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Beginner
Course

How bookmakers work

How a bookmaker makes money, what bonuses are really worth, why accounts get restricted, and how live odds and cash out are priced.

What you will learn

  • Understand the margin and why sharp bookmaker prices are the reference.
  • Work out the real value of a bonus with wagering terms.
  • Know why and when accounts get restricted and what to expect.
  • See how cash out is computed and why it is usually a worse price.

Lessons

1How a bookmaker makes moneyA bookmaker earns from the margin built into its odds, and sharp prices without the margin are the best reference for a fair probability.3 min2Bonuses and free bets: what they are really worthA bonus is worth the bonus minus the expected margin cost of its wagering requirement, so a high requirement can make it worthless.3 min3Account limits and restrictionsBookmakers can restrict accounts that consistently beat their prices, which caps the profit even when an edge exists.3 min4Live betting and cash outCash out is fair value minus a margin, so it is usually a worse price than holding the bet.3 min

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