Where Do Bookies Get Their Information

Where Do Bookies Get Their Information Returns

According to the latest changes in betting requirements in the UK, players are required to provide a valid ID in order to verify the account. A while back, it was allowed for players to register and deposit their funds within 72 hours. After that, they were allowed to place bets and win. However, they still needed to provide ID to verify the account in order to withdraw the funds. This basically allowed minor players under age 18 to bet online, despite the fact their winnings would become unavailable for withdrawal. Although rare, there is still a way to gamble without verification at NonGamStopBets sites that don’t ask you additional personal information and allow you to play immediately.

It's a simple enough question and one every bookie gets asked. How do we set the odds on Inter not losing at home again or Wigan sneaking victory over title-chasing Arsenal. Well it goes a little. Sportsbooks can get around the high cost of employing a team of experts by outsourcing the majority of their odds and lines to external, third-party consultants. While this still costs money, it’s definitely cheaper than doing them in-house. One such example is CG Technology, a Las Vegas-based odds consulting firm.

Many users have a problem with providing or sharing their personal information with sites. Although there is no reason to be worried (due to SSL encryption and overall security) many players don’t want to complete the KYC process. It stands for know your customer, and it is extremely common if not mandatory these days. Sadly, if you want to bet on one site of this kind, you will need to provide a needed document. There is no way around it. The only alternative is to find a betting site that doesn’t need a KYC process.

These checks are mandated by the UKGC (United Kingdom Gambling Commission) and they are treated as mandatory for all betting sites and casinos with their license. If a site fails or avoids KYC verification, they can be fined. The goal of verification is mostly to verify the age. But, it is also used to verify the address and your name.

What documents are required?

Although some of you may find this complicated, the KYC process is relatively easy to complete. You will need a few documents. Most users prefer sending a photo of their passport. This is the fastest way to verify the account. But, you can use a driver’s license as well. Those without these documents can use the birth certificate. Keep in mind that if you use this document, the verification process will last a bit longer.

Where Do Bookies Get Their Information

Sites can also access the electoral register including GamStop technology and get the needed information. One of those sites is Betfair, but there are others as well. By using this perk, a user doesn’t have to provide many different documents and the overall process is easier, less hassle in other words.

You will need to verify your address as well. This is done by sending another type of document. You can use a bank statement or more commonly a utility bill. Keep in mind that both of these must have your name on them and they must not be older than 3 months. Users are also informed that they should update the documents of this type every 3 months. It may be annoying for some, but also important and beneficial. For this, it is best to visit your bank and ask for the statement. It should be new and it should be uploaded to the site in the aforementioned time frame.

Some users are needed to upload wealth-related documents. Players who deposit large amounts of money and place large bets will usually need to provide another document as well as others we have covered above. Most commonly used documents include payslip or other proof of your income and other earnings, bank statements, and a few other documents. In general, you must prove your wealth and your earnings in order to place bets and be able to withdraw your winnings. In this case scenario, users must prove that the account used for their funds is also used as a funding account for their betting profile. However, most players don’t need to complete this type of verification. The only exception is players who make significant income per month or year.

Where Do Bookies Get Their Information Can You

Conclusion

All you need to remember is that KYC or any other form of the verification process is almost mandatory these days. Most betting sites will require it at some point as soon as you want to deposit funds for the first time. It is done in order to check whether you are allowed to gamble and do not have any blocking software installed. This is a relatively simple process that does take some time but it enhances safety and makes it impossible for minors to place bets or gamble. The process is controlled by the UKGC and all sites that have their license must perform it or they will be fined.

It's a simple enough question and one every bookie gets asked. How do we set the odds on Inter not losing at home again or Wigan sneaking victory over title-chasing Arsenal. Well it goes a little like this.

There are a team of people employed by any bookmaker, usually referred to as Traders, Risk Analysts or Odds Compilers. Their job is to produce odds that closely represent the chance of an occurrence.

It’s a tough job to account for all the variables in any event. If you take the chance of Manchester United winning at home for example the trader has to account for the form of the teams, injuries to key players, influence of the crowd, the referee and many others.

In addition to the chances of a team winning, they have to account for the money that is likely to be placed. In the Manchester United example, most people would back the Red Devils to to win at Old Trafford and therefore the odds will be shorter than perhaps the precise chances of victory.

Also like any other business a bookmaker has to make money so the Trader will add a small percentage to a ‘book’ in order to generate this profit. In a match between two evenly matched teams on a neutral ground the odds might look something like the following:

This adds to approximately 100% and trading books like this, the bookmaker should break even over a period of time. So what they have to do is skew the odds slightly in their favour:

Now the bookmaker has a 9.4% profit margin and should make a profit over time although to the punter of course it’s all about making a profit on the game itself! A bookmaker will trade a market at anywhere between 101 and 120% profit depending on the market and competitor activity.

That means that in a perfect world (which doesn’t exist) the bookmaker should make between £1 and £20 for every £100 that are gambled on the market. What happens in reality however is that most money is gambled on the favourites and it’s when the favourites fail to win, that the bookmakers make their money.

Where Do Bookies Get Their Information Against

David Mole is Goal.com's Betting and Odds Expert. He has previously worked for Betfred, Victor Chandler, William Hill and Totesport.

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