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financial institution clients in the Visa system. Table Central and Eastern Europe, Middle East and Africa Region. Appendix D. Major Health Data Systems in the United States. 2, 0, 3, 1, 0, 1, 2, 2, 4, 8, 1, 3, 3, 12, 1, 6, 2, 5, 1. Go to sportsplay1xbet.website to download past exam papers for you to A mathematical system In the series 1, 3, 5, 7, 9, the mean is 1 + 3 + 5 + 7. DUAL ASPECT CONCEPT INVESTOPEDIA FOREX

However, few studies have examined online betting based on actual behavioural data. This paper describes the results of an analysis of 2,, bets placed with an Australian online wagering operator over a 1-year period. The majority of bets placed were for a win Sports betting was dominated by ball sports, reflecting popular interest in these events. More than three-quarters Which is fairer? Who knows.

Twelve thousand seven hundred and thirty-nine dollars and ninety cents it is. Sportsbooks price most of their markets in just this way. And where do they get the lines from? Market makers are sportsbooks that operate under a different business model than most. Is this Alabama team good? Impossible to say. Customers start betting. I accept that bet, Alabama PK , and then move the line to Alabama -1 The next guy also wants to bet on Alabama.

And so on. I do the same for the entire menu of games—take bets and move the line on the action. After a while, the lines start to settle in, and the action slows down. The process is the same. Take a bet, move the line. Keep doing that until the action slows down. Raise the limits again, take a bet, move the line.

By Saturday morning, the action will have knocked all the lines pretty well into place. When the market is mature, I will have a pretty good line for each game, and by placing a hold on the market, I ensure that I will end up keeping a percentage of all the bets made into the mature market.

If someone bets one side, I move the price until someone else bets the other side. They were taking bets and not moving the line. I know absolutely nothing whatsoever about college football, yet by Saturday morning I have prices good enough on every game to put relatively little more at risk, and still expect to win on each new bet against my customers.

That guy who got Alabama PK was basically stealing. Same with the -1 guy. I can limit that expense if I put a little bit of effort into making openers. There are many methods to do this. This is where the nerds come in. Or I could save some money, not hire anyone, and just use my experience watching markets all day long to guess and get close enough. Information is one of the greatest assets a market making sportsbook has.

For every single bet placed at the market maker book, the market maker knows who made the bet, when, at what price, for how much, and also the entire betting history of that player at their book. One is for recreational customers who make no real attempt to try to win. Five is for their sharpest customers who will probably be winners going forward.

After a few bets, every customer gets a number. That number is updated periodically as more betting behavior information comes in. Two full limit bets come in on this game at almost the same time. She bet over. He bet under. You took two bets of equal size on One over, one under. Your job is to take a bet and move the line. But here the bets cancel out. Do you move the number? And if so, in which direction?

Of course you move it—you move it lower. Because the sharp guy who wins in this market bet under. But move the line faster and harder when someone you know wins wants to bet you. They make bad bets. They make good bets too. The book should be happy they took the cancelling action but should also use the information and move the line lower.

The idea is take a bet, move the line. But move more when a known sharp bettor bets, because that bet carries with it more and better information about what a better line would be. A sportsbook somewhere in the world put up an opening line and took bets and moved the line until it got to where it currently is.

Then all the other sportsbooks copied that line. And copied from each other. And did a little price discovery of their own. And then copied again. Different sportsbooks might serve as the primary market maker for different sports. The book that makes the markets for college football will likely be a different one than the one that makes the markets for Australian rules football.

To make a market, you need active customers betting into the market every day. Not many books have that kind of customer base for every single sport. If a line moves there, the other books move their lines as well. This structure creates fragility in the system. Often, one sportsbook moves a market based on a bet, and then a large number of sportsbooks will copy that move even though none of their customers made a bet.

This behavior means the real market is often much smaller and less liquid than it appears. It also allows savvy bettors to manipulate the market. Worse, it makes game integrity problems harder to spot. The best weapon in defense of game integrity is a large liquid market, where nonsensical movements stick out like a sore thumb.

But just as you must understand how market making works if you want to bet intelligently, you also must understand a bit about the business models of various sportsbooks. There are dozens of independent sportsbook operators, and obviously they all have slightly different business models because they occupy different niches in the industry.

No single book will ever operate at either extreme described below. They will fall on a spectrum between the extremes. Lots of it. They tend to operate with low margins and rely on very high volume to generate revenue. In the gambling industry world, revenue means how much the business wins betting against their customers. Because they need volume, they try to place as few restrictions on betting as possible.

They make their betting limits high. They let all customers bet, even those that they think will win over time. They also try to keep their hold percentages on the low end of the spectrum. Low holds mean that recreational bettors who tend to lose at the rate of the hold percentage or sometimes even more will be more likely to stay in action longer—and therefore will generate more betting volume.

