Online Betting Contest

Staking systems are about where or when to place a bet, for instance bet red or black, pick the pony “she is sure to win” or “damned unlucky”, bet Banker or Player in Baccarat and so on. Staking systems range greatly in terms of sophistication but generally aim to take the emotion out of picking a side by making it systematic.

But you should be careful. There are lots of so called gambling experts sharing with us their staking systems. But in the long-run, there are very few, if none, successful betting strategies.

Follow the Shoe

Follow the Shoe is a simple staking system where your next bet is on the last winner. As an example, in Baccarat if the Banker won the last hand then the next bet would be on Banker. The argument for the Follow the Shoe staking system is that it can catch winning streaks on either side.

Avant Dernier

The Avant Dernier is another popular Baccarat staking system, where your next bet is on the second last winner. So if we had the results Banker win, Banker win, Player win; then our next bet would be on Banker. The Avant Dernier system works well when the results come in longer streaks or alternating patterns. That is, a 5 streak run of Banker wins or an alternating pattern like Banker, Player, Banker, Player, etc. The Avant Dernier System begins to lose when there is alot of ‘double chopping’, where results come in pairs like Banker, Banker, Player, Player, Banker, Banker.

Regression Modelling

Regression modeling is a sophisticated statistical approach to forecasting future events. In simple terms, a data set of historical results is regressed on an econometric model of factors. As an example, we could model horse speed based on historical data including factors such as track conditions, age of horse, jockey, recent health etc etc. By then predicting each horses speed, which can assess the probabilities of each horse winning. Based on this and the current odds wagered, you let the model decide whether to lay, back or stay out of a race.

Regression modeling is the approach used by the largest horse racing syndicates but the power of the model is limited to the quality and size of the dataset used.

Parlay System

Commonly used in horse racing, the Parlay system aims at taking the winnings from one bet, and investing those on the following bet. Being a positive progression system, this system can be regarded as being reasonably safe. Players using this technique generally aim for a winning situation that will occur in a quite distant future, as in theory it should protect the accumulated winnings.

1-3-2-6 System

The 1-3-2-6 system is a positive progression system that takes for granted that you should be able to win four times in a row. If bets are categorized on a scale of one to six units (six being the highest bet), your first bet should be 1 unit, the second 3 units, the third 2 units, and the fourth 6 units. Despite the mathematics involved in this system, it is fairly straightforward. All in all, the system offers insurance by altering the bets each time, and taking money away when you win at particular moments. If you end up winning four times in a succession, it is very good opportunity to substantially increase your bankroll. However, a question still remains to be answered: it is equally as likely that you will lose four times in a row?

Horse racing systems

Horse racing betting systems are based on a number of criteria, some of which include analysis of the horses’ form.

Often horse racing systems are based on financial systems such as hedging (betting on multiple outcomes in a race) and arbitrage (lay the horse a low price and back it at a high price). Other horse racing systems exist which are based on items such as horse name, jockey form, trainer form, and lane draw. Modern horse racing systems can rely on specific betting possibilities only offered on betting exchanges.

Loss recovery systems such as Martingale can also be applied to horse racing.

A large-scale bookmaking, gambling and loan sharking organization, which had an association with the Philadelphia organized crime family, was busted by authorities in Philadelphia on Tuesday. Troopers from the Pennsylvania State Police arrested no less than 17 people on charges from illegal gambling through loan sharking and drug dealing.

Attorney General Tom Corbett said the investigation focused on Nicholas Cimino, 49, also known as “Nicky the Hat”, who was the head of a southeastern Pennsylvania “large-scale” bookmaking operation from 2002 until March 2007 that included an illegal casino located at 431 MacDade Blvd., Folsom, Delaware County, where poker games, illegal betting on horse races and other gambling activity occurred. As part of the illegal gambling organization, Nicky the Hat also ran a Web site for online sports betting, and accepted sports wagers from 800 bettors without computer access. Gregory “King” Triantafillou, Daniel Diedrich, Victor “Vic” Novelli and Spiro “Bart” Barbalois were allegedly employed to accept sports wagers, collect money from bettors’ losses, and pay bettors for winning bets. The domain name of the sports betting website has not been released.

