Everything CGP Grey has ever said on the internet would lead one to believe that kind of collaboration will never happen, not even if we waited until the heat death of the universe.
Exactly, anyone who gambles to make money they NEED is a fool. If you just wanna make a game interesting here or there that's fine. Hopefully you win, but if your rent is due and you gamble your last 1K hoping to get enough up for the rent than you're a moron..
@@conorfrankland7699 I know man Im just messing with these idiots. It's all gambling, they all have different lines, best investors are able to evaluate the best lines and manage risk better than the rest. I gamble for a living.
I mean, it’s not like casinos try to hide it. Is it fair? Not really. But at the end of the day, gambling is a money vacuum. Whether it’s slots, cards, dice, roulette, or sportsbetting, it is ALL designed to have the house come out on top. And they don’t hide it, they don’t need to. Casinos are MASSIVE places full of expensive decor and upholstery, that was paid for by millions of losing bets.
Funny thing is my Dad works in Malta for Tipico the biggest Sport betting bookmaker in Europe he is the manager for the marketing i showed him this video and all you said its true
My friend was arguing with me that roulette is basically a coin toss between red and black He didn't know about the green squares, which is how the casino skews the odds much further in their favour
You can also see it this way. You're not betting against the bookie. You're betting against the other people who are betting. To make money you need to be consistently above average with your predictions compared to everyone else. The difference in odds that the bookie takes can be seen as the fee for facilitating the transaction.
@@sptony2718 No, put bets on the least accurate bookie's customer base, which is usually the most entertainment/party-oriented site. You could use the most accurate bookie's odds as the prediction. It's a form of one-legged arbitrage.
Cheating? Everybody knows that bookies are taking a cut. The bookies are there for 2 reasons. 1. They ensure transfer of payment on a bet 2. They organize betting in a way that you just can't For example. Imagine you live in LA where the game is, and New York is the visiting team. You want to bet on the game... but... you don't know any NY fans. Bookies (particularly online ones) put you in the same betting pool as people thousands of miles away... so you don't have to give up ridiculous odds to bet for your team.
yeah cheating would be u got some odds and then if u lose, u lose. But if u win, they say something is wrong and bets are canceled. On the same event one time, me and a friend placed bets on same bookie but on opposite sides. Guess what? I should win and get a nobet. He loses and...he loses his money lol
I've always thought of gambling as a deal you make with a bookie or casino: You give them €10 five times, then they give you a €40 lump sum and you walk away feeling pleased with yourself...
I’ve always looked at it like an arcade… That’s a bad example. My point is you never go to an arcade expecting to earn money. I go in, set a budget say $50 and expect to spend the money on games, enjoy the experience, and leave, if I earn something good for me, but never expect to earn anything because realistically you won’t. If you do earn anything, immediately leave because you will probably spend that money again if you don’t.
this is the problem of the world today. if you're going to spout out logical drawn conclusions without factual backup : there is a word for that. philosophy calls it bullshit. and the other way around (factual statements without thought process) is called horseshit. Look it up :) it might be bullshit. *point of the comment is its good to hear he checks his facts before he goes about and makes a public statement about it. Its how youtube is supposed to work! :D
I just take the money and run. On my 11th city now. It's pretty easy, people just give you money if you tell them you're a bookie. I've had to spend a lot of my money on new backpacks though and they are getting more expensive. The books keep ripping holes in the sides and the corners are getting mashed which means I won't get a full refund when I return them at the end of the semester. I may have to visit my local bookie and place a few bets to cover the difference. His backback is pretty worn out too but it's his final year. Crazy world, man.
Or you could bring a sports almanac of the outcomes of every major sporting event for the rest of the century back in time using a time machine made out of a Delorean, and then get yourself elected President in the year 2016. There's also that.
risk is not zero - this is why "you" need to have as many bets as possible - to balance the odds with large numbers as long as the odds are in clear view - this is not cheating - more like balancing payouts - since it's impossible to know real odds. that is not to say that gambling does not destroy lives - it totally does. It can be done for fun and thrills, some of it can be viewed a game of skill if you are a really good expert in the field, but is more often than not abused.
