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So nobody was doing anything wrong, they figured. One day, while Spanky awaited the birth of his daughter in the hospital, his partner went to a Dunkin Donuts to pick up some money an offshore book owed them. Then, as they got in their cars to leave, they were surrounded by police officers with their guns drawn. Trap door? For what? The other employees, shaken, followed him out the door. He even expanded his operation beyond middling games, and together with his new brain trust developed new models that allowed him to take positions on games.
Fundamental analysis is handicapping. You make numbers. Technical analysis, you look at the market. His team started spending their days watching screens with lines from sportsbooks all over the world, and using finely tuned models to analyze the various line movements and interpret what they meant. In some ways it was similar to what day traders might do in the stock market. By , middling and steam betting had made Spanky what he deemed a fortune, and he had made a name for himself.
After Congress passed the Unlawful Internet Gambling Enforcement Act in , it became next to impossible for American gamblers to deposit and withdraw money from offshore gambling sites. Not all bookmakers decamped from the Caribbean, however. Those who stayed behind had to largely forgo doing business with the American market. Johnny Aitken, who went from working as a runner for a major gambling syndicate in Australia all the way up to becoming CEO of the Australia-based sportsbook PointsBet, watched it happen.
But recreational gamblers either get lucky and win or they go broke, and if they get too lucky, too often they get banned. Either way there is a law of diminishing returns for the bookmaker who will tolerate no risk, unless that bookmaker can continually locate new, untapped pools of players, like an energy company constantly looking for new pockets of oil or gas buried beneath the shale.
These became the two prevailing models of bookmaking. On one side were the European-style books. On the other side were companies like Pinnacle, who offered lower odds and took on larger bets. Pinnacle and BetCRIS were known to let certain sharp players bet their lines before they went public. One side gets a bet at house limits, the other side gets valuable information. This is the way it worked for many years, more or less. But according to Peabody, the days of posted limits and sharp players being able to bet started to end when William Hill arrived in Nevada.
Of the physical sportsbooks in Nevada, William Hill operates more than If someone is good enough to beat you why not use that information internally? Take the bet at a smaller amount and use it to move your line. It is completely false to say that we ban people simply for winning. There are literally tens of thousands of customers in Nevada that are winners at William Hill. In the rare situation where we do prohibit someone from wagering with us, there are a variety of reasons why. If someone tells you that the reason that they are prohibited from wagering with William Hill is because they are winning, they are not telling you the whole story.
Total, total, utter bullshit and you can quote me on that. By , Spanky says he was allowed to bet directly in only five places in the entire world. He had three kids, with a fourth on the way. His business had been profitable and predictable. His employees were happy. He was becoming a wealthy man. But the European-style changes in the market could potentially kill his livelihood.
That meant that he needed to keep millions of dollars in action to earn enough to support his family and his employees. And with so many sportsbooks refusing his action, he needed to get creative. They would provide Spanky with their own accounts to bet into with other bookmakers, and they could split the proceeds.
These bookmakers already knew he was a winning player, and most leaped at the opportunity to make a profit off his plays, while at the same time taking a bite out of their competition. Bookmakers were more skittish about taking on risk than Spanky had ever seen before. With so little independent data and analysis of their own lines, bookmakers were flinching at every shadow. I give him the money and take the betslip, then return to my chair in the front row. The game then appears on the screen, only the line is now Xavier They should have given Toledo MORE points, not fewer, to get someone to take the other side of the game and balance out my bet.
Instead, by moving the line in my direction, they were trying to entice me to bet more! I clutch my backpack and go back up to the counter to speak to the manager. He punches it into the computer and waits for word from the trading office in Las Vegas. When I return to my seat, the game flashes again, and this time the line goes back to Back to the counter, and another bet approved.
This time, the line moves to You can keep sending people with new names and fresh money. He was betting much smaller amounts. Instead of reacting to my bet, William Hill reacted to the lines moving at all the places Spanky was betting, from -5 to When I left the casino the line was already at One of the people Spanky partnered with in to make bets for him was a bookmaker in Allentown, New Jersey.