According to Attorney General Tom Corbett, one of Cimino’s principle debt collectors was identified as Joseph Pizza who was responsible for receiving payments from individuals who owed the organization money. Agents involved in the operation dubbed “Delco Nostra” said that Pizza was also allegedly responsible for “laying off” bets from the Cimino organization to other bookmaking organizations in order to minimize the risk of loss to the organization.

According to the grand jury, Cimino’s organization had a close association with the Philadelphia organized crime family through Louis “Bent Finger Lou” Monacello. Corbett said that Cimino allegedly paid Monacello a “tax” every month in order to be allowed to operate his illegal gambling casino.

The grand jury found that Cimino used the associates of his bookmaking operation to collect debts and had a reputation in the gambling community for threatening or using force to pressure individuals to pay.

Grand jury testimony revealed that Cimino’s source of his illegal income was hidden by the purchase of numerous real estate properties in Delaware County and by using Pizza and two other individuals, Ralph “Ralphie head” Abbruzzi and Robert Beck, to purchase winning Pennsylvania state lottery tickets, which were cashed in to show a “legitimate” source of income.

On at least one occasion, Monacello had a debtor’s car vandalized and on several other occasions sent individuals to a debtor’s house with the intent of assaulting them into paying Cimino.

Attorney General Tom Corbett added that Cimino and Monacello were allegedly aware on the grand jury’s ongoing investigation and Monacello allegedly encouraged witnesses to perjure themselves during testimony.

“Through this investigation, we successfully dismantled a major illegal gambling enterprise operating in Southeastern Pennsylvania,” Corbett said. “And, with the arrest of Louis Monacello, we have taken into custody a well-known member of the Philadelphia organized crime family.”

Corbett stated that the investigation is continuing and more arrests are expected and thanked the Pennsylvania State Police and the FBI for their work on the case.

The case will be prosecuted in Delaware County by Chief Deputy Attorney General Erik Olsen of the Attorney General’s Organized Crime Section.

Internet gambling is an activity that is growing more and more popular with each passing day. More recently, online gambling has just become the focus of at least five bills circulating through Congress. Arguments against legalization of online gambling are based mainly on web gambling’s potential to be more addictive than gambling in a casino.

Researchers at UNLV and the University of Western Ontario released a new study which suggests that online casinos can be harsher environments than the bricks-and-mortar casinos frequented by Las Vegas inhabitants. The study is based on 90-minute interviews with 30 Las Vegas gamblers and researchers focused on a negative aspect of online gambling which has been ignored in the political discourse: web gambling can be a negative environment where foul-mouthed players bully and harass their online opponents, mainly in gambling chat rooms.

One of the participants, Donna (last names were withheld by researchers to protect their identities) reported being harassed while gambling online, including by one player who even stalked her by phone. She said she learned to ignore the live chats that accompany online games but still gambled only when her husband was sitting nearby to “protect” her.

“When I clicked off (a poker game), I was crying,” Donna told researchers. “I let a complete stranger who was online, who didn’t know me, I didn’t know him, hurt me. If it was in person, it would be different.”

Other online gamblers told researchers they were often called derogatory names in the accompanying chat area after winning a poker hand.

“Losing money can inspire bad behavior online, but bullies also abound in bricks-and-mortar casinos,” said Steven McLoughlin, a volunteer online moderator for Two Plus Two, a Las Vegas gambling book publisher that runs a gambling discussion forum attracting some 18,000 posts daily.

Casino gamblers in the study stated they felt more comfortable being around other people, seeing familiar faces and interacting, though superficially, with employees. Some of them preferred visiting casinos because they offered an escape with stimulating surroundings.

“Sometimes the floor people will come up and touch me, or ask how you (are) doing, put their hand on my shoulders, rub my shoulders for good luck … it makes me feel good,” said Lorraine, a casino gambler.

Online gambler Cleo acknowledged to researchers having an addiction problem. According to her own sayings, she chased her losses shortly after claiming to feel more in control of her gambling: “I took five times what I’d (initially) lost and lost it … It depressed me.”

Coalition Chairman Dr. Guy Clark stated that banning Internet gambling makes more sense than regulation because bricks-and-mortar casinos aren’t able of keeping kids from hanging around casinos and can not restrict gambling addicts’ access.

“What (prohibitionists) are basically saying is that ‘We want the status quo’ when the status quo is that millions of people are gambling online, without any regulations to protect consumers,” added Michael Waxman, a spokesman for the Safe and Secure Internet Gambling Initiative.