Because you take all comers and offer high limits, you can cultivate a loyal customer base that will bet with you for years and years. Many of these customers are trying to win. They can and often do lose to the market maker book but win it back and more against other sportsbooks. But many of them are just recreational customers who appreciate the high limits and no-nonsense approach of the market making book.

Third, market making allows you to manage risk effectively. First among them is that market making is hard. Second, that investment may well not pan out. As I described in the market making chapter, writing a certain number of bad for the sportsbook bets is just part of the market making process. Those bets cost the book money. The hold percentage that the sportsbook puts on their markets gives them a margin for error.

It does not guarantee that they win. Only customers choosing bets at random or without any skill at all can expect to lose their money at the rate of the hold percentage. Any customers who are choosier with their bets will lose at a lower rate or—with enough skill—will win over time. If the market maker does its job well, it will win a very small percentage overall on a very large volume of bets. Third, market makers are extremely sensitive to how sports betting is taxed. In the United States, there is a 0.

Yet more taxes and fees get tacked onto operators at the state level. Off the top. Then the sportsbook has to pay all its operating costs like paying the smart people who work day and night to make the markets. But realistically there may not be.

On volume. The market making business model would be completely and totally unfeasible. Someone must do the hard work of being the market maker. They see all the bets. Their business is to know their customers. What happens if you do that is that the market making books set up offshore and deal to customers in an unlicensed, untaxed way with no oversight. Then all the licensed operators are beholden to a few gray market making sportsbooks.

This situation is—fragile. In summary, the market making business model works on a low margin and very high volume. These books take on all comers and offer high limits. They can then focus on more traditional retail problems— marketing, sales, product development, inventory, and so on.

This is the retail sportsbook business model. Retail sportsbooks care about their margins—they want bigger ones. They may copy them. They may license a data feed that provides lines—this is how most in-play lines are delivered to retail sportsbooks. These lines are a bit of a black box. This is not inside information about players or coaches involved in the sporting event. Therefore, retail sportsbooks must balance two competing concerns.

They want to drive as much volume as they can while still maintaining their margins. But they are in perpetual fear that they are getting the wrong kind of volume—the volume from bettors who know more about their markets than they do. Retail books typically walk this line by taking protective measures. They use relatively low betting limits—doubly so for bets taken on an app or website rather than in person over the counter.

They increase the hold in their markets as much as they feel like they can while still driving volume. And, most controversially, they curate their customer pool—sometimes with a very heavy hand. Finally, accepting bets like these sometimes is good for marketing. One thing you will notice about retail sportsbooks is that they often do not move their lines on action. If you make a limit bet into a market maker, they will usually move the line immediately.

If you make a limit bet at a retail book, however, they will often not move the line. Think about it this way. Bullion, jewelry, and so on, in small amounts like people would have in their homes. Someone walks into his shop with a bunch of heirloom jewelry and wants to sell the gold. This is a lot of gold—about the limit of what he would normally see in a transaction.

He quotes his price of market-maker-price-minus-somedollars, and the person agrees to sell. And what if you found a shopkeeper who did that? Every time they bought gold, they lowered their price for the next customer. And every time they sold gold, they raised their price for the next customer?

As a rule, retail sportsbooks are keenly aware of this practice, and they absolutely hate it. For the most part, they know exactly where their lines are compared to the relevant market makers. Most sportsbooks rely mostly on the retail model. If you increase the hold, you increase your margins.

Then the trick is just to try to get more customers and get your current customers to bet more and more. Everyone wants the reliable customer who will click in bets and has no real chance to win. This one will offer a deposit bonus. That one will advertise on TV. The other one will offer a loss rebate. A fourth one will promote odds boosted markets where the hold is reduced or removed.

You get the idea. Public Money Sports betting media is obsessed with the concept of public money. Usually this information is presented as-is without much interpretation. Public money is here. Sharp money is there. Okay, great. Sounds good. Sometimes the provider of said information offers some thoughts about how to use the information.

If you followed the discussion in the market making and retail book explainers before, you have enough knowledge to understand why. The vast majority of lines get set through price discovery at a small handful of market making books. The retail books then use these lines to price their markets.

They end up just gambling on the outcome. Limited exceptions to this general rule can happen in markets where there is massive public interest—NFL playoff games, World Cup games, and the like. Most sportsbooks use the retail book business model, and most of the public action is booked by retail books.

In summary, lines for the entire market are set predominantly at a handful of market making books. Therefore, the huge weight of public action has relatively little overall impact on where lines sit. Okay, the public is all over the Dodgers tonight. It does matter a little. For one, market making books get plenty of public action as well. Mayweather was clearly a big favorite.

The only question being how big a favorite he should be. That meant to bet on him, you had to lay a big price like or more. But that event was a huge outlier. Because if there were still a sharp side, sharps would bet it, and the line would move.

