Guide to becoming your own betting bookmaker - Lets

Is it worth trying to compile your own odds?

Find the best way to back your odds.

Compiling your own odds
Well this is what sports betting / investing professionals do. If you like sport we’d wager you’ve watched a sporting event and thought to you self a player or team had a good chance of winning. In a simple way this is compiling odds.. and not miles apart from the real thing. The difference is that you need to have a methodical approach to compiling odds, which you can repeat in order to come to an opinion about he event.
Think about it, are there enough good odds compilers to go round all the many bookmakers? The good odds compilers are stretched. If your professional in your approach you can spot mistakes and reap rewards.
In a nut shell, be methodical.
Prepare thoroughly to help side step the bookmaker at your chosen sport. Use specialised knowledge if you have it and research you chosen sport. Lets take tennis as an example. For a long time bookmakers odds did not reflect that Roger Federrer, all though impossible to beat on grass courts, is not top of his game on clay courts. This produced a gap between the bookies odds and the true odds. This gap is what you must find and ruthlessly exploit and is known as a value opportunity.

Take a stab at your own odds. Allow no interruptions when your watching you chosen sport, turn the sound off on your TV or radio: so you can concentrate on the sport. Look at your odds and compare them to the bookmakers – your looking for ways to disagree with the experts. Remember the consensus can often be wrong. Less experienced bookies tend to huddle around other compilers odds. Look at the differences, if you have odds of 1/2 and the bookie has 1/3, you have found value – which is where you can profit.
Stick to the favourites. Use your opinion of the favourite as a benchmark for the whole event. Once you have made your prices look at the bookmakers odds. See how they compare. Ask yourself, do I need to backtrack? If so repeat the process. Start with 2 contestant events. Consider both sides of the argument.

  • Who has achieved more and why?
    • Is it due to certain players or trainers?
    • How well do they play now?
  • Look at their recent head to head results.
  • Have they being playing well recently? If so why?
  • Are injuries a factor?
  • What is the emotional factor involved in the event? Will this cause the team / players to produce an unexpected result? Football teams facing relegation often fight the last fight and surprise everyone by doing very well.
  • Think, what price would you be prepared to invest money on this outcome. Never let your emotions or national pride cloud your judgment.

So far so good…where can you start offering your own odds?

Betting exchanges like Betfair are good place to start. To discover more about betting exchanges visit our home page and look at the page called betting exchanges.

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