Difference between revisions of "Choosing a betting site"

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== Betting Markets ==
 
== Betting Markets ==
  
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In order to achieve long term success bettors must understand how their sportsbook sets their betting markets. These concepts might be challenging for novice sports bettors but it must not be overlooked. This section deals with intermediate concepts such as how betting markets work and the difference between square and sharp lines.
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The things people bet on are called betting markets. Understanding how the market works and how each sportsbook handles them is necessary to generating long term profit. This section will provide a brief introduction to betting markets, the concepts of square and sharp lines, and how to evaluate how each prospective betting site views the market.
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=== How markets originate ===
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Contrary to popular belief betting lines and odds to not originate in Las Vegas. Offshore betting sites that take a large amount of wagers such as [[BetCRIS]] are the first to release [[opening line]]s. These lines are released with low initial [[limit]]s and adjusted based on early action. In general the majority of players who bet into early markets are sharper bettors who have identified an advantage. When a betting market is young it is at it's lowest expected efficiency. This means that the line available at the sportsbook is believed to have the largest deviation from a fair line (a theoretical line set with perfect information). Identifying these advantages and betting accordingly is the key to profitable sports betting. Opening lines are adjusted based on this early action. As they become more efficient limits are slowly raised.
  
 
=== Lines ===
 
=== Lines ===
  
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As the lines originated by the large offshore betting sites settle other sportsbooks clone them. This includes casinos with physical locations in Las Vegas. Because these offshore betting sites have a significantly larger handle their lines yield the most accurate reflection of the current market. Some sportsbooks use exact mirrors of the lines, while others adjust them slightly based on the betting tendencies of their respective customers. This introduces the concept of sharp and square betting sites.
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==== Sharp sportsbooks ====
  
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Betting sites that offer lines that accurately reflect the current market are known as [[sharp sportsbook]]s. These lines mirror the ones currently available at the large offshore betting sites that originated them. Sharp sportsbooks generally offer high betting limits and do not penalize winning bettors. When deciding whether or not to register an account at a sharp sportsbook its important to deduce how early their lines are posted. The earlier one can bet into a market the larger the expectancy for their potential advantage. Betting sites that wait for the offshore market to settle before releasing their cloned lines inhibit their customers from having a chance at gaining that edge.
  
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=== Square and Sharp ===
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==== Square sportsbooks ====
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Assessing a sportsbook's betting markets might seem challenging for novice bettors. Before placing a bet players must understand how their betting site sets their odds relative to the rest of the industry. This section deals with more intermediate concepts including 
 
  
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The last criteria to evaluate is whether a betting site offers [[square]] or [[sharp]] odds. It helps to first understand how oddsmakers set betting lines. Although simplified, a sportsbook desires to have an equal amount of money staked on both sides of a given market. This guarantees profit as a result of the bookmaker's commission (known as [[vig]]).  
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A [[square sportsbook]] adjusts the current market lines based on the betting habits of their respective customer base. These betting sites cater to beginner and recreational sports bettors. Because the majority of recreational bettors are more likely to be drawn to the same side of certain betting markets (such as a popular favorite) square bookmakers shade the line to make it less favorable to bet on. This puts customers who wager on that side anyways at an increased disadvantage relative to the widely available market.  
  
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Let's look at an example match to illustrate this concept. A [[moneyline]] bet is a wager on which team will win the match. The Baltimore Ravens and New England Patriots both have the same odds of winning at -110. For those not familiar with [[American odds]], this means a $110 risk would yield $100 profit for a total return of $210 if that team were to win.
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An example of this can be seen below. Although not absolute favorites and overs are generally the preferred side of recreational bettors. Heading into the 2019-2020 college football National Championship game the LSU Tigers high powered offense seems unstoppable. A sharp betting site is offering LSU [[against the spread]] at -5 (-109), -215 [[moneyline]] odds, and a [[total]] set at 66.5.
  