Investigators overheard Spanky talking to the bookmaker about money he was owed. I was just a bettor. Through those wiretaps, investigators traced an intricate web of bookies and bettors that stretched across the globe, and involved both illegal street bookies and a major Wall Street financial firm, Cantor Fitzgerald. They took him away in handcuffs. In all, they arrested 25 people in five states. Spanky says he was a victim of a misunderstanding about how his business worked, that he was mistaken for a bookmaker when he was merely a bettor.
He was placing bets through so many accounts and with so many partners, often with bookmakers who themselves were operating illegally in the United States, that it created a confusing web of cash moving back and forth among many parties on both sides of the law.
In all, Spanky was charged with enterprise corruption; fourth-, third-, second-, and first-degree money laundering; first-degree promoting gambling; and fourth- and fifth-degree conspiracy. As Spanky and Mike sat in jail, they contemplated their future.
Perhaps they should get out of the gambling business. Mike suggested they open up a hot dog stand. He took his first break from betting in 12 years. He joined a touch football league. He played in board game tournaments. Eventually he wondered what he was doing with his life.
This is all I know how to do. His Princeton guys got scared and quit. His betting partners worried he was hot, maybe working with the feds. And his wife was terrified the police might come kicking in the door again. She asked him to promise it would never happen. What he could promise her was that he would live his life out in the open.
There would never again be any doubt which side of the counter he was on. Over the next few years, Spanky and Mike worked hard to build their business back up. They started betting again, building their bankroll back up. They had a few good football seasons.
Things appeared to be getting back on track for them. It was like a dream come true. The work that Spanky had done his entire life—work that once required him to hide his identity, to meet people in back alleys to trade sacks of cash, work that led to his phones being tapped, his nest egg being confiscated, and his reputation dragged through the mud—he would finally be able to do with his head held high. Showing astute foresight, William Hill signed a deal with Monmouth Park in , a full five years before the PASPA decision, at a time when few people were predicting the law would be overturned.
But Mike thought it was worth a shot. The first day Spanky arrived at Monmouth Park, the place was packed, and people were betting with both hands. Could it be possible that bookmaking in New Jersey was going to be a return to the good old days? Spanky interrogated the manager for the video. From then on, Spanky was a man on a mission. As each new sportsbook opened in New Jersey, Spanky showed up.
Each time he negotiated bet limits. Each time he was welcomed by the sportsbooks with open arms. Casinos usually salivate over players willing to bet large amounts, wining and dining them and putting them up in free suites. The new sportsbooks in New Jersey were no different.
Four weeks I was there. Once I started winning, I had a big weekend and held 32 percent, they cut me off. Sometimes it was after a week of taking his bets. Sometimes within a couple of days. Each time he recorded it and posted the videos on Twitter. Each time his followers grew, cheering him on. After Pennsylvania legalized bookmaking and Parx Casino opened its sportsbook, Spanky tweeted that he was planning to go check it out.
Not every sportsbook in New Jersey has banned Spanky. The Hard Rock, the most recent sportsbook to open in Atlantic City, welcomes his action. He was the manager of the famed Stardust sportsbook in Las Vegas in the s and early s. While others are run by large international conglomerates pooling money from bets taken all over the world, the Hard Rock is backing the sports bets it takes with its own money.
Johnny Aitken at PointsBet is also hoping to make a big splash in New Jersey by going against the grain and allowing sharp players to bet big, and he hopes it will even help give his book an edge. The three-day event was a trade show for the technology and data companies, many of whom are European, that hope to break into the fledgling American market. Data and technology are the driving forces in sports gambling now, more closely resembling a bizzaro version of Wall Street.
Bookies are now traders. Bets are positions. Instead of talking about fumbles or points or vig or juice, you hear talk of Python and stacks and hold and risk. Old-school bookmakers are being replaced by algorithms that do the work once done by armies of traders, whose jobs are now to oversee the systems that power the trading floor.
Well, I call them traitors. Gambling, it seems, is only what the customer is doing. Gambling is for suckers. It is simply finance. And it must never, ever lose money. Now these guys who run these casinos do not even gamble. Jon Kaplowitz, the head of interactive for Penn National Gaming, which is partnered with William Hill, was asked about their risk management strategy. I myself have personally been kicked out of all of your sportsbooks, as well as several of my colleagues, for the action being quote-unquote too sharp.
