting against the house. The majority of soft bookmakers are European. The difference between European and Asian bookmakers and how they make money are explained in the video below
Asian / Sharp Bookmakers
For example SBO, IBC and ISN. Caters to sharp bettors and traders. They are book-balancers, so you are betting against other players. The Asian bookmakers are sharp, but they are not the only sharp bookmakers. The difference between European and Asian bookmakers is explained in the video above.
For example Betfair and Matchbook. Enables players to give and take bets from each other.
For example Sportsmarket, VIP Sportsbook and Asian Connect. Enables sharp bettors and traders to place bets on exchanges and sharp bookmakers with only 1 account.
Let's say Liverpool play against Leyton Orient in the FA Cup. Liverpool are clear favorites, and you are looking to place a bet on them to advance to the next round. However, when you find out that the odds on a home win is only 1.1, you are reconsidering your initial decision.
In games where there is a clear favorite, the odds might be unfavorable. Therefore, bookmakers offer a handicap in order to create desirable bets on both the favorite and the underdog.
In the example above, the odds book could look something like this:
Liverpool -1.5 (1.90) | Leyton Orient +1.5 (2.10)
When determining the outcome of your bet, 1.5 points will either be added to Leyton's score or subtracted from Liverpool's. If the final score turns out to be Liverpool 2-0 Leyton Orient, a bet placed on Liverpool will result in a win. If the final score is 1-0, the bet on Liverpool is lost.
Full, Half and Quarter Goal Handicaps:
The Asian handicap can be divided into three categories, depending on its value. The full goal handicap consists of only whole numbers, for example +1, +2 or +3. This means that a draw is still possible, and in this case, your stake will be returned.
The half goal handicap could look like +0.5, +1.5, +2.5 etc. This eliminates the possibility of a draw and reduces the number of possible outcomes from three to two.
The quarter goal handicap is nothing but a mix between the full and half goal handicaps. Let’s take an example of +1.25. In this case, your money is split in two: One-half goes to a bet with the handicap of +1. The other half goes to a bet of +1.5.
With the quarter goal handicap, your bet can end in more ways than two. Consider a handicap of either -0.25 or +0.25, and the following results:
You placed a bet on handicap +0.25, and the game ends in a draw. Half of your bet(placed on handicap 0) is lost, while the other half(placed on +0.5) is a win. This is known as a half win. In the opposite case where a handicap of -0.25 is followed by a draw, your bet would result in a half lose.
In another example, consider the handicaps of -0.75 and +0.75:
This time, the half win is achieved if you place a bet with handicap -0.75, and your team wins by 1 (The half on -1 is lost. The half on -0.5 is won). The half lose comes into play if you place a bet with handicap +0.75, and your team lose by 1 (Half on +1 is won, half on +0.5 is lost).
Do you know the different odds types?
We have written articles explaining them:
Accumulator betting is generally a terrible idea. There are some exceptions to this rule, but 9 times out of 10 you should run a million miles from accumulator betting. The reasons are simple. Your hunch bet, which on average is losing 10% of your stake every bet, compounded with another 3 hunch bets, is actually making you lose on average 34% of your stake.
For example, let’s say you place a £10 on a 4 leg accumulator at 60 in odds. The bookmaker is essentially saying this will happen 1 time every 60 times. However, you should be getting odds of 91 (average payback at 90% giving 0.9^4 = 0.6561, 60/0.6561 = 91.45). That means the bookmaker has an edge of 34% over you.
Doesn’t sound very fair does it? That’s why bookmakers are spending millions on advertising accumulators
When signing up at a bookmaker there are a couple of things that is important to remember. There are hundreds of bookmakers to choose from, as in any other business there are good and bad products. Luckily there are multiple sites that will provide you with reviews and other peoples experiences with them. There are a couple of No-Go bookmakers so be sure not sign up for them. Most European bookmakers have sign up bonuses, be sure to take advantage of these. The bonuses vary from $50-$500 so you don’t want to miss out on them. Sometimes it can pay off to search for a site that has an affiliate deal with them, they sometimes have a bigger bonus than the bookmaker self.
Using products such as Trademate you will eventually end up beeing limited. There is no secret that bookmakers limit winning players, but that will be the subject for another post.
When making a withdraw on your bookmaker you will be asked to verify your account same as you did on the eWallet. They will need I.D, your passport or both sides of your driving license. They will also need something to confirm your address, a phone bill or utility bill would do. The verification will usually take 24-48, after that you will be ready to go. If you are a high roller you want to verify your account right away because the deposit (NOT betting limits) limits are increased for verified accounts.
If you already are using one or more bookmakers you have probably seen one or both of these logos.
How You Can Use eWallets for Deposits and Withdrawals to Bookmakers
Skrill and Neteller are the two biggest eWallets currently used by bookmakers. An eWallet is an online prepaid account. Very similar to PayPal in many ways, except it’s not directly connected to your credit or debit card. Some countries have restrictions on cards to their countries gambling laws(this does NOT mean that it is illegal) and have to open an eWallet account to use certain bookmakers. But even if you don’t have to open an account it is not a stupid idea to do so anyway. It is a really easy way to keep track all your money that is used for betting. Most bookmakers also have no transaction fee when using eWallets. If you want to spend some of your winnings you can order a Neteller debit card that is directly linked up to your account so you don’t need transfer the money back into your account.
When setting up an account with an eWallet they will at some point request a copy of your I.D to verify that it is, in fact, you using it. Don’t worry about this, they are very professional and neither us or any of our customers have had any problem with them.
The only downside with eWallets is that like all credit card companies they take a fee for the deposits and withdrawals you make from them. However, you can reduce your fees and save money by upgrading your status.
How to Reduce Your eWallet Fees
We have partnered up with eWallet-Optimizer. As a result we can offer you the opportunity to get upgraded to:
Silver status for Neteller
Gold status for Ecopayz.
Easier upgrade requirements for Skrill
eWallets are good to use for deposits and withdrawals to the bookies, the downside are the fees they charge.
The benefits of having Neteller Silver status include decreased FX Fees, free money transfers and 1 additional currency as shown below.
How to Reduce Your Fees if You Already have an eWallet
If you already have a Neteller/Skrill/Ecopayz account, click the eWallet-Optimizer button and fill out the form shown in the image below. Awesome if you can add “trademate” in the Partner Code field, but no pressure =)
Disclosure: Note that we are an affiliate of eWallet-Optimizer and thus indirectly of Neteller, Skrill and Ecopayz. We usually don’t do these types of deals, but as we benefit from driving traffic to them and you benefit from saving money we figured it was a win-win.