In these cases, you can likely bet the other way blindly and consider it a good bet. Once the game begins, the markets close. In-play markets open once the game begins. Most sportsbooks these days offer at least some form of in-play betting. The menus at some books can be as simple as continuations of the main three pregame markets. Or at other books the menus can be extremely extensive with hundreds of betting options available at all or at least most times. Each of these markets have prices that update in real-time as the game goes on.

Where the heck do all these prices come from? Most often, sportsbooks receive these odds as a data feed from a third-party vendor. As a matter of disclosure, at the time of this writing, I am in the process of launching one of these vendor companies.

So this is a topic that I know a fair bit about, but also where I may have some personal biases that come through in the discussion. The way it works, roughly, is a sportsbook operator decides they would like to offer in-play betting markets to their customers. They contract with a third-party vendor who provides a data feed with markets and suggested prices. The sportsbook then adds a hold to the markets—how much they add is up to them—and they offer the bets to their customers.

Some sportsbooks contract with multiple vendors and combine the individual feeds with perhaps a twist of their own into a proprietary, aggregate feed which they then use to price the markets they offer to their customers. Okay, so the operators buy a feed of pricing. But how do the vendor companies price all these markets in real time as the game is in progress? Exactly how any vendor does this is going to be proprietary, and they all do it a little differently.

But the basic idea is that each vendor will have some sort of model, algorithm, or other process that takes in information about the teams, as well as game state information, and transforms that into prices for the markets. You want to make an in-play moneyline for the game. But the basic idea is there. There are two major problems with this, and you may already have thought of them both. Maybe a player or two got injured during the game. Maybe the teams are playing different strategies than the market expected before the game started.

Maybe the teams are playing faster or slower. Maybe the weather took an unexpected turn. Maybe one key player is playing at a much higher or lower level than their usual standard. Much of this is information that is readily available to anyone with a web browser and a TV. They want to offer dozens of markets. All updated by the second.

All priced in an instant. Since the game state is a key part of the equation to price the markets, if the game state data is either slow or error-prone, the lines priced using it will also be slow or errorprone. Even if the data feed is fast, sportsbooks are potentially vulnerable to every glitch or mistake in the data feed. That was the Patriots yard line. Sorry about that. Timeout in-play betting is a style that focuses on offering bets to customers only during stoppages in play—timeouts and commercial breaks.

While the game is in progress, the bets are unavailable. Then once play stops, the markets go up for a couple minutes until the game starts back up again. In-play betting is most popular so far in Europe, and soccer is the most popular sport to bet in Europe. American sports are different, though. Things happen faster. In the NBA, the average possession is now just a little over ten seconds. In football, a team could break a big play for a touchdown basically at any time.

Even in relatively slow-paced baseball, any given pitch could turn into a game-changing home run. Not to mention hockey. Hockey is nuts. By the time you see Steph Curry bury that three on TV, likely to seconds have passed since he did it in real life, and the other team has probably already completed an entire possession in the meantime. The sportsbook knows via their third-party vendor feed what happened on that possession.

American sports also all happen to have plenty of timeouts. I suspect as the industry evolves that we will see the timeout model take root as the predominant form of in-play betting in the USA. There are two main business models for sportsbooks. The market maker model and the retail model. You have to make hard decisions about exactly how to move the prices on your markets, and also if and how much to move related markets when a single market gets bet into.

The retail model is to accept bets only from recreational customers. If you determine that someone is likely beating you, you limit their bet sizes, or you close their account entirely. Many operators run a business model that is a bit of a hybrid between these two extremes. Some market makers will only make markets for a few core sports and will behave more like retail books for the other sports. Some retail books attempt to limit or refuse as few customers as possible. The way lines get made is that market maker books post opening lines with low limits and begin to accept bets.

Market makers move these early lines quickly on action. How much to move. How much to move related markets. Which markets in fact are related—and how strongly related. Sportsbooks with the best talent will get to a good line much faster and therefore less expensively than books with mediocre talent running the show.

They may shade the lines one way or another in anticipation of action from their customer base. For example, if they know their customers love to bet the Lakers, they might make any bets on the Lakers more expensive by a few percent. But rarely will they take this idea too far—typically they will anchor even their skewed markets to the lines at the market makers.

Retail books will then peg their lines to those at the market makers until the market closes. If a market maker moves a line, retail books will make the same move. This is such an entrenched strategy these days for retail books that there are third party companies whose entire business is to sell this line service to retail books—they will notify retail books in real time of any movement in any monitored market at the market maker books. Some will even automate the entire line movement process for a retail book.

This is less true for any derivative markets. But the more exotic a derivative, the less likely the retail book will be to peg their lines to those at another book. These days books like to offer as many derivatives on major events as they possibly can. Player props e. Retail books love derivatives and props because their customers love derivatives and props.