I did statistics at college That's pretty much all you need to know to understand how bookies screw people over I didnt realise how invaluable that knowledge would be back then tbh
Can u plz elaborate perhaps with an example ? On a bet my Sportsbook offers -110 .. ie he makes 10cents win or lose. Isn’t that fair to charge for offering odds ? I can understand if one bookie charges 20 cents w.r.t to first bookie … this overall P/L depends on outcome and number of bets on that outcome against the opposite
"Cheat" isn't quite the right word. Had you said take advantage of suckers however I'd absolutely agree. To make it simple, imagine you have a 6 horse race - the favourite is even money and the second favourite is 5/4. Then for arguments sake let's say the rest are 10/1 or higher. Then let's again say the favourite or second favourite wins. Whatever they lose paying out on whichever of the 2 favourites wins they'll make up for in bets taken on the other favourite then whatever is wagered on the other 4 they keep for profit. However the game changer is if one of the non favourites wins then they make a lot more as they might have to pay a few punters out but not many. Also to clarify though they are sneaks in the sense that some odds are set to lure people to wager e.g there could be an even money favourite that they know full well isn't going to run as well to justify those odds but that's down to the punter to research
I work in a gambling company and whatever he said is just the most important and basic stuff on betting. They taught is just that at the beginning and the sooner you realize it, the better
Technically, this would mean that the odds for the more likely winner is better as the bookie lowers the high payout for the unlikely winner to have a balanced book…
This video is borderline insulting and a total waste of time. « Oh so bookmakers and casinos manage the luck factor in their favour ? Who knew right? »
yea this is just the odds and the vig. bettors know bookmakers dont work for free and that they want equal action to make money on the vig. if you have self control and knowledge of the game you can still make money
Hi Sir, this is a really an impressive explainer video. I know this question is a bit off, but may I ask what software did you use in creating the cartoon characters? I need to create explainer video as well but I don't know where to start. Hope you can help me. Thank you in advance.
You can use the free program Inkscape to make vector graphics. Probably best to start there. Thanks for asking so nicely. Best of luck with your endeavor.
Wow , I found your channel awhile back , binged every video and subbed .. I'm really happy you still upload videos .. I wasn't sure if the channel was dead or not so this is great to see .. Thanks for making these for us , appreciate yah ..!
Love the ending where video basically show what each betting company is doing. Stadiums are full of betting ads, live betting etc. Great and true video!
Folks in this comment section don't know what a commission is, it is only a commission if it agreed upon before the bet what this guy is talking about is not that if you listen.
pari mutuel? worked for 20 years on a race track, 10 of those as a totalizer controller - it was never a secret how pool betting and bookies work - we always win - like casino
Yeah. It would be a really stupid thing to keep as a secret because after a little rational thinking anyone should be able to realize that the people running the gambling are always going to get more money in than what they give out. Otherwise they would run out of money very quickly.
I thought it was more like stockbroking- either a flat fee to the bookie ($3 to put $100 on red) or a cut of the winnings (1.5% of a $1,000 payout) or something like that
lol i thought your outro was going to be a skillshare plug..."if you dont want to cheat people out of their life savings; and just wanted to know about betting and bookmaking...check out skillshare"
I always wondered if one could estimate odds based on how many people are betting for that side. Say, if there's 200$ on side A and 100$ on side B, A is twice as likely to win. Thus it's 66% A wins and 34% B wins. If we run the numbers, A would multiply by 1.5 while B by 3. if we twick those numbers to be, say, 1.45 and 2.95, we'd make a profit always. The biggest downside to this is that you know the multiplayer AFTER you bet, which is kinda shady. But I think if you are open about it, and open about saying that the stuff you take from the multiplayer is the entrance fee, it could work. Now I wanna study this seriously through game theory analysis
I think what you are describing is parimutual wagering. And everyone is cool with an estimate, and then whatever it comes out as due to last minute bets. Also, no problem taking a slice of the pie right off the top.
I don't get your logic there. If I roll a die, and there's 100 bucks bet on odd and 200 bet on even. the odds are still 50 50 for each side. How much is bet does not determine the odds.
@@aFREEsportsbettingSYSTEMit doesnt determine the probability, but it does determine the odds (payout), with 200 on odd and 100 on even the person that bet even stands to gain ~180 (280 payout) while the person that bet odd stands to gain only ~90 although in the real world this would be quickly corrected as people would see the much better EV on the even bet and bet on it until its closer to the true probability
So I remember when Tapa had no subs and he asked us few viewers for money and help keeping his channel alive. We kept bumping up the comments until the algo picked up. You’re welcome, Tapa. Oh, and it seems the comments are overrun by bots from betting sites, wtf?
The best thing you can do if you’re going to gamble is to know how it works and how you win/lose money. Online sports betting is so convenient where it’s allowed and with more people becoming interested in betting; the more education you can get on it the better off you are. This video is great for people new to the betting world
I'm a pro gambler. I use statistics and betting 1,1,2,3,5,8...etc on odds when they are better than 7/4 ie better than the golden ratio. I wont say what I bet on but if people seek similar bets and are armed with decent knowledge they may (MAY) be able to turn a profit. Not always easy, becareful, start small and experiment as much as possible before you commit. Best of luck!