After some uncomfortable snickers from the audience, and an answer from Kaplowitz about how he has to manage between giving customers a great experience and making a profit, Asher grumpily responds. Later that evening, one conference attendee tells me he heard Spanky threatened to go after Asher with a baseball bat. When I tell him what Spanky actually said, the man seems a little disappointed.
And other gamblers were patting him on the back and thanking him for taking a stand against the greedy corporations. Long gone were the days of bettors grousing about his steam play, of calling him a bottom feeder. Spanky Kyrollos, however, knows a guy, and we get in no problem.
All of the bets I made were either for games the following day or games currently being played. My work is already done. The couple at the table next to ours interrupts Spanky. They recognize him. Spanky is gregarious in chatting with them. If there is such a thing as New Jersey charm, Spanky exudes it. Then he jumps back in without missing a beat. I love the challenge. And when you beat the line, that means you won. But I do admire his pride in craftsmanship. In this particular battle, his foe is so vastly powerful and wealthy that I can understand his enthusiasm for this small victory.
I even root him on. Or it could simply be that deep inside his heart he is that increasingly rare creature in this modern world: a true gambler. Sports Betting For Dummies. Swain Scheps. More items to explore. Wayne L. Dean Oliver. Tobias Moskowitz. Then One Day Chris Andrews. Register a free business account. Customer reviews. How are ratings calculated? Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon.
It also analyzes reviews to verify trustworthiness. Top reviews Most recent Top reviews. Top reviews from the United States. There was a problem filtering reviews right now. Please try again later. Verified Purchase. The Logic of Sport Betting teaches concepts of how to win with perspectives that have I have never seen published before.
How does a Sportsbook generate a line for a given market? Looking at that process, you can identify when and what will be easiest to attack as a sports bettor. The process explains why it is nearly impossible to win at the NFL betting 30 minutes before a game starts, and which markets are easiest to beat.
What is a break-even percentage? How do you calculate a theoretical hold on a multi-way market, or a synthetic two-way market? In addition to the process, this book teaches about the markets. What do different line moves mean? What types of market moves warrant betting more or less? Much of the book focuses on helping you understand the operation of a sportsbook, and the inherent weaknesses it has.
If you see the enemy as they see themselves, you will better see and understand glaring weaknesses in what they do. The final section includes bread and butter things that winning players know and do. If you have exceptional information or an angle, how do you best use it to make money? When do you often see big value in derivatives and props?
If you are a losing player, there is a lot you need to learn from this book. If you are a winning player, it might make you think in more depth about possibly incorrect assumptions you have made. I gave this book 5 stars because it offered a lot of information I have never seen published, it was coherently themed to elevate players, and it was extremely well written and edited.
This book rambles on with so many hypothetical situations and possibilities that in the end teach the reader nothing. It is really for novices only. The theme of the book is to bet early at the best lines only, or bet against lines or situations that are "weak".
A lot of mathematical claptrap is discussed, and reader gets little or no insight on handicapping winners. This book will not improve your betting bottom line at all. The publisher must have told them to give them more content, because rather inconsequential stuff is repeated, and some useless things are given attention. The lackluster writing and poor flow may work for those who nothing whatsoever about sportsbooks and betting.
Not a great read at all. I concur with others that this book is critical. I would suggest to get this book in the hands of lawmakers right away. Sports betting is a low margin business. The authors explain how the business actually works from the bookmaker's and bettor's point of view.
I'd try to send it to lawmakers in Kindle form if possible as a gift. Mail a physical one, too. Also, it'll confirm that tax rates for some of these states are way too high. If the hold percentage is too high, you might as well don't bother. I am not advocating this but reality is many will bet offshore, some states got greedy and their high rates will be counter-productive.
The sooner people in states that have legalized or may shortly have this book, the better. Take four hours over a couple of days to read it. Reread parts you don't grasp right away. Then re-read the book. I don't know who said "Treat it like a business and it can pay like a business but treat it like a hobby and it will cost like a hobby," but that person was spot on.
This book is a God-send for the cause. I have dabbled in poker. I am now at the point where I win any home games, and could probably do okay at the local casino. A large part of this was the foundational knowledge from Ed Miller's earler poker books have not read the ones from the past few years. So, I am seeing great offers from the on-line casinos for sports betting now. This is similar to what was offer during the poker craze many years ago. How to take advantage?
