Can anyone suggest a good book on...

[AgainstAllOdds]

Bookmaking? I would like to read up some books on how an acutal bookmaking operation. Not that I want to become a bookie, but I want to learn how books operate, in hopes of maybe finding an edge or just even finding out more about the process. I've looked for a couple but didnt find anything that seemed solid. Any suggestions?

[AgainstAllOdds]

Books ive found so far are...The art of Bookmaking, Book on Bookies and was looking at Fixed odds sportsbetting: Statisitcal Forcasting and Spors Management



Well I just came back to post in here and relized I put it in the think tank. Anyway Ganch you can remove it.

[Ganchrow]

Bookmaking? I would like to read up some books on how an acutal bookmaking operation. Not that I want to become a bookie, but I want to learn how books operate, in hopes of maybe finding an edge or just even finding out more about the process. I've looked for a couple but didnt find anything that seemed solid. Any suggestions?

You might want to check out The Book On Bookies and The Art of Bookmaking.

IMHO, both are decidedly so-so at best.

[Ganchrow]

Fixed odds sportsbetting: Statisitcal Forcasting and Spors Management

This is an excellent introductory book on quantitative sports betting and risk management, but it's not going to shed much light on the ins and outs of running a bookmaking operation.

[dcbt]

I recently read Super Bookie: Inside Las Vegas Sports Gambling by Art Manteris. It was an interesting read, though I don't remember much groundbreaking material.

[AgainstAllOdds]

You might want to check out The Book On Bookies and The Art of Bookmaking.

IMHO, both are decidedly so-so at best.

Yea I was looking over these two but they both seem kind of square. Might read them anyway. But I guess more importantly what Im trying to do is learn "the whole process". I would like to start with the bookmaking operation standpoint, then move out to the bettors standpoint. It seems like a know alot, but at the end of the day im still a fish. And of course I've been winning, but I know that is most likely do to luck and not because I have been making the smart bets. Either way, I would like to find out more about gambling and hopefully can find some good reads about it. Might even take some time off from gambling and just study books.

[durito]

There is a ton of information you can learn right here.

Start here:

http://forum.sbrforum.com/handicapper-think-tank/11994-introduction-betting-lines-percentages.html

http://forum.sbrforum.com/handicapper-think-tank/12142-introduction-expectations-theoretical-hold.html

[AgainstAllOdds]

Thanks durito...good reads....

Ganch... For this forumla E(Unit Profit)
= probability of win * amount won – probability of loss * amount lost1


So the probabilty of win is the line set by the book?

___________________________________



And also for zero vig

So in general, for a favorite offered at a line of F (F < -100), the implied probability of a win is given by -F/(100-F). (This is just the ratio of dollar value risked to dollar value returned. Remember that F is a negative number.)
.

It would seem to me that there has to be more criteria that you would want factored in than just dollar amount risked to reward...What else should be taken into consideration?

[Ganchrow]

Ganch... For this forumla E(Unit Profit)
= probability of win * amount won – probability of loss * amount lost1

So the probabilty of win is the line set by the book?

No, the probability of a win is the "real world probability" determined via modeling and/or exogenous knowledge.

For example, the probability of any craps (i.e., 2, 3, or 12) appearing on the next roll in the game of craps is 1 9 irrespective of the odds offered on that bet by any given casino.

And also for zero vig

So in general, for a favorite offered at a line of F (F < -100), the implied probability of a win is given by -F/(100-F). (This is just the ratio of dollar value risked to dollar value returned. Remember that F is a negative number.)

It would seem to me that there has to be more criteria that you would want factored in than just dollar amount risked to reward...What else should be taken into consideration?

Nope, for implied probability that's all there is to look at.

Recall that all the implied probability figure represents represents is the probability that would imply zero edge on any given given bet. So using the craps example from above of rolling 2, 3, or 12 on one's next roll, were the odds on this bet offered at +700 (which is standard in most Vegas casinos), then the implied probability be 100 (100+700) = 1 8 .

Because the implied probability is lower than the actual probability, this means that the bet is necessarily -EV (in fact EV = 8 × 1 9 - 1 = - 11.11% -- that's EV = 1 (implied probability) × (actual probability) - 1).

[AgainstAllOdds]

Alright now I understand....thanks ganch.