We all have someone in our life who has that habit of winning bets. You know the person; every time you speak to them, they have to tell you about their latest wins. While it can seem cool at first, you soon begin to realise a certain trend…namely they only tell you about wins. Speak to any bettor who does a good job on the markets and anyone who is being honest with you will say that they have plenty of losses alongside the headline wins!
Almost every other day, pundits and gamblers are always looking for new ways to beat the bookmakers. One such popular betting strategy is that of each-way betting.
So what does each way bet means?
Each way bet explained
One thing that users need to note is the fact that whenever they opt for each way betting, the bet is deemed as being two separate bets. Let me explain by taking the example of a horse race. If one plays each way bet in a horse race, for example, this would mean two things;
• The main bet is for a particular horse to win – if that horse ends up winning, then the individual’s bet would win.
The vast majority of people who bet on sports are first and foremost fans of the particular sport in question. They are likely to have accumulated knowledge about tennis, football, rugby or athletics long before they sought to make money from their predictions about it. It is partly for this reason that many sports bettors rely on their intuition when it comes to backing their forecasts with money.
Relying on instant reactions or gut feelings can be useful when you are trying to work out if someone is annoyed with you. However, it is not an ideal tool to rely on in the world of sports betting – in part because of a phenomenon known as the halo effect. This term refers to a cognitive bias in which our (often incomplete) impression of a person affects what we think about their character. For instance, we are more likely to associate positive characteristics with a photograph of a good-looking, smiling individual in a magazine than someone who is scruffily dressed and scowling, even though we do not know anything at all about the personalities of the people in question.
There is nothing quite like a local derby in football. No matter which club he or she supports, the first thing a fan will check when the season’s fixtures are released is when their team is scheduled to face its local rival.
Top-level European football is a globalised affair these days, and it is increasingly common for classic derbies such as Roma vs Lazio, Manchester City vs Manchester United and Atletico Madrid vs Real Madrid to feature very few players born anywhere near the city in which the match is taking place. Yet despite this, these games continue to matter more than any other, with players and coaches quickly getting on board with the supporters’ passion.
Home advantage is a much explored phenomenon in the sporting world, and although there are conflicting views regarding the principal reason for its existence, few deny that it is real. It is particularly prominent in football, where playing on your own patch almost always increases your chances of victory in any given encounter.
In the 2018/19 English Premier League, the home side won 181 games and the away team triumphed in just 128 matches. Only one of the division’s 20 clubs collected more points in away matches than home ones.
“Hot hand” is a word which comes from basketball. It refers to a player who is in good form, who is said to have hot hands. According to perceived wisdom, this player is more likely to be successful with a shot if his previous attempts were successful.
What does this have to do with sports betting, we hear you cry? Well, quite a lot, actually: there is a belief among some that a bettor who has been successful previously has a better chance of replicating that success in the future.
Irrationality in the market tends to benefit a small pool of investors, as seen in subprime mortgage bubbles. Believe it or not, there are similarities between this and the world of sports betting, where the prevention of information signalling can also cause market inefficiency.
When an asset is overvalued – that is, a higher value is attached to it than it is actually worth – the result is a bubble. In sports betting, a value bet is defined as one in which the probability of an outcome occurring is more likely than what the odds on it happening infer.