Bookmakers should be obliged to lay a minimum bet. Professional gamblers are entitled to win, they are not criminals!
In Australia, except for New Territory & Western Australia, all bookmakers must follow the minimum bet limit rules. The MLB determines the lowest amount a gambler can bet to win before a bookmaker can refuse a wager. For this purpose, the original stake does not count.
For example, if the limit is $2000 and the win odds are 2/1 (3.00), the bookmaker must accept a stake of $1000.
The minimum bet laws apply to everyone. Operators are not allowed to put extra limits on professional gamblers. Generally speaking, MLB is a $2000 win for standard tracks and $1000 on metro races. Place bets are 40%, meaning $800, and Metro $400.
In most other gaming jurisdictions, there is no MLB. However, dynamic-odds bookmakers such as Pinnacle accept everyone. Using betting agents and anonymous betting accounts is the other method deployed by most betting professionals.
BOOKMAKERS SHOULD BE OBLIGED TO LAY A MINIMUM BET
Call me old fashioned, but for me, the emphasis is on the bookmaker to get the odds right. After striking a bet, they have the option to change the betting line. Not to mention, that is the idea behind bookmaking!
Unfortunately, corporate betting operators are allowed to get away with murder. As standard practice, they ban winning account holders. If someone is profiting from betting, the risk manager will stop the aggressor.
Compare this to other business and human rights practice. We are not allowed to prejudice, for example:
+Employers are directed to look beyond race, sex, age, or religion.
+All-inclusive buffet restaurants do not charge people according to their weight or expected intake.
+Supermarkets do not restrict people who only buy the special offers.
+Public transport does not charge according to size.
Only in the sports betting business can greedy corporates pick & choose.
Winning at betting is not a crime. Bookmakers should be honour bound to accept all action under an MLB rule.
WHEN IS IT OK FOR BOOKMAKERS TO REFUSE A MINIMUM BET?
Never, unless caught cheating! It is the job of the sportsbook to remove loopholes that are open to abuse. Examples of such;
Matched betting is a method of turning free bets/bonuses offered by bookmakers into real money. The matched-bettor does this by covering all the potential outcomes of a sporting event by placing multiple bets.
The only knowledge needed for matched betting is basic maths, understanding bookmaker terms & conditions, and mopping up the incentives!
Matched betting is taking advantage of the situation. The irony of it all, matched-betting services are the biggest culprits;
These services charge the customer, and they take customer acquisition (CPA) payments from the bookmakers. In short, bookmakers are paying these services to teach bonus abuse.
Bookmakers can stop free-loaders by removing bonus incentives!
Arbitrage is the art of finding odds discrepancies between different bookmakers and betting proportionally on all outcomes to ensure a no-risk profit.
To take advantage, the arbitrage player will open many betting accounts. Odds comparison tools identify opportunities, and then bets are placed accordingly.
Arbing is not limited to betting. It is also common in financial markets, trading oil and so on.
Drop-shipping is another form of Arbing. Identify a product and sell it with a mark-up before paying the supplier.
In short, it is simply taking advantage of imbalances between markets and striking deals simultaneously.
Most professional traders focus on arbing, and the better ones are making $100,000 + per month!
Using a spin of a coin, here is an example of arbitrage in betting;
Bookmaker A offers Heads at odds 2.05 and Tails 1.80
Bookmaker B offers Heads 1.80 and Tails 2.05
The arbitrage bet is Heads with bookmaker A at odds 2.05, and Tails with bookmaker B at 2.05.
A $100 bet ($200 staked) on each outcome will guarantee a return of $205, meaning a profit of $5!
A one-off arbitrage will not make anyone rich. It is a numbers game, so more bets are better.
Bookmakers limit arbitrage players quickly. Nevertheless, we believe the emphasis is on the operator to get the odds right.
Bonus & Promotion abuse
Bookmakers limit or close winning accounts. The same applies to advantage takers. It will not take long for an e-mail to follow with words – bonus and promotional offers are no longer available to you!
Betting companies use promotions to entice leisure players. It is the most effective marketing tool to acquire first-time deposits. However, big bonuses are open to abuse, and that is the reason Sportsbooks introduced minimum roll-overs. While it is still possible to take advantage, most gaming operators are covered.
Note: if your betting account is not profitable for the bookmaker, do not expect more incentives.
Syndicate & third party betting
According to bookmaker Terms & Conditions, you are not allowed to bet on behalf of someone else. Anyone caught doing so is likely to have their account blocked. In many licensing jurisdictions, the source of funding requirements is in place.
Generally speaking, syndicate betting is not allowed with leisure bookmakers. Never tell them you are part of a betting group because they will confiscate funds.
Most Asian handicap bookmakers will accept bets from syndicates. It is a different culture, and betting lines are dynamic.
Match-fixing & Insider information
Match-fixing is a problem for the integrity of sports betting. It is rightly frowned upon, and those caught cheating are likely to be visited by the police.
Professional sportspeople are not allowed to bet on themselves or opponents.
People connected close to sports clubs are not legally allowed to use inside information for financial gain. It is not ethical for anyone to bet after a result is known. However;
PROFESSIONAL GAMBLING IS LEGAL – BOOKMAKERS SHOULD BE OBLIGED TO LAY A MINIMUM BET
Let us make our stance instantly clear. Professional, opinionated gambling is not cheating!
By refusing to accept winners, betting operators are doing themselves a disservice. After all, they are taking hope away from consumers, who believe they can profit from betting!
If companies want to carry on like this, they should put a waiver at the bottom of their webpage. You can bet, but you are not allowed to win!
While gaming authorities are only interested in raising tax revenue, they should be protecting consumers. It is not just about problem gamblers!
Our opinion is simple. Betting companies need to grow a pair, and authorities need to add a layer of fairness.
Following the Australian system is the right thing to do. It is only reasonable to introduce an MLB based on the popularity of the sport.
As it stands
Professional punters have the following alternatives.
+Bet in Asia; Open broker/agent accounts. Low juice betting with high limits.
+Bet on the exchanges; Professional VIP accounts on Betfair are around 1.7% commission. Mugs are paying 5% and more.
+Third-party accounts; It is becoming increasingly complex and costly. However, it is still possible and opens the global market.
+Use bet placers (racing); Get people to hit betting shops. It leaves less of a trace but costs around 3% on turnover & logistics.
+Move to another country; Finding opportunity is the key to making is as a betting professional.
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