Betting Arbitrage

Betting arbitrage, miracle bets, sure bets, sports arbitraging is a particular case of arbitrage arising on betting markets due to bookmakers’ different opinions on either event outcomes or plain errors. By placing one bet per each outcome with different betting companies, the bettor can make a profit. In the bettors' slang an arbitrage is often referred to as an arb; people who use arbitrage are called arbers. A typical arb is around 2 percent, often less; however 4-5 percent are occasionally seen and during some special events they might reach 20 percent. Arbitrage betting involves relatively large sums of money stakes are bigger than in normal betting.

Bookmakers generally disapprove of arbers, and restrict or close the accounts of those who they suspect of engaging in arbitrage betting. Although arbitrage betting has existed since the beginnings of bookmaking, the rise of the Internet, odds-comparison websites and betting exchanges have enabled the practice to be easier to perform. On the other hand, these changes also made it easier for bookmakers to keep their odds in line with the market.

The best way of generating profit, which has been established in Britain via sports arbitrage, consists of 'key men' employing others to place bets on their behalf, so as to avoid detection and increase accessibility to bookmakers. This allows the financiers or key arbers to stay at a computer to keep track of market movement.

While often claimed to be risk-free, this is only true if an arb is successfully completed; in reality, there are several threats to this:

Arbs in online sports markets have a median lifetime of around 15 minutes, after which the difference in odds underpinning them vanishes through betting activity. Without rapid alerting and action, it is possible to fail to make all the legs of the arb before it vanish, thus transforming it from a risk-free arb into a bet. High street bookmakers however, offer their odds days in advance and rarely change them once they have been set. These Arbs can have a lifetime of several hours.

Making errors: In the excitement of the action and due to the high number of bets placed, it is not uncommon to make a mistake like traders on financial markets. For example the appropriate stakes may be incorrectly calculated, or be placed on the wrong legs of the arb, locking in a loss, or there may be inadequate funds in one of the accounts to complete the arb. Those errors might temporarily have an important impact. In the long term, the benefit will depend on the odds. For example one could actually make more money by placing the wrong bet where the outcome happens to be beneficial, though not justified by the arbitrage calculation. However, this stroke of luck being repeated is unlikely, assuming the bookies have calculated the odds so they make a profit.

Bet cancellation: If a bettor places bets so as to make an arbitrage and one bookmaker cancels a bet, the bettor could find himself in a bad position because he is actually betting with all the risks implied. The bettor can repeat the bet that has been cancelled so as minimize the risk, but if he cannot get the same odds he had before he may be forced to take a loss. In some cases the situation arises when there are very high potential payouts by the bookie, perhaps due to an unintentional error made while quoting odds. Many jurisdictions allow bookmakers to cancel bets in the event of such a palpable [obvious] error in the quoted odds This is often loosely defined as an obvious mistake, but whether a palp in fact has been made is often the sole discretion of the bookmaker.

Other problems: Bookmakers who suspect arbing can set very low maximum stake limits, making arbing insufficiently profitable. Capital diffusion is serious; many bookmakers make it very easy to deposit funds and difficult to withdraw them. Making a return involves many bets spread over typically many bookmakers so keeping track is a considerable challenge, and requires excellent record-keeping.

Gambling Disorders

The beliefs of a society about a health condition can have a huge impact on the people who suffer from the disorder. Public opinion can influence public health policy, public and private harm minimization efforts, research funds and treatment support. At the individual level, negative public views of a disease and the stigma it creates can strongly discourage individuals from admitting that he or she has the problem and seeking treatment for the condition. There is little data available on public opinion of gambling disorders; however, a new study published in the Journal of Gambling Studies fills this void with a systematic examination of public opinion on gambling disorders.

Researchers conducted telephone surveys with 8,467 adults in the Toronto area and questioned people about their opinions of how to best understand gambling disorders. Researchers asked if gambling disorders should be treated as a disease or illness, a wrongdoing, a habit, not disease or an addiction similar to drug addiction. Researchers also inquired if people with gambling disorders can get well on their own or must seek treatment to improve and polled adults on whether people with gambling disorders can reduce their gambling to that of a social gambler or if they need to quit altogether. The survey also gathered information on the gambling behavior and demographics of the respondents.

The researchers found that most people viewed gambling disorders as an addiction similar to drug addiction, with one-third seeing gambling as a habit and 17 percent viewing gambling as a form of wrongdoing. Responses to whether gamblers needed treatment to recover showed a split jury, and three out of four thought that abstinence from gambling activities must happen for recovery. Examining the demographics, the researchers found that being female, married, younger and without gambling problems paralleled believing that treatment and abstinence were necessary. In addition, people who viewed gambling problems as a disease or addiction also believed that treatment and abstinence for recovery are necessary.

The researchers noted that public perceptions reported in their study mimic the results of a 2003 study that examined the views of the public on alcohol use, with 71 percent of respondents saying that abstinence must occur for recovery. This popularly held belief is also the view of much of the scientific community as reflected by the upcoming changes the American Psychiatric Association is making.

Finally, researchers concluded that people with gambling disorders were less likely to think that treatment and abstinence were necessary for recovery. This may be because many people who meet the clinical guidelines for a gambling disorder do not think they have a problem and even those who believe they do have a problem are unlikely to seek treatment.

Poker Tournament

A poker tournament is a tournament where players compete by playing poker. It can feature as few as two players playing on a single table called a "heads-up" tournament, and as many as tens of thousands of players playing on thousands of tables. The winner of the tournament is usually the person who wins every poker chip in the game and the others are awarded places based on the time of their elimination. To facilitate this, in most tournaments, blinds rise over the duration of the tournament. Unlike in a ring game or cash game, a player's chips in a tournament cannot be cashed out for money and serve only to determine the player's placing.

To enter a typical tournament, a player pays a fixed buy-in and at the start of play is given a certain quantity of tournament poker chips. Commercial venues may also charge a separate fee, or withhold a small portion of the buy-in, as the cost of running the event. Tournament chips have only notional value; they have no cash value, and only the tournament chips, not cash, may be used during play. Typically, the amount of each entrant's starting tournament chips is an integer multiple of the buy-in. Some tournaments offer the option of a re-buy or buy-back; this gives players the option of purchasing more chips. In some cases, re-buys are conditional for example, offered only to players low on or out of chips but in others they are available to all players called add-ons. When a player has no chips remaining and has exhausted or declined all re-buy options, if any are available he or she is eliminated from the tournament.

In most tournaments, the number of players at each table is kept even by moving players, either by switching one player or as the field shrinks taking an entire table out of play and distributing its players amongst the remaining tables. A few tournaments, called shoot-outs, do not do this; instead, the last player sometimes the last two or more players at a table moves on to a second or third round, akin to a single-elimination tournament found in other games.