I work for a bookie and well must say the video is kinda true but there is a lot of things to take into consideration when everything is done online - people are abusing the system if there are lags and then if some of these bets would slide its like somebody literally stole money from the bookie so you gotta keep an eye on that
I don't see how this is unfair at all. The bookie always has to make a profit so the odds always tip slightly in their favor but only slightly as in a couple percentage points. For 1 or a few bets the player doesn't lose out by much, maybe a marginally smaller payout than if it were fair
Yes, I still don't understand how any of this is remotely close to the concept of cheating. Cheating generally involves a form of deception, whereas everything here appears to be honest and completely in the open. It's like it's a conspiracy against the public that bookmakers provide a form of entertainment that must pay its overheads and turn a profit to stay in business. Or you could have fun spending money on the other forms of entertainment that have a 0% chance of ever regaining any money back.
Gamblers tend to focus on winning and losing, they see what the bet costs and they see what they can win. Of course they know the bookie gets a cut or the house gets a percentage, they're paying for a service. Providing that service to earn that cut is not cheating and is not a conspiracy, it's a business. The better can always try looking for better odds somewhere else.
Take roulette in casino for example. Your average payout is always lower than what you put in and it's all determined by the green 0. You just need enough players and you'll have a stable profit while your players will stably lose money. Most people don't know that odds aren't ever in their favor so it kind of is cheating people.
It's unfair because if you tweak the payouts just right, someone who's constantly betting will be steadily losing money, even if they sometimes win. The payout is lower than the risk.
If you bet at the best odds with a variety of bookies then you'd make money if the odd percentages added up to less than 100%. Look up an odds calculator to find out what I'm talking about.
It's called arbitrage betting. Due to an imbalance in odds between bookies, you can bet on one side of the outcome with one bookie for a certain amount and then bet the other side of the outcome with the other bookie and be guaranteed a winner. There is a formula to it. It's rare and doe's not last long because they will notice it. And they will also know when you are doing it. If one side of your bet gets cancelled by the bookie you could be in deep trouble. It takes a lot of money for a small return.
@@nickhanlon9331 the difference is usually tiny. It's not worth it. A $100 bet will get you like $1-2 tops. Its not really worth the effort. Not to mention if you miscalculate you'll just end up making a loss.
In reality, it's not always possible to balance your books without driving customers away. Sometimes bookmakers take a loss on a bet in order to retain their market share (for instance, if a favourite drops behind, the bookmaker will extend their odds, but people will still bet big on them. Either the bookie has to set their odds ridiculously unfairly and drive away customers, or they stomach the possibility of a loss on that event). Also, odds or often set by just copying from gambling exchanges, as they're what the overall market has suggested are the correct odds.
They don't cheat. Punters bet in markets against other punters through the intermediary of the bookmaker. He sets what the odds are for each bet to balance the amounts bet on outcomes versus potential winnings, minus a percentage that is his fee for his service and labour.
Interesting video, thanks! Could you prepare a video comparing and contrasting book makers, insurers and stock brokers? The two former seem to operate strikingly similarly and the later seems to have similar elements. Keep up the good work! Much appreciated.
Either count cards or don't plan on making money. Hell I know it is a losing venture so I usually just have a good night and tip the dealer while I play.
Not sure how making money off of providing a service qualifies as a 'scam' or 'cheating'. Of course they have to balance the chances according to the odds and skim off a bit, that's the whole point of betting. Who'd think otherwise?
@@denisl2760 by that logic, literally throwing money out of the window to see how well it flutters also counts as entertainment. Doesn't mean that if people make you do it with the promise of riches it's not a scam.
Honestly now seeing it through the casinos eyes it's pretty easy to see how they win. @ -110 odds the juice covers most liabilities if any and otherwise liability is covered through busted parlays.
@@cadem.1017 I know its not easy to do even this sometimes but if you can't stop altogether stick to limits. Set them on one site and ban yourself from the rest
@@cadem.1017 Good man 👍 gambling can be fun when managed responsibly. I don't have a problem with it but even I've chucked away more than I intended just enough to piss me off for the next few days. During times like that is when I have to fight the temptation to go win it back
You can beat them if they give out free bets or offer odds higher than the true odds. You just need to match your bets using an exchange to cover 100% of the outcomes
Where was the cheating? Your services (essentially brokerage) are demonstrably adding value. To offer such services and not get compensated for it would be cheating...by the bettors.
And also, please remember, when in a betting shop, don't blame the staff, they aren't trying to do you out of any money, it dosen't matter what the shop takes, their wage remains the same, they are just doing their jobs
The explanation is good. But for those that are still unclear, bookies can only gain by doing these 2 steps 1) They have to lower overall odds 2) They have to increase odds for the unfavourite team and lower odds for the favourite team. Explnation for step 1: Lowering overall odds guranteree that the total probabilty is >1, where probability = 1/odds. Bookie keeps anything >1. Refee to coin toss example Explnation for step 2: Tweaking odds is just to balance out total payouts. Total payout = odds x stake. Almost always, stake for favourite team has higher stake, so bookie has to lower odds. On the other hand, stake for unfavourite team will be low, so bookie has to increase odds.