I looked around for a book. Picked up a couple and they were crap. Sure, I followed sports and thought I knew what I was doing. I have always done well at the football pool at work. Nope, I didn't know what I was doing, and was merely lucky. This book gets into what you HAVE to know to have a chance at winning at gambling on sports, consistently and over the long term. However, it is not like you are given the keys to a car and can drive it away. This book suggests, to me, that you have to start modelling to choose winners.
At least that is my take away. This will be hard work. It starts with a mathematical description of how to convert the odds that are given to the percentage of times your pick has to win to make money. THis is fundamental to a better understanding of what means. For someone in the business, sure this may easy, but it was hard for me, as a beginner in the area. The hold is a crucial calculation which you have to be able to calculate. Then it helps you understand the market you are betting into.
Then he finally gets into how to win , and exotic bets like prop bets and parlays. As he outlines, there are reasons to believe there are some good deals out there for sports bettors. If you want to get into the area, you would be wise to read this book. See all reviews. Top reviews from other countries. Translate all reviews to English. Also as you touched on in the book the In-play markets in Europe are a lot more mature they've been around for years the information on the 3rd party feed was also a real eye opener.
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Increasingly, online bettors are turning to the use of betting exchanges such as Betfair and BETDAQ , which automatically match back and lay bets between different bettors, thus effectively cutting out the bookmaker's traditional profit margin also called an overround.
Betting exchanges compete with the traditional bookmaker. They are generally able to offer punters better odds because of their much lower overheads but also give opportunities for arbitrage , the practice of taking advantage of a price differential between two or more markets. However, traditionally, arbitrage has always been possible by backing all outcomes with bookmakers dutching , as opposed to laying an outcome on an exchange.
Exchanges, however, allow bookmakers to see the state of the market and set their odds accordingly. With the increasing number of online betting exchanges, betting exchanges are now providing free bet offers in an attempt to lure customers away from the competition. These free bets are generally based on the size of the deposit made into the gambling account.
Some bookmakers have even taken to using betting exchanges as a way of laying off unfavourable bets and thus reducing their overall exposure. This has led to insecurity from some TABs in Australia, state-run betting agencies that attempted to deny Betfair an Australian licence by running unfavourable ads in the media regarding the company. When Tasmania granted Betfair a licence despite these efforts, the Western Australian state legislature passed a law that specifically criminalised using betting exchanges from within the state; however, the law was later ruled to be unconstitutional.
As a result, internet gambling in Australia required a new legal framework. The Interactive Gambling Act regulates the online gambling market in Australia, together with all its amendments. The last amendment was introduced on 13 September This bill states that online casinos, online poker and live betting is illegal in Australia.
Online sports betting is legal, however. Bets are also taken via phones, using email and SMS text messages,  though poker and other sports are more suited to other media. As technology moves on, the gambling world ensures it is a major player in new technology operations. Most televised sports in the United Kingdom and the rest of Europe are now sponsored wholly or partly by Internet and high street bookmakers, with sometimes several bookmakers and online casinos being displayed on players' shirts, advertising hoardings, stadium signs and competition event titles.
Sponsors are especially highlighted in the football category since football fans present a significant percentage of the target group the bookmakers serve. Many of the bookmakers are sponsoring some of the major football teams in the major European football leagues,  although Werder Bremen are currently fighting the German courts for the freedom to continue featuring bookmaker Bwin on their shirts, as Germany and France take action against online gamers.
The latest amendment of the ITG states that. New online sportsbook laws are expected in the near future in Germany, as this law is only temporary: the expiration date is set to be on 20 June The situation is not that strict in France, however. International bookmakers are allowed to enter the French market, thanks to the Law No. With the recent banning of tobacco sponsorship  and the significant commercial budgets available to the gaming industry, sponsorship by car manufacturers, alcoholic drinks, soft drinks and fast-food marketers is being rapidly replaced by sponsorship from gaming companies in the Far East and Europe.
This system includes new provisions for regulating the advertising of gambling products. These provisions of the Act came into effect in September It is an offence to advertise in the UK, gambling that physically takes place in a non- European Economic Area EEA or, in the case of gambling by remote means, gambling that is not regulated by the gambling laws of an EEA state. The Gambling Commission is the body that makes sure all sites and operators follow the new restrictions.