Kathryn LaTour, co-author and UNLV associate professor,  has conducted several studies on consumers’ motivations and supports regulation. But she seems to be more interested in exploring the range of experiences reported by gamblers in Las Vegas, a town where gambling is a fact of life.

“It’s interesting that we have all these options for gambling in Las Vegas, but these people really prefer being in their pajamas and sitting at their home computers,” she said.

According to Dr. Jeffrey L. Derevensky, a leading professor at McGill University, Rep. Spencer Bachus (R-Ala.) incorrectly cited the university’s research on gambling addiction when he argued for the continued prohibition on Internet gambling.

In fact Dr. Jeffrey L. Derevensky believes that the regulation of online gambling is an opportunity to put in place safeguards to combat problem and underage gambling.

On June 25, 2008, Rep. Bachus, erroneously cited research at McGill, claiming that one-third of college students who gambled online attempted suicide.

“This assertion, which is reportedly based upon our empirical research, is not predicated upon any factual evidence,” responded Derevensky in an interview with the Safe and Secure Internet Gambling Initiative. “None of the studies conducted with adolescents or college students, to the best of my knowledge, have looked at a connection between Internet wagering and suicide attempts.”

These same concerns were raised by Derevensky in a letter sent last week to Reps. Bachus and Barney Frank (D-Mass.). Derevensky believes that the Congress has the opportunity to better protect consumers in a regulated environment. “If Congress is serious about minimizing the threat posed by Internet gambling, it should look to create an environment where Internet gambling operators are required to put in place safeguards that protect against compulsive and underage gambling.”

Last week, a study conducted jointly by the University of Western Ontario and University of Nevada, Las Vegas called for the legalization and regulation of online gambling.

“Just as legalized commercial gambling in casinos allows for governments to regulate it, so, too, could the legalization of online gambling allow for better regulation and attempts to reduce the growth of problem gamblers,” said June Cotte, associate professor at the University of Western Ontario, as reported by Poker News.

Safeguards currently available in the industry proved to be effective in protecting consumers against compulsive gambling. Existing technology and security controls include the ability to control the amount of money wagered, set limits on amounts bet and amounts lost, restrict the duration that someone can play, identify and stop players whose gambling patterns seem out of the ordinary, and allow for consumers to be excluded from online gambling.

“It is disappointing that Rep. Bachus is using scare tactics and false claims in an attempt to justify why Congress should limit my ability to gamble online,” said Jeffrey Sandman, spokesman for the Safe and Secure Internet Gambling Initiative. “We are encouraged by the academic community’s support of Internet gambling regulation. They emphasize the important point that consumers will be better protected if there are safeguards put in place to combat underage and problem gambling.”

Additionally, Rep. McDermott introduced, last week, the Investing in our Human Resources Act (H.R.6051), which states that new revenue generated by regulated Internet gambling activities would be directed to be spent on job training for those in the declining sectors of the economy and educational assistance for foster care youth.

“Though I support the dedication of resources to raise awareness about problem gambling, I encourage Congress to also provide appropriate funding for research, treatment and the prevention of problem gambling,” added Derevensky.

Vigorish, or simply “the vig”, is also known as “juice” or “the take”, and represents the amount charged by a bookmaker for his services. In the United States it also means the interest on a shark’s loan. The term is Yiddish slang originating from the Russian word for “winnings”, vyigrysh. Bookmakers use this concept to make money on their wagers regardless of the outcome. Because of the vigorish concept, bookmakers should not have an interest in either side winning in a given sporting event. They are interested, instead, in getting equal action on each side of the event. In this way, the bookmaker minimizes his risk and always collects a small commission from the vigorish. The bookmaker will normally adjust the odds (or “line”) to attract equal action on each side of an event.

The concept is also sometimes referred to as the overround, although this is technically different, being the percentage the event book is above 100% whereas the vigorish is the bookmaker’s percentage profit on the total stakes made on the event. For example, 20% overround is vigorish of 16 2/3%. The connecting formulae are V = OR/(1 OR) and OR = V/(1 - V).

It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under proportional vigorish, a moneyline odds bet listed at -100 vs -100 without vigorish (fair odds) could become -110 vs -110 with vigorish factored in. Under disproportional vigorish, it could become -120 vs 100.