This gives a totally new meaning to "fixing the odds". They are fixing it, to change the outcome in their favor. Yet they are also fixing it by maintaining their book balance.
You're forgetting one thing: the vig ("vigorish"). You bet $100. If you win, fine. You get $200, if you lose you pay $210 or $220 (depending on "the juice")
I wish you had framed this video in a way to inform people about how they’re paying someone else every time they make a bet and to stop using these ridiculous sports betting apps..
The trick in life is to always cut out the middle man whenever possible. If you bet peer-to-peer, you get fair odds on point spreads (typically casinos pay $10 for every $11 bet)
![ทุกครั้งที่หลับตา (Lucid Dream) - AYLA's [ Official MV ]](http://i.ytimg.com/vi/4i1OBAQyv58/mqdefault.jpg)
He should do a collaboration with CGP Grey.
Everything CGP Grey has ever said on the internet would lead one to believe that kind of collaboration will never happen, not even if we waited until the heat death of the universe.
YESS! THAT WOULD BE PERFECT!
^ 2 types of people
@@cdw2468 lol
*when you have to double check the video author cuz you’re half-asleep and didn’t realize who you were watching*
Gambling should always be considered fun, never a way to make easy money.
Exactly, anyone who gambles to make money they NEED is a fool.
If you just wanna make a game interesting here or there that's fine. Hopefully you win, but if your rent is due and you gamble your last 1K hoping to get enough up for the rent than you're a moron..
Sign up offers and matched betting, easy money
Yeah thats why i only put my money in stocks,, and option trading, real-estate, currency etc .. Nothing like that evil gambling.
@@alexleach4002 forex is basically gambling
@@conorfrankland7699 I know man Im just messing with these idiots. It's all gambling, they all have different lines, best investors are able to evaluate the best lines and manage risk better than the rest. I gamble for a living.
I mean, it’s not like casinos try to hide it. Is it fair? Not really. But at the end of the day, gambling is a money vacuum. Whether it’s slots, cards, dice, roulette, or sportsbetting, it is ALL designed to have the house come out on top. And they don’t hide it, they don’t need to. Casinos are MASSIVE places full of expensive decor and upholstery, that was paid for by millions of losing bets.
casinos are more of a place you pay to play luck based games than a place you go to make money honestly
As a former bookmaker, this is 100% accurate
Well no shit. As someone who understands simple logic and statistics I can verify this is 100% true
I wish I could have job where people give me money and I give them back less. Sounds great...
Captain Calculus you got any social media so I can ask questions about this job? I'm looking forward to becoming one in the future.
If you think this is all true, that would explain why you are a _former_ bookmaker. Are you claiming you were never sided or middled?
As a former bookmaker, I'm glad I can cheat bookies as they cheat me, with a source I found!
Funny thing is my Dad works in Malta for Tipico the biggest Sport betting bookmaker in Europe he is the manager for the marketing i showed him this video and all you said its true
Of course it's true.
Tipico? never heard of them, certainly nowhere near the biggest in Europe.
Perhaps they trade to the punters under another name.
Adam Buckley I've heard of tipico in Germany
yeah you could be right. i looked them up though and couldn't find anything
My friend was arguing with me that roulette is basically a coin toss between red and black
He didn't know about the green squares, which is how the casino skews the odds much further in their favour
And you can bet on single numbers
You can also see it this way. You're not betting against the bookie. You're betting against the other people who are betting. To make money you need to be consistently above average with your predictions compared to everyone else. The difference in odds that the bookie takes can be seen as the fee for facilitating the transaction.
So, put bets on the most accurate bookie...?
Most people are too dumb to grasp that. Unfortunately.
@@sptony2718 No, put bets on the least accurate bookie's customer base, which is usually the most entertainment/party-oriented site. You could use the most accurate bookie's odds as the prediction. It's a form of one-legged arbitrage.
Cheating? Everybody knows that bookies are taking a cut. The bookies are there for 2 reasons.
1. They ensure transfer of payment on a bet
2. They organize betting in a way that you just can't
For example. Imagine you live in LA where the game is, and New York is the visiting team. You want to bet on the game... but... you don't know any NY fans.
Bookies (particularly online ones) put you in the same betting pool as people thousands of miles away... so you don't have to give up ridiculous odds to bet for your team.
This is not cheating. Cheating would be something hidden or dishonest. The "juice" is given in plain sight, take the bet or not, it is your choice.
yeah cheating would be u got some odds and then if u lose, u lose. But if u win, they say something is wrong and bets are canceled. On the same event one time, me and a friend placed bets on same bookie but on opposite sides. Guess what? I should win and get a nobet. He loses and...he loses his money lol
Well, it is dishonest to give the wrong odds on purpose, and we know they’re wrong because they always make money.
@@GRBtutorials The odds on the bet do not necessarily reflect the actual odds. If you think they do, that's your fault.
