Gambling is one of the oldest practices of organised society, it’s the action of an individual predicting what will happen in the future and willing to risk their assets by backing it. The dictionary definition is “To bet on an uncertain outcome” Or within everyday language ‘Put your money where your mouth is’.
Sports gambling has evolved over the years to be one of the most varied, complex, interesting and exciting industries around but its principles remain the same as years ago. One individual believes in a certain outcome of an event OR is being offered odds that they believe are better than the likelihood that it will happen! Serious or Professional gamblers may strongly believe in a particular outcome but if the odds being offered are not favourable they will resist the bet. If the reward doesn’t outweigh the risk they will move on and look for another option.
This is easy to comprehend when we look at sporting events with minimal outcomes, the basics of sports gambling. The upcoming Carl Froch vs George Groves will be a big fight for the bookies and you are able to bet on multiple elements of the bout but the fight will end as;
A Froch victory, A Groves victory or A draw.
- Froch is currently ¼ which returns 25p for every pound placed
- Groves is 3/1 which returns £3 for every pound placed
- And a draw is 33/1 which returns £33 for every pound placed.
The bookies strongly believe that Froch will win the fight, by offering such odds they are saying, if Froch and Groves fought 4 times, Froch would win at least 3 of them. You may agree that Froch will win this fight but are you willing to accept the odds they are offering? Within boxing a draw is a very rare event so the bookies are willing to offer long odds in the hope that they tempt a few speculative bets.
Long odds betting is more commonly seen from the casual gambler who is placing a stake they are happy to lose. The chance of them winning and being returned their stake are slim but if they do the financial reward will be great. Often long odds betting is made by emotion, gut feeling or ruled by the heart.
Recently, the introduction of Harry Wilson as a substitute for Wales football team won his Grandfather, Peter Edwards £125,000 after he placed a £50 bet on his grandson playing football for Wales when Harry was only 18 months old. Although Mr Edwards will claim he had faith in his grandson this bet was an emotional decision rather than one formed by logic. Any number of actions could have prevented this event but Mr Edwards will have been prepared to write off his £50 for the chance of netting a large prize. Such bets aren’t rare, Goalkeeper Chris Kirkland and Snooker player Mark Williams were also the subject of similar long odds bets.
Sports gambling is exciting and varied but the question is do you believe your judgement enough to back it with your cash??
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