In addition to the Gambling Act of , according to the new gambling bill, online gambling sites are only allowed to offer services within the United Kingdom, if they are registered at the UK Gambling Commission. The situation is more confused in the United States, which has attempted to restrict operators of foreign gambling websites accessing their domestic market.
All forms of online gambling are illegal within the states of Utah and Hawaii, while the states of Delaware, Pennsylvania and New Jersey took a different approach: almost all forms of online gambling are legal in these states. These are the only US states where online casino sites can be legally registered. It is important to mention that Native Americans have their own gambling legislation - the Indian Gaming Regulatory Act of However, they need their state's approval in order to be able to offer their services online.
From Wikipedia, the free encyclopedia. Organization or person that takes bets on sporting events. This article is about bookmaking in the sense of gambling. For other uses, see bookmaker disambiguation. For other uses of "bookie", see bookie disambiguation.
Main article: Mathematics of bookmaking. Main article: Gambling in the United Kingdom. Business and economics portal Law portal. Enfield, Middlesex: Guinness Publishing. Journal of Prediction Markets. Manchester University Press. Encyclopedia of British Horseracing. Oxford Dictionary of National Biography.
This is his first book on sports betting, but maybe his favorite book to write so far. Matthew Davidow is a sports modeler, using proprietary methods to beat major sports betting markets for over 15 years, and co-founding two leading private sports analytics firms along the way. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App.
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True Pokerjoe. Pat Hagerty. Sports Betting For Dummies. Swain Scheps. More items to explore. Wayne L. Dean Oliver. Tobias Moskowitz. Then One Day Chris Andrews. Register a free business account. Customer reviews. How are ratings calculated? Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzes reviews to verify trustworthiness.
Top reviews Most recent Top reviews. Top reviews from the United States. There was a problem filtering reviews right now. Please try again later. Verified Purchase. The Logic of Sport Betting teaches concepts of how to win with perspectives that have I have never seen published before. How does a Sportsbook generate a line for a given market? Looking at that process, you can identify when and what will be easiest to attack as a sports bettor.
The process explains why it is nearly impossible to win at the NFL betting 30 minutes before a game starts, and which markets are easiest to beat. What is a break-even percentage? How do you calculate a theoretical hold on a multi-way market, or a synthetic two-way market? In addition to the process, this book teaches about the markets. What do different line moves mean?
What types of market moves warrant betting more or less? Much of the book focuses on helping you understand the operation of a sportsbook, and the inherent weaknesses it has. If you see the enemy as they see themselves, you will better see and understand glaring weaknesses in what they do. The final section includes bread and butter things that winning players know and do. If you have exceptional information or an angle, how do you best use it to make money?
When do you often see big value in derivatives and props? If you are a losing player, there is a lot you need to learn from this book. If you are a winning player, it might make you think in more depth about possibly incorrect assumptions you have made. I gave this book 5 stars because it offered a lot of information I have never seen published, it was coherently themed to elevate players, and it was extremely well written and edited.
This book rambles on with so many hypothetical situations and possibilities that in the end teach the reader nothing. It is really for novices only. The theme of the book is to bet early at the best lines only, or bet against lines or situations that are "weak". A lot of mathematical claptrap is discussed, and reader gets little or no insight on handicapping winners.
This book will not improve your betting bottom line at all. The publisher must have told them to give them more content, because rather inconsequential stuff is repeated, and some useless things are given attention. The lackluster writing and poor flow may work for those who nothing whatsoever about sportsbooks and betting. Not a great read at all. I concur with others that this book is critical. I would suggest to get this book in the hands of lawmakers right away. Sports betting is a low margin business.
The authors explain how the business actually works from the bookmaker's and bettor's point of view. I'd try to send it to lawmakers in Kindle form if possible as a gift. Mail a physical one, too. Also, it'll confirm that tax rates for some of these states are way too high. If the hold percentage is too high, you might as well don't bother.
I am not advocating this but reality is many will bet offshore, some states got greedy and their high rates will be counter-productive. The sooner people in states that have legalized or may shortly have this book, the better. Take four hours over a couple of days to read it. Reread parts you don't grasp right away.
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