Remove draws

Discussion in 'Sportsbook' started by sick24, Apr 9, 2015.

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  1. sick24

    sick24 Tycoon by day, best doctor by night
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    This mainly only applied to futbol events. Quite honestly, when I bet on a team for a futbol game, I bet on them to not lose. Believe me, I know draws happen all the time and are an important part in the futbol standings/points system. But, predicting a draw is a much harder thing to do than pick the winning team and almost no one bets on a draw. Sure, the draws do offer a high odds and possible better return than picking either team, but I would much rather get my money back for a team drawing than losing it all.

    I will do some research on the bets placed on futbol teams versus outcomes tonight and post the results here to show how drastic an effect draws can have on betters.
     
  2. a18greek18

    a18greek18 ECOLEADER
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    I've already been burned a couple times by draws, but from the book keepers point of view it's a way to take money out of the economy.
     
  3. sick24

    sick24 Tycoon by day, best doctor by night
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    These are from the most recent matches settled

    Number of matches: 21

    Money placed on favorited team: 4,580,041
    Money placed on underdog team: 38,000
    Money placed on draws: 10,000

    Favorite paid out: 195,707.82
    Underdog paid out: 16,300
    Draw paid out: 3,040

    Matches won by favorite: 9
    Matches won by underdog: 3
    Matches ended in draws: 9

    Number of wagers placed on favorite: 188
    Number of wagers placed on underdog: 16
    Number of wagers placed on draw: 5

    Matches that ended in draws where no one bet on draws: 8
    Total wagers placed on either teams in these matches: 791,329

    A few things I want to point out from these numbers:

    First off let me say that the Man City loss was a shock to all of us and does make the numbers seem worse than they should be (2mil+ bet on Man city.) Nonetheless, I am including it in the numbers
    Only one match was successfully predicted as a draw out of 21 matches (4.7%)
    There were an equal number of draws as there were the number of favorites that won and yet:
    Two one-thousandeths (0.2%) of the money that was placed on favorites was placed on draws
    The 3,040 paid out to predictors of draws is only 1.5% of the money paid out to predictors on favorites
    5/188 = 2.7% which is the number of people who bet on draws vs the number who bet on the favorite​
    Not to mention the 791k that went poof due to draws with no one betting on it to occur

    I know that betting isn't fair and we are taking a fair risk for fair reward, but when $791,329 (17% of the total bets) goes poof because of a draw, not even a loss, I think it needs to be noticed.
     
  4. sick24

    sick24 Tycoon by day, best doctor by night
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    True, but who wants the house to win? :p
     
  5. a18greek18

    a18greek18 ECOLEADER
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    No one :p
     
  6. andrewkm

    andrewkm ECC Founder
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    Sorry about my reply here in advance sick24 but it must be done.
    Further more, welcome to the Sports betting world. This is how things work.

    If only Sports betting was easy and highly in your favour lol, we'd all quit our jobs. =)

    I will however make you a deal, convince a real life bookie to remove draws from Soccer Games, and you got yourself a deal :p

    Anyways...

    Straight from the FAQ:

    Q: One of the event odds/lines you made are not fair in my opinion. I don't like them. Can you change the odds?
    A: Asking for odds/lines to change because you don't like them will never be approved. If you don't like the odds/lines please simply do not bet. This is how sportsbooks work. It is up to you to research, and find the advantage, and make the proper bets according to your outcome theories.
     
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    #6 andrewkm, Apr 10, 2015
    Last edited: Apr 10, 2015
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