I've always thought of gambling as a deal you make with a bookie or casino: You give them €10 five times, then they give you a €40 lump sum and you walk away feeling pleased with yourself...
I’ve always looked at it like an arcade…
That’s a bad example.
My point is you never go to an arcade expecting to earn money.
I go in, set a budget say $50 and expect to spend the money on games, enjoy the experience, and leave, if I earn something good for me, but never expect to earn anything because realistically you won’t.
If you do earn anything, immediately leave because you will probably spend that money again if you don’t.
How much do you research these?
Glad you're alive
A few weeks at the very least. This stuff takes forever.
Just going to say something like this can be found out rather effortlessly by Googling "How gambling works" or similar.
Glimppe most likely more than just that, a lot more in depth etc as he most likely want's to make sure his info is as accurate as possible.
this is the problem of the world today. if you're going to spout out logical drawn conclusions without factual backup : there is a word for that. philosophy calls it bullshit. and the other way around (factual statements without thought process) is called horseshit.
Look it up :) it might be bullshit.
*point of the comment is its good to hear he checks his facts before he goes about and makes a public statement about it. Its how youtube is supposed to work! :D
Are you serious? Isn't how this shit works obvious? it's basic math.
I just take the money and run. On my 11th city now. It's pretty easy, people just give you money if you tell them you're a bookie. I've had to spend a lot of my money on new backpacks though and they are getting more expensive. The books keep ripping holes in the sides and the corners are getting mashed which means I won't get a full refund when I return them at the end of the semester. I may have to visit my local bookie and place a few bets to cover the difference. His backback is pretty worn out too but it's his final year. Crazy world, man.
I hope you're not serious
@@itsyaboiblackdragon4958 😐, thats what you say to such a well crafted joke?
@@yourfavoriteneighborhoodni1268
doesnt seem like a joke at all.
Sounds like something that realy happends on the streets
@@itsyaboiblackdragon4958 .........
@@aljuboori4953 i see your POINTS heheh
This raises the question “What’s the most you’ve ever lost on a coin toss?”
Some Fanduel guy lost like $30,000 on the superbowl coin toss.
A Gatoraide
You see making money is easy. As long as you have no morals.
Making honest money is & will always be the hardest...
In formula1 they don't even pay back bets if the car is illegal in qualifying lol, screw rules appearently
As the saying goes, "when you gamble, the house always wins"
Or you could bring a sports almanac of the outcomes of every major sporting event for the rest of the century back in time using a time machine made out of a Delorean, and then get yourself elected President in the year 2016. There's also that.
risk is not zero - this is why "you" need to have as many bets as possible - to balance the odds with large numbers
as long as the odds are in clear view - this is not cheating - more like balancing payouts - since it's impossible to know real odds. that is not to say that gambling does not destroy lives - it totally does. It can be done for fun and thrills, some of it can be viewed a game of skill if you are a really good expert in the field, but is more often than not abused.
I did statistics at college
That's pretty much all you need to know to understand how bookies screw people over
I didnt realise how invaluable that knowledge would be back then tbh
Can u plz elaborate perhaps with an example ? On a bet my Sportsbook offers -110 .. ie he makes 10cents win or lose. Isn’t that fair to charge for offering odds ? I can understand if one bookie charges 20 cents w.r.t to first bookie … this overall P/L depends on outcome and number of bets on that outcome against the opposite
Fun fact 0:04, is a reference to a short story 'Man from the South' a short story by roald dahl. It's a very good, you should read it.
I completely missed that and I've read that story, thanks for pointing it out!
"Cheat" isn't quite the right word. Had you said take advantage of suckers however I'd absolutely agree. To make it simple, imagine you have a 6 horse race - the favourite is even money and the second favourite is 5/4. Then for arguments sake let's say the rest are 10/1 or higher. Then let's again say the favourite or second favourite wins. Whatever they lose paying out on whichever of the 2 favourites wins they'll make up for in bets taken on the other favourite then whatever is wagered on the other 4 they keep for profit. However the game changer is if one of the non favourites wins then they make a lot more as they might have to pay a few punters out but not many. Also to clarify though they are sneaks in the sense that some odds are set to lure people to wager e.g there could be an even money favourite that they know full well isn't going to run as well to justify those odds but that's down to the punter to research
Unbeknownst to me this was a instructional video on writing options.
Deadass lol
I work in a gambling company and whatever he said is just the most important and basic stuff on betting. They taught is just that at the beginning and the sooner you realize it, the better
This comment section is overrun by furious gambling addicts.
Im not furious!
None are furious but its good they're here right? Understanding how they rig it this way could help people stay away from it
@@JarvoD Im willing to bet that more than 95% of people who make bets like this (sports bets etc) already understand how it works.
Who you calling furious?