Retail books will often open these derivative and prop markets by copying similar markets at a market maker. But as often as not, they will just use the opening lines and most importantly will not peg their lines to those at another book as the market develops. Or they may not copy the markets and lines at all and just put up a quick and dirty opening line themselves. In no case have I seen any retail book attempt to propagate any line move on one of these markets to any related markets.

As a simple example, say I see a prop on the number of touchdowns scored by both teams combined in a game. The line is 6. I bet the limit on the over. Make sure you understand how each of these markets is related to an over bet on combined touchdowns scored.

Everything I just said about derivative and prop markets I can say about in-play markets, but even more so. Trading in-play markets is a legitimately hard and complex problem. Books want to offer all the same props and derivatives in-play as they do in their pregame markets. So right off the bat these in-play derivative and prop markets will suffer from the same vulnerabilities that the pregame ones do. But layer on top of that all the extra information available to you if you are following the game closely.

Sportsbooks often deal a dozen or more different games in several different sports simultaneously. They deal dozens of derivative and prop markets in each of these games. That amounts to hundreds of in-play markets available at any given moment to customers. Think about how hard it is to get all that right! You can imagine which job is much easier. My business and interest in this industry is to solve this problem once and for all for sportsbooks. Until a lot of smart people put in a lot of work to get all this right, you can be sure that in-play betting will be extremely vulnerable.

In fact, I think any attempt to do this systematically should be considered cheating the sportsbook and potentially a crime. In-play betting is a game, a fun game, where you can use your knowledge of the sport, what you see with your eyes, in-game statistics, and more to try to outwit the sportsbook. Buy your bets at the lowest available price. But I have a question. A good answer to this frequently has relatively little to do with the Broncos or their opponents.

Every sportsbook employee operating in the US has looked at this bet. Nevertheless, you might want to bet that Broncos after all. What would be the implications for bettors? First, there would be no penalty for dart-throwing. You could bet completely at random, and you would not lose over time. The only way to be a losing sports bettor in this alternate world would be to have a skill or gift for picking bad bets. Weather starting to look bad in Cleveland?

Bet under. Bet every over. Guess what. Bet Rockies Do you think the Rockies bullpen has been getting lucky lately? Only upside for being right. If you bet randomly into this market, you will lose—but very slowly. Occasionally, the synthetic market hold goes negative. This is a There are hundreds of people as you read this running computer scripts that scrape worldwide sportsbook lines all day long looking for scalp situations and then automatically betting them when found.

You choose a side you like better for one reason or another and bet only that side. And whether the market has a 0. This is perhaps the most core winning sports betting concept of all. Both Sportsbook A and B have the point spread at Missing something important is a huge potential problem for you when you bet into a hold even a 2.

Because, again, once the hold is zero, you can throw darts and break-even. So if your opinion has any real merit at all, your Bills bet will be worth making. You turn to the moneyline markets. Teams that are 5. There are various ways to know this—you can just look at a database of games and choose point spreads around 5. For something this simple, you can also theoretically just look at how the market makers tend to price these games over a period of time.

Anyway, one way or another you need to be able to convert that The price on the Bills converts to a Let me go through that one more time. I want a market with zero hold. So ideally, I want Bills But if I were to convert Bills Not only is on the moneyline available, but which is ever so slightly better is listed at Sportsbook A.

I now have our zero-hold market, and I can bet our Bills quarterback hunch by taking the moneyline price. This same idea can be used with other pairs of related markets as well. Game point spreads and totals to team totals. The one slight caveat here is that you can convert incorrectly. I said that a My model can be wrong. It can be wrong because I built it badly. It can be wrong because it has some inherent error in it. It can also be wrong because the game is changing and for whatever reason NFL teams are now materially more or less likely than in the past to win by between 1 and 5 points.

If I think the hold is I need to develop ways to convert between related markets that are very good but not necessarily perfect. Who is betting the Sooners? Who cares. You log in real fast and bet Oklahoma before they can move their line. This is just a subcase of the more general idea from above— betting into zero or negative hold markets. I estimated the hold by using my college football push rate chart.

The sportsbooks have—for just a moment—decided to offer you the hold instead of keeping it for themselves. Why not? Steam chasing wins. You may not know a thing about either the Sooners or the Wildcats. But you know you can bet on either one with zero hold in this case negative hold. And you also know which sportsbook is likely to have the sharper line, because you know how each sportsbook makes their lines.

Sportsbooks, as a rule, hate steam chasers. You can see why. It would be very hard to write a book to teach you to break into computer systems—at least the way most people would think about it. Teach me to hack the Pentagon. Because in some crazy world where you could go to a URL and download a script that actually hacks the Pentagon, the moment I wrote it down in a book and anyone at the Pentagon read it, they would patch the system.

The directions in the book would be obsolete long before they released me from my detention in a featureless interrogation room.

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