It is found that only 3% of the bettors are able to make money from the betting activity. Thus, the chances are quite high that losing bettors may swirl down into the gorge of debts. It happens when the punters don’t follow the financial discipline and keep betting mindlessly on every opportunity that passes by. The punters get into the race of making more money in less time thinking betting to be a quick route. This approach may make them debtor to bookies who they bet against. Let’s find out how betting can make a punter a debtor to a bookie and if one can ever beat a bookie or win at purely luck-based games like slots.
Can you be in debt to a bookie?
It is not uncommon to get in debt to a bookie. Records reveal that Australia tops the list of countries making highest gambling losses per capita. Tarrance Watanabe, an American businessman and high-roller at gambling clubs at Las Vegas lost $204million in gambling and was banned by Wynn Las Vegas for compulsive gambling.
Online bookie offers a variety of offers to the newbies who register with the site. All these offers come with a wagering requirement which can be as high as 40x or more of the joining bonus offered. Also, there are conditions to withdraw the money. Means, the punters have to wager as per the wagering requirements and win the bets to be eligible for withdrawals. Such conditions require the punters to bet a lot of money. In case of continued failures, the punters compulsively try more bets to cover losses and also to gain eligibility for withdrawals. Thus, they may end up spending more than they can afford resulting in being in debt to the bookie.
A bookie offers rescue offers too, but those don’t provide too extensive a coverage for the losses made. So, the collective outcome of compulsive betting, too low returns on bets and stringent withdrawal policies of the bookies can make a person in debt to a bookie.
Can you be in debt with bookies?
A report by Kindbridge Behavioral Health published at the Center for Public Justice highlights that about 20% of the male population is in debt from sports betting. These are the people who have not only made regular losses, but have also used the credit schemes available with the bookies.
Bookies portray sports betting as an activity which is skills-based, which is not true. The element of luck can never be ignored. Also, there are betting syndicates at work that follow unjust practices like match-fixing, etc. that robs the punters off their chance of winning bets. That is why, the sports betting activities have come under the State’s scanner and several corrective measures are being placed to stop people from betting recklessly. There are support hotlines also provided to let bettors get help for their betting addictions.
However, being in debt with bookies is a rarity. The bookies are not into the business of lending money. But, they do identify a promising customer and the revenue-earning possibilities that a punter strung to them brings along. So, the bookies keep offering money on credit and the punters repay a portion of the debt from time to time allowing both to meet their motives.
Can you ever beat the bookies?
Beating the bookies is rare but not entirely impossible. The bookies have robust and sophisticated algorithms that deliver more accurate predictions. But such algorithms may not cover human-led surprises common to any match. For instance, historical records may show a team to have lots of wins in the past but the missed fact that the key player got suspended due to foul play, changing the scene as a result, may affect the outcome. So, the punters who are faster in making decisions and place bets before the odds change end up beating the bookies and make more money.
Bookies usually earn from the cut they take from the bet. If that cut changes the odds to higher value, the bookies may require paying off more. Usually, low odds are assigned to the stronger teams as a match winner. As a result of factoring the cut, the odds assigned are higher than the proposition deserves. This creates value in the bet and allows punters to make money. The value in the bet is the prime source for income for the bettors where they get to beat the bookie and make money from betting.
Bookies are also beaten by the way of sure bets. The punters use multiple platforms having high differences in odds and pick either side there. So, let’s say, a punter may be wagering $100 on Team A on one platform where odds are 3/1 and $150 on the other platform where odds are 2/10. Due to sure bet conditions, a punter will end up making money on either of the platforms irrespective of the match result.
Can you ever win on slots?
Slots are entirely luck-based. These are designed to help the gamblers capitalize on their luck. Still, a few slots stand out among the lot because of the humongous payouts they have offered. For example, WowPot! Wheel of Wishes has reportedly churned $42 million as winning, which is one of the highest amounts ever won on slots. Also, slots chosen for playing should be calibrated and checked for fairness regularly. Megabucks is one of the slot machines that is found to be not rigged and have yielded huge wins.
To conclude,
Bookies may have a soft corner towards regular punters and may offer them credits or other facilities. Mostly, high-rollers are trusted upon and offered extra money to bet so that the relationship among the bookie and the gambler is maintained. It is important not to fall prey to such traps should one desire to remain debt-free while betting. For good sports advice, one can access tips from footballtipster.net and play with their own money. It may help them score winnings in soccer bets and not become debtors to any bookie.