Lmfao I just got an ad for a gambling app at the end of this video
Technically, this would mean that the odds for the more likely winner is better as the bookie lowers the high payout for the unlikely winner to have a balanced book…
What a great video ! Thank you. It deserves much more views. You explained things very clearly and with humor 😂
I uh... I don't get how this isn't common sense
Yeah right, great video, but should be titled; "How Bookies Cheat" For Fucking Idiots.
This video is borderline insulting and a total waste of time. « Oh so bookmakers and casinos manage the luck factor in their favour ? Who knew right? »
yea this is just the odds and the vig. bettors know bookmakers dont work for free and that they want equal action to make money on the vig. if you have self control and knowledge of the game you can still make money
50% of people have IQ less than 100, remember that
@@Henrix1998 it's that a real statistic?
Hi Sir, this is a really an impressive explainer video. I know this question is a bit off, but may I ask what software did you use in creating the cartoon characters? I need to create explainer video as well but I don't know where to start. Hope you can help me. Thank you in advance.
You can use the free program Inkscape to make vector graphics. Probably best to start there. Thanks for asking so nicely. Best of luck with your endeavor.
Tapakapa the fact that you replied is amazing
This whole exchange is too pure
@@levirhoden omg yes
I've been searching for hours!!! Where's the "Deposit" button???
Wow , I found your channel awhile back , binged every video and subbed ..
I'm really happy you still upload videos ..
I wasn't sure if the channel was dead or not so this is great to see ..
Thanks for making these for us , appreciate yah ..!
Thanks a lot.
Love the ending where video basically show what each betting company is doing. Stadiums are full of betting ads, live betting etc. Great and true video!
Why do all these people have so many Nigeria flags?
Don't you know that Nigerian flags are the world's number one international currency?
@@ademolad7215so does that mean if i go to the nigerian flag store i've entered a stock exchange
*s t o n k s*
@@Tapakapa sure
Folks in this comment section don't know what a commission is, it is only a commission if it agreed upon before the bet what this guy is talking about is not that if you listen.
Keep em coming! The more content you have, the more people I can shill towards your page.
pari mutuel? worked for 20 years on a race track, 10 of those as a totalizer controller - it was never a secret how pool betting and bookies work - we always win - like casino
Yeah. It would be a really stupid thing to keep as a secret because after a little rational thinking anyone should be able to realize that the people running the gambling are always going to get more money in than what they give out. Otherwise they would run out of money very quickly.
I thought it was more like stockbroking- either a flat fee to the bookie ($3 to put $100 on red) or a cut of the winnings (1.5% of a $1,000 payout) or something like that
The bookies basically do arbitrage betting to their clients…but hate when their clients arbitrage bet
lol i thought your outro was going to be a skillshare plug..."if you dont want to cheat people out of their life savings; and just wanted to know about betting and bookmaking...check out skillshare"
Coinflips of double/nothing when played until someone is broke will, usually, drain the person with less money
Welcome back
I always wondered if one could estimate odds based on how many people are betting for that side. Say, if there's 200$ on side A and 100$ on side B, A is twice as likely to win. Thus it's 66% A wins and 34% B wins. If we run the numbers, A would multiply by 1.5 while B by 3. if we twick those numbers to be, say, 1.45 and 2.95, we'd make a profit always.
The biggest downside to this is that you know the multiplayer AFTER you bet, which is kinda shady. But I think if you are open about it, and open about saying that the stuff you take from the multiplayer is the entrance fee, it could work.
Now I wanna study this seriously through game theory analysis
I think what you are describing is parimutual wagering. And everyone is cool with an estimate, and then whatever it comes out as due to last minute bets. Also, no problem taking a slice of the pie right off the top.
actually people are playing the bets, they are placing bets not placing on the sure shot win but more payout
I don't get your logic there. If I roll a die, and there's 100 bucks bet on odd and 200 bet on even. the odds are still 50 50 for each side. How much is bet does not determine the odds.
@@aFREEsportsbettingSYSTEMit doesnt determine the probability, but it does determine the odds (payout), with 200 on odd and 100 on even the person that bet even stands to gain ~180 (280 payout) while the person that bet odd stands to gain only ~90 although in the real world this would be quickly corrected as people would see the much better EV on the even bet and bet on it until its closer to the true probability
So I remember when Tapa had no subs and he asked us few viewers for money and help keeping his channel alive. We kept bumping up the comments until the algo picked up. You’re welcome, Tapa.
Oh, and it seems the comments are overrun by bots from betting sites, wtf?
Do gamblers really need to be shown this? If so, I might have over-estimated my fellow gamblers.
The best thing you can do if you’re going to gamble is to know how it works and how you win/lose money. Online sports betting is so convenient where it’s allowed and with more people becoming interested in betting; the more education you can get on it the better off you are. This video is great for people new to the betting world
They outsmart you, not really cheat
They definitely cheat you....not showing the real odd rather a tweaked one.