 
{| class="wikitable" style="text-align: center; margin: auto;"
 
{| class="wikitable" style="text-align: center; margin: auto;"
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|'''Moneyline'''
 
|'''Moneyline'''
 
|-
 
|-
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|[[File:Patriots.png|25px]]
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|[[File:Clemson.png|25px]]
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|New England Patriots
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|Clemson Tigers
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| PK (-110)
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| +5 (-110)
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| Over 49.5 (-110)
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| Over 66.5 (-107)
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| -110
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| +180
 
|-
 
|-
−
|[[File:Ravens.png|25px]]
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|[[File:LSU.png|25px]]
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|Baltimore Ravens
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|LSU Tigers
−
| PK (-110)
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| -5 (-109)
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| Under 49.5 (-110)
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| Under 66.5 (-113)
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| -110
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| -215
 
|}
 
|}
  
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Imagine that a betting site's customers wagered a combined $22,000 on this game's moneyline market. The ideal scenario for a bookmaker would be to have a total of $11,000 bet on the Patriots and $11,000 on the Ravens. In this scenario regardless of which team wins they will pay $10,000 to the winners and collect $11,000 from the losers for a net return of $1,000.
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Sharp betting sites expect to take lots of action on these big games and wishes to offer lines that are as efficient as possible. They do not want knowledgeable sports bettors placing large wagers on sides that have positive expected value. Square betting sites feature have lower betting limits and can afford to adjust their lines away from the current market. Wagering on LSU's [[spread]], moneyline, or the [[over]] is relatively less favorable. LSU's spread is now -6 (-115) and moneyline -225. The total has also been raised to 67.5.  
  
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With this in mind one can see how oddsmakers must anticipate how their customers will perceive the lines they set. It is often not optimal for a sportsbook to set a line based strictly on the expected outcome determined by statistics. Bettors often believe certain teams are stronger or weaker than they actually are. In the previous example match assume that the math indicated that on average the Ravens would beat the Patriots by 3.5 points. At the time of writing this guide the Patriots are a team many people frequently bet on. Releasing a spread of 3.5 based strictly on the expected outcome would likely result in a distinct imbalance in money staked. Instead the spread is adjusted to 0.0 (PK) and both teams are given equal betting odds on the moneyline in order to attract net action to the other side.
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{| class="wikitable" style="text-align: center; margin: auto;"
−
 
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|- style="background-color:#eaecf0;"
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While this has been simplified it provides enough foundation to define the concepts of ''square'' and ''sharp''. These terms can be used to describe individual lines or entire betting sites. It's important to note that different sportsbooks offer different lines for the same match, adjusted for their respective customer base.
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|colspan="2"|'''Team'''
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|'''Spread'''
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|'''Total'''
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|'''Moneyline'''
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|-
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|[[File:Clemson.png|25px]]
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|Clemson Tigers
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| +6 (-105)
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| Over 67.5 (-105)
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| +185
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|-
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|[[File:LSU.png|25px]]
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|LSU Tigers
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| -6 (-115)
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| Under 67.5 (-115)
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| -225
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|}
  
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A [[square]] line is one that has a large deviation from the expected outcome. Oddsmakers adjust the line to make the side they expect a majority of their customers' action to be placed on less favourable. This is done to attract more bets to the other side in an attempt to achieve a balance of action.
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Savvy readers might have observed the advantage of betting against the line adjustments done by square sportsbooks. More favorable lines are now available with Clemson +6 (-105), Clemson ML (+185), and the under 67.5 (-115). While this is true, square betting sites have been known to limit the accounts of players who strictly take advantage of the line shading. This includes the practice of dealing [[dual lines]]; offering a sharper set of odds for customers deemed to ''know what they are doing''.  
  
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Consequently, a [[sharp]] line is one that has a smaller deviation from the expected outcome. Betting lines are close to what statistics would indicate is the average outcome of the game (if it were to be played many times over a large sample size).
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If you decide to register an account with a square betting site understand how to take advantage of their line adjustments. Be prepared to have your account limited and move on to the next one.
  
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It is common for betting sites to exclusively deal sharp or square lines. This is dependent on their respective customer bases' betting habits. Square sportsbooks cater to recreational and novice gamblers. Inexperienced sportsbettors are generally more inclined to bet on the square side of a given market. To take advantage of this oddsmakers shift the line to make it less favorable to bet on. This works to attract more bets to the other side in order to achieve a balance. And if it were to fail, and a majority of bets are still placed on the square side of the game, those bettors would be at an increased disadvantage for having a worse line relative to those available at competing sportsbooks. Those paying close attention might ask themselves why experienced bettors with large bankrolls don't take advantage of square adjustments by betting on the other side. These square sportsbooks generally prevent knowledgable bettors from doing this by restricting access, offering low betting limits, and issuing [[dual line]]s.
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==== Which to pick ====
  
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Sharp betting sites generally have a more diverse customer base. Novice, intermediate, and experienced sportsbettors allow the site to issue lines that are closer to the expected outcome. Even if a large portion of novice and intermediate bettors take the ''square'' side, experienced bettors would balance it out by placing larger wagers on the other side.
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While betting against a square sportsbook's line shading is a simple way to generate market advantage bettors will find themselves getting cut off frequently. Players who are serious about using sports betting to generate long term profit will eventually need to learn how to beat the market. This comes in the form of betting on early lines at sharper high limit betting sites in an attempt to beat the closing line.