Common misconceptions about vigorish are that it is paid by only the “loser”, only the “winner”, or both in all circumstances. A claim on when and to what extent a gambler pays vigorish fees, however, cannot be abstracted from an individual gambler’s behavior. A gambler’s behavior with respect to different odds on an event must first be defined and only then can a determination be made on how the vigorish affects him when he wins and loses.

Example

A fair odds bet: Two people want to bet on opposing sides of an event with even odds. They are going to make the bet between each other without using the services of a bookmaker. Each person is willing to risk $100 to win $100. After each person pays their $100, there is a total of $200 in the pot. The person who loses receives nothing and the winner receives the full $200.

By contrast, when using a sportsbook with the odds set at -110 vs -110 with vigorish factored in, each person would have to risk or “lay” $110 to win $100. The $10 is, in effect, a bookmaker’s commission for taking the action. This $10 is not “in play” and cannot be doubled by the winning bettor. It can only be lost. A losing bettor simply loses his $110. A winning bettor wins back his original $110, plus his $100 winnings, for a total of $210.

Here is an introduction to the basic types of sports bets available to the sports gambler.

Simple bets (1X2, 1-2)

You have to predict the team or player who will win the event.

Double chance betting (1X, 12, X2)

You have to predict the team or player who will win the event, except you have the right to two choices, which increases your chances.

Double, triple, multiple bets, combo bets

A multiple bet or combo allows you to combine the results of several events into one single bet. Your winnings will be determined by your wager, multiplied by the product of different combined odds. A combo offers you the chance to have spectacular winnings, but for that you must correctly predict all the results included in your bet.

Over/Under

This type of bet is based on the total number of goals or points scored by the two teams in a match.

Exact score/Bet on sets

This bet predicts the score at the end of the match and is based on the number of goals scored (football) by each team or the number of sets won (tennis) by each player.

Half time/End of match

Guess the score at the end of the 1st and 2nd half time. Example: If the match is a draw at 2-2 and was 1-1 at half time, all the bets placed on a no score will be winning bets. Bets on all the other results will be lost.

Handicaps

The weaker team will benefit from a goal/points advantage, while the favorite has the same number of goals/points withdrawn. Incidentally, the goals/points handicap will be added to the final result, to give the result of the bet.

Asian Handicaps

They work like simple handicaps, but there is no possibility of a draw. The head start of the weaker team is not a whole number or all the wagers are cancelled in the event of a draw.

One-to-one

You have to predict which of the two competitors will win the event or have the better time.

Winner/ placed

This bet gives you the chance to bet on the winner of a tournament, championship or event. Betting on a competitor?s final place is also possible.

Sports betting is the general activity of predicting sports results by making a wager on the outcome (result) of a sporting event. The legality and general acceptance of sports betting varies from nation to nation. In the United States, the Professional and Amateur Sports Protection Act of 1994 makes illegal to operate a “betting, gambling or wagering scheme”, except for in the states of Delaware, Nevada, and Oregon. Nevada, however, is the only state currently allowing sports gambling, while in many European nations bookmaking (the profession of accepting sports wagers) is highly regulated but not criminalized. Proponents of legalized sports betting generally regard it as a hobby for sports fans that increases their interest in particular sporting events, thus benefiting the leagues, teams and players they bet on through higher attendances and television audiences. Opponents fear that, over and above the general ramifications of gambling, it threatens the integrity of amateur and professional sport, the history of which includes numerous attempts by sports gamblers to fix matches, although proponents counter that legitimate bookmakers will invariably fight corruption just as fiercely as governing bodies and law enforcement do. Most sports bettors are overall losers as the bookmakers odds are fairly efficient. However, there are professional sports bettors that make a good income betting sports.

The main object of sports betting is to beat the “Oddsmakers” or the “Odds Compilers” and win some money. Additionally, placing a bet on your favorite sport event makes the game exciting and more enjoyable.

Betting is done through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. You can bet on the outcome of several sporting events, such as: baseball, basketball, football, tennis, hockey, snooker and soccer games.

To place a sports bet, you go to a sportsbook, physical or online. You could also bet over the phone with many sportsbooks. Note that a sports book or sportsbook is not the same as an oddsmaker. The sportsbook simply accepts sports bets. An oddsmaker is a person who sets the betting odds.

You need to state what you are betting on by making a selection, the type of bet and the amount you are wagering. Your selection will obviously depend on the odds offered, so you will want to examine the range of odds available before you make a decision.