Is this really a surprise to anyone? Gambling is about trying to find value in the odds
I'm a pro gambler. I use statistics and betting 1,1,2,3,5,8...etc on odds when they are better than 7/4 ie better than the golden ratio. I wont say what I bet on but if people seek similar bets and are armed with decent knowledge they may (MAY) be able to turn a profit. Not always easy, becareful, start small and experiment as much as possible before you commit. Best of luck!
this guy is the next CGP Grey
I work for a bookie and well must say the video is kinda true but there is a lot of things to take into consideration when everything is done online - people are abusing the system if there are lags and then if some of these bets would slide its like somebody literally stole money from the bookie so you gotta keep an eye on that
I don't see how this is unfair at all. The bookie always has to make a profit so the odds always tip slightly in their favor but only slightly as in a couple percentage points. For 1 or a few bets the player doesn't lose out by much, maybe a marginally smaller payout than if it were fair
Yes, I still don't understand how any of this is remotely close to the concept of cheating. Cheating generally involves a form of deception, whereas everything here appears to be honest and completely in the open.
It's like it's a conspiracy against the public that bookmakers provide a form of entertainment that must pay its overheads and turn a profit to stay in business. Or you could have fun spending money on the other forms of entertainment that have a 0% chance of ever regaining any money back.
Gamblers tend to focus on winning and losing, they see what the bet costs and they see what they can win. Of course they know the bookie gets a cut or the house gets a percentage, they're paying for a service. Providing that service to earn that cut is not cheating and is not a conspiracy, it's a business. The better can always try looking for better odds somewhere else.
Take roulette in casino for example. Your average payout is always lower than what you put in and it's all determined by the green 0. You just need enough players and you'll have a stable profit while your players will stably lose money. Most people don't know that odds aren't ever in their favor so it kind of is cheating people.
It's unfair because if you tweak the payouts just right, someone who's constantly betting will be steadily losing money, even if they sometimes win. The payout is lower than the risk.
Idk why this is recommended is TH-cam trying to tell me something
The casino always wins.
I solemnly swear I am up to no good
3 ads of betting sites on this video
This guy gives me salmonella academy vibes.
If you bet at the best odds with a variety of bookies then you'd make money if the odd percentages added up to less than 100%. Look up an odds calculator to find out what I'm talking about.
It's called arbitrage betting. Due to an imbalance in odds between bookies, you can bet on one side of the outcome with one bookie for a certain amount and then bet the other side of the outcome with the other bookie and be guaranteed a winner. There is a formula to it. It's rare and doe's not last long because they will notice it. And they will also know when you are doing it. If one side of your bet gets cancelled by the bookie you could be in deep trouble. It takes a lot of money for a small return.
@@AI_Image_Master I would love to go to Cheltenham and try it out. 250 bookies are there for the festival.
@@nickhanlon9331 the difference is usually tiny. It's not worth it. A $100 bet will get you like $1-2 tops. Its not really worth the effort. Not to mention if you miscalculate you'll just end up making a loss.
@@cringeyusername7459 I know. I did some research a couple of years ago.
@xman559 and wat if its a draw
In reality, it's not always possible to balance your books without driving customers away. Sometimes bookmakers take a loss on a bet in order to retain their market share (for instance, if a favourite drops behind, the bookmaker will extend their odds, but people will still bet big on them. Either the bookie has to set their odds ridiculously unfairly and drive away customers, or they stomach the possibility of a loss on that event). Also, odds or often set by just copying from gambling exchanges, as they're what the overall market has suggested are the correct odds.
You should also take a “small fee” for letting them bet in the first place. Just to maximize profit.
Here after developing a gambling problem myself
They don't cheat. Punters bet in markets against other punters through the intermediary of the bookmaker. He sets what the odds are for each bet to balance the amounts bet on outcomes versus potential winnings, minus a percentage that is his fee for his service and labour.
Bookies don’t cheat. People just come and give them money
How does TH-cam know I have a gambling problem and recommend this to me?
Did the video help with it then?
Only time will tell mate, but it for sure gave me a reality check :)
Got ads for Caesar's Sportsbook and Fanduel immediately following this video. Thanks algorithm!!
Interesting video, thanks! Could you prepare a video comparing and contrasting book makers, insurers and stock brokers? The two former seem to operate strikingly similarly and the later seems to have similar elements. Keep up the good work! Much appreciated.
Wow, you're still alive.
I'm Nazzum yes, yes he is
So what you’re saying is I need a brown fedora. On it
Any fedora would do.
Similarly, it's easier to make money by owning a casino than by playing in someone else's casino.
If you don't have the right connections, you're not owning a casino. If you try you're in for a bad time.
Either count cards or don't plan on making money. Hell I know it is a losing venture so I usually just have a good night and tip the dealer while I play.