Latest revision as of 19:51, 13 January 2020

This article outlines the criteria that bettors should consider when choosing an online betting site. Each sportsbook yields different advantages and disadvantages that players should be aware of prior to making a deposit. This guide covers determining betting site availability, deposit methods, withdrawal time, and the type of lines.

Availability

Online gambling laws force betting sites to have restrictions on which countries or states they can accept customers from. Before a bettor can begin comparing betting sites it is recommended that they draft a list of all options available to their region. A list of accepted countries and states should be available in the sportsbook's terms of service.

Betting Wiki includes a table of available countries on each sportsbook's respective wiki page. State-by-state restrictions will also be specified.

Example Sportsbook Availability by Country
Albania.svg Albania Australia.svg Australia Austria.svg Austria
Belarus.svg Belarus Belgium.svg Belgium Bosnia.svg Bosnia
Bulgaria.svg Bulgaria Canada.svg Canada China.svg China
Croatia.svg Croatia CzechRepublic.svg Czechia Denmark.svg Denmark
Estonia.svg Estonia Finland.svg Finland France.svg France
Germany.svg Germany Greece.svg Greece Hungary.svg Hungary
Iceland.svg Iceland Ireland.svg Ireland Italy.svg Italy
Japan.svg Japan Latvia.svg Latvia Lithuania.svg Lithuania
Macedonia.svg Macedonia Mexico.svg Mexico Moldova.svg Moldova
Montenegro.svg Montenegro Netherlands.svg Netherlands NewZealand.svg New Zealand
Norway.svg Norway Poland.svg Poland Portugal.svg Portugal
Romania.svg Romania Russia.svg Russia Serbia.svg Serbia
Singapore.svg Singapore Slovakia.svg Slovakia Slovenia.svg Slovenia
Spain.svg Spain Sweden.svg Sweden Switzerland.svg Switzerland
Ukraine.svg Ukraine UnitedKingdom.svg United Kingdom USA.svg United States

Reputation

After determining all betting sites available in your country it's time to verify each sportsbook's reputation. With plenty of options on the market players should not feel pressured to give their business to sites with a history of dishonest practices. A quick internet search should reveal any major incidents that have occurred in a sportsbook's past. Bettors should be aware that most betting site reviews do not highlight negative events in a bookmaker's history as their websites are partnered with the sportsbooks. As a result posts made on message boards and social media are often the best source of honest information. Betting Wiki aims to maintain a list of any concerning incidents on a sportsbook's respective wiki page.

Payments

Betting sites offer customers different methods of depositing and withdrawing funds. Bettors can narrow down their list of potential sportsbooks based on their preferred payment methods. Players should also be aware of any additional fees that might be charged to process a deposit or withdrawal.

Deposits

Deposits through credit card are the most frequently used funding method among sports bettors. Betting sites also offer alternative options including bank transfers, cryptocurrencies, and money orders. The majority of sportsbooks offer discrete deposits which means it will not show up as a betting site on your credit card or bank statement. Before selecting a bookmaker players should be aware of their available deposit methods, as well as if there are any additional processing fees associated with that payment option.

Betting Wiki maintains a table with each betting site's deposit methods on their respective wiki page. This table also includes the limits and processing fees associated with each method. An example of which can be found below:

Example Sportsbook Deposit Methods
Method Min Max Fee
VISA.svg VISA $45 $2,500 None
MasterCard.svg MasterCard $45 $2,500 None
MoneyGram.png MoneyGram $100 $500 None
ECheck.png eCheck $100 $5,000 None
ETransfer.png e-Transfer $250 $1,000 None
Bitcoin.png Bitcoin $45 No limit None
BitcoinCash.png Bitcoin Cash $45 No limit None
Litecoin.png Litecoin $45 No limit None

Withdrawals

Before depositing into a betting site players must be aware of withdrawal policies. Bettors should verify that their preferred payout method is offered, as well as the processing time and fees associated with it. The most common withdrawal method is through check but many sportsbooks offer faster payout options through cryptocurrency or bank transfer. Similar to deposits most sportsbook withdrawals are discrete which means it will not be indicated that the funds are coming from a betting site when received.

