There are many variations of this scam. Hopefully you will fully understand this betting tip scam explanation, and so will be able to avoid such scams. If you didn't spot this betting tip scam, you were a victim of survival bias (you were only thinking of the people who made it through a selection process, and ignored those that didn't). Don't worry, here's the betting tip scam explanation:
What has happened here is the 'tipster' sent say 10,000s of e-mails - some of which backed all the possible outcomes in the first event. You just …
Although there are many tipsters who attempt to provide genuine tips, there are some scams out there you need to avoid! Can you spot this well known betting tip scam - variations of which still catch people out?
Let's say you are sent an e-mail purporting to contain a betting tip that's certain to come in on an event tonight? You don't pay much attention to the e-mail, as it seems like a piece of spam. Later when you are watching TV you catch the end of the event the tipster predicted. In the back …
Wisdom of the Crowd refers to the phenomenon that a large number of individuals in a group, will usually be able to make better decisions than any individual in that group.
For example, at a funfair say their was a big jar with an unknown amount of marbles. People were asked to guess the number of marbles (with the closest getting a prize). If you took all the guesses and averaged them (provided there was a sufficient number of people in the group) it would usually come close to the actual number of marbles …
The most standard bet you could make is a win bet. You will only make a profit if your selection wins. So, if you make a £5 bet at 7/1 at your favourite bookmaker you will make a £35 profit if your selection wins (and get your £5 stake back, if you win). Another common bet, is an Each-Way Bet. If you place an each-way bet on a single event, you are effectively making two separate bets. One bet is on a win only basis, and one is on a place basis.
A place bet, …
We have already explained how to understand the Fractional Odds system used by UK bookmakers, as well as the popular Decimal Odds system. For completeness, we thought we would also explain the ins and outs of Moneyline Odds. This system is popular in the USA, and as such we will use dollars in the examples below (but of course the same principles apply whatever the currency). To understand Moneyline Odds, first look at if the odds are positive or negative. Then, look at the odds. Moneyline Odds are expressed per $100 staked (although of course, …