Bookmakers dont always want both sides even
Not sure how making money off of providing a service qualifies as a 'scam' or 'cheating'. Of course they have to balance the chances according to the odds and skim off a bit, that's the whole point of betting. Who'd think otherwise?
There isn't a service
@@katethegoat7507 I would say the service is a shitty adrenaline rush.
The service is entertainment. Some people just get carried away with it.
@@TheNathanchavez96 that's not a service, that's a *response*
@@denisl2760 by that logic, literally throwing money out of the window to see how well it flutters also counts as entertainment.
Doesn't mean that if people make you do it with the promise of riches it's not a scam.
4:44 Lizard peeps WHAT NOW?
WHEN THE TAPAKAPA IS SUS
How to be a villain in a nutshell
In short: don't make bets, even as the bookie.
same like casino, even the payout is more than the bets but the odds of their winning is higher
love your vids, i don't mind waiting for the next if the quality is as consistantly good as this
I would just like to say that I came across this channel today, and it is amazing! Keep up the good work my man, interesting topics for sure!
Yea i mean what most people do not see is that the stock market works exactly like this
I think this was the first video of yours I ever watched
such a good channel
Me: What about making a betting platform
Italian Mafia: What about you don't
Thank you for uploading
My pleasure.
Did the whole world watch this?
Dozens of betting apos popping up everywhere.
One ad even says they're "cashing on people's best quality: faith."
Yup, time to start studying bookmaking
Honestly now seeing it through the casinos eyes it's pretty easy to see how they win. @ -110 odds the juice covers most liabilities if any and otherwise liability is covered through busted parlays.
Parlays we're the number one money maker for Vegas in October loool
Pro tip: don't bet
Some of us have a crippling gambling addiction Estro
@@cadem.1017 I know its not easy to do even this sometimes but if you can't stop altogether stick to limits. Set them on one site and ban yourself from the rest
Dominic Jarvis-Smith I’m up 1100 in two months I’m okay I think
@@cadem.1017 Good man 👍 gambling can be fun when managed responsibly. I don't have a problem with it but even I've chucked away more than I intended just enough to piss me off for the next few days. During times like that is when I have to fight the temptation to go win it back
@@JarvoD ya i feel ya gotta know when to walk away
Never clicked so fast on a video!
Yeah? Not even the, "How to make generic ass comments" video?
You can beat them if they give out free bets or offer odds higher than the true odds. You just need to match your bets using an exchange to cover 100% of the outcomes
Amazing video, i guess i'll binge watch all of your videos
Where was the cheating? Your services (essentially brokerage) are demonstrably adding value. To offer such services and not get compensated for it would be cheating...by the bettors.
And also, please remember, when in a betting shop, don't blame the staff, they aren't trying to do you out of any money, it dosen't matter what the shop takes, their wage remains the same, they are just doing their jobs
why do I laugh so profusely when I run into things like this
Wait this is just Earth 2, except that has extra steps lmao
" that sounds like slavery with extra steps"
The explanation is good. But for those that are still unclear, bookies can only gain by doing these 2 steps
1) They have to lower overall odds
2) They have to increase odds for the unfavourite team and lower odds for the favourite team.
Explnation for step 1: Lowering overall odds guranteree that the total probabilty is >1, where probability = 1/odds. Bookie keeps anything >1. Refee to coin toss example
Explnation for step 2: Tweaking odds is just to balance out total payouts. Total payout = odds x stake. Almost always, stake for favourite team has higher stake, so bookie has to lower odds. On the other hand, stake for unfavourite team will be low, so bookie has to increase odds.
I thought this was Mr Grey. Got jebaited
That Four Rooms movie reference was spot on!
Algorithm moment
ive been waiting for the latest cgpgrey video for such a long time!
Yeah, me too.
You are on to it!! Shhhh now
Lies again? Barcelona Kansas
I love your vids, I wish you had more views than you do, we need to post this everywhere!
Cheating will be telling refs/players/coach to shave points.
This gives a totally new meaning to "fixing the odds".
They are fixing it, to change the outcome in their favor.
Yet they are also fixing it by maintaining their book balance.
Flipping a coin isn't 50/50. Due to the weight, it's more likely to land the side you have facing up
Technically, yes. However, the difference is so small that is doesn't change much.
That right there is why people don’t invite you to parties.
You're forgetting one thing: the vig ("vigorish"). You bet $100. If you win, fine. You get $200, if you lose you pay $210 or $220 (depending on "the juice")
I wish you had framed this video in a way to inform people about how they’re paying someone else every time they make a bet and to stop using these ridiculous sports betting apps..
It kind of was, though.. at least, I definitely got that
@@deletedTestimony You and I both inferred that was a possible takeaway but I just think it could have been more direct.
The trick in life is to always cut out the middle man whenever possible. If you bet peer-to-peer, you get fair odds on point spreads (typically casinos pay $10 for every $11 bet)