Betting Wiki maintains a detailed summary of each sportsbook's withdrawal policies on their respective wiki page. This includes payout methods, processing time, associated fees, and limits:

Example Sportsbook Withdrawal Methods (USD)
Method Min Max Fee Process Time
Bitcoin.png Bitcoin $25 $5,000 None 2 hours
BankWire.png Bank Wire $500 $5,000 None 1 week
ECheck.png eCheck $50 $3,000 None 1 week

Betting Markets

The things people bet on are called betting markets. Understanding how the market works and how each sportsbook handles them is necessary to generating long term profit. This section will provide a brief introduction to betting markets, the concepts of square and sharp lines, and how to evaluate how each prospective betting site views the market.

How markets originate

Contrary to popular belief betting lines and odds to not originate in Las Vegas. Offshore betting sites that take a large amount of wagers such as BetCRIS are the first to release opening lines. These lines are released with low initial limits and adjusted based on early action. In general the majority of players who bet into early markets are sharper bettors who have identified an advantage. When a betting market is young it is at it's lowest expected efficiency. This means that the line available at the sportsbook is believed to have the largest deviation from a fair line (a theoretical line set with perfect information). Identifying these advantages and betting accordingly is the key to profitable sports betting. Opening lines are adjusted based on this early action. As they become more efficient limits are slowly raised.

Lines

As the lines originated by the large offshore betting sites settle other sportsbooks clone them. This includes casinos with physical locations in Las Vegas. Because these offshore betting sites have a significantly larger handle their lines yield the most accurate reflection of the current market. Some sportsbooks use exact mirrors of the lines, while others adjust them slightly based on the betting tendencies of their respective customers. This introduces the concept of sharp and square betting sites.

Sharp sportsbooks

Betting sites that offer lines that accurately reflect the current market are known as sharp sportsbooks. These lines mirror the ones currently available at the large offshore betting sites that originated them. Sharp sportsbooks generally offer high betting limits and do not penalize winning bettors. When deciding whether or not to register an account at a sharp sportsbook its important to deduce how early their lines are posted. The earlier one can bet into a market the larger the expectancy for their potential advantage. Betting sites that wait for the offshore market to settle before releasing their cloned lines inhibit their customers from having a chance at gaining that edge.

Square sportsbooks

A square sportsbook adjusts the current market lines based on the betting habits of their respective customer base. These betting sites cater to beginner and recreational sports bettors. Because the majority of recreational bettors are more likely to be drawn to the same side of certain betting markets (such as a popular favorite) square bookmakers shade the line to make it less favorable to bet on. This puts customers who wager on that side anyways at an increased disadvantage relative to the widely available market.

An example of this can be seen below. Although not absolute favorites and overs are generally the preferred side of recreational bettors. Heading into the 2019-2020 college football National Championship game the LSU Tigers high powered offense seems unstoppable. A sharp betting site is offering LSU against the spread at -5 (-109), -215 moneyline odds, and a total set at 66.5.

Team Spread Total Moneyline
Clemson.png Clemson Tigers +5 (-110) Over 66.5 (-107) +180
LSU.png LSU Tigers -5 (-109) Under 66.5 (-113) -215

Sharp betting sites expect to take lots of action on these big games and wishes to offer lines that are as efficient as possible. They do not want knowledgeable sports bettors placing large wagers on sides that have positive expected value. Square betting sites feature have lower betting limits and can afford to adjust their lines away from the current market. Wagering on LSU's spread, moneyline, or the over is relatively less favorable. LSU's spread is now -6 (-115) and moneyline -225. The total has also been raised to 67.5.

Team Spread Total Moneyline
Clemson.png Clemson Tigers +6 (-105) Over 67.5 (-105) +185
LSU.png LSU Tigers -6 (-115) Under 67.5 (-115) -225

Savvy readers might have observed the advantage of betting against the line adjustments done by square sportsbooks. More favorable lines are now available with Clemson +6 (-105), Clemson ML (+185), and the under 67.5 (-115). While this is true, square betting sites have been known to limit the accounts of players who strictly take advantage of the line shading. This includes the practice of dealing dual lines; offering a sharper set of odds for customers deemed to know what they are doing.

If you decide to register an account with a square betting site understand how to take advantage of their line adjustments. Be prepared to have your account limited and move on to the next one.

Which to pick

While betting against a square sportsbook's line shading is a simple way to generate market advantage bettors will find themselves getting cut off frequently. Players who are serious about using sports betting to generate long term profit will eventually need to learn how to beat the market. This comes in the form of betting on early lines at sharper high limit betting sites in an attempt to beat the closing line.

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