Sports Betting: SureBets – What, why and How?
Are you new at sports betting? Or are you a sports betting aficionado? If so, have you heard of the concept of SureBets?
Before we discuss SureBets in detail and how you can leverage them to make sure you profit from a particular wager, let’s look at a quick definition of online sports betting.
Sports Betting in the online space
Sports betting is defined as the “activity of predicting sports results and placing a wager on the outcome.”
Technopedia describes the Internet or online space as a “globally connected network system” or a network of computer servers across the globe – “including private, public, business, academic and government networks.”
Websites, including sports betting sites, housed on these computer servers are accessed via a network connection or WIFI connection and a desktop computer, laptop, or a mobile device like a smartphone or tablet.
At this juncture, it is vital to note that we are living in a technological revolution where the rapid advancements in the development of mobile technologies have led to the creation of sports betting apps; thereby, allowing sports bettors to place wagers from anywhere in the world and at any time of the day or night.
SureBet: Mitigating the risk of losing money
Now that we understand the basics of online sports betting, let’s look at the role and function that SureBets play in reducing the risk of losing money on a wager.
SureBet is also known as Sports Arbitrage. This can be quite a complex concept to grasp. So, let’s break the definitions up.
Arbitrage is an economics and finance term which is defined by Wikipedia.com as the “practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices at which the unit is traded.”
“Mathematically arbitrage occurs when there are a set of odds, which represent all mutually exclusive outcomes that cover all state space possibilities (i.e. all outcomes) of an event.”
Sports betting arbitrage occurs when a sports bettor places two different bets on the same match using different sportsbooks. This is possible because each sportsbook can theoretically offer different betting odds on the same event. Thus, the bettor can make a profit irrespective of the outcome. The best way to explain this is to look at the following case study:
The 2019 Wimbledon final was between Novac Djokovic and Roger Federer. According to bookmakers, Djokovic was the favorite. Let’s assume that the betting odds were 5/3 for Djokovic to win. Even though Djokovic was the favorite, there was still a reasonably good chance that Federer could cause an upset. You would like to bet on this match, but you need to reduce the risk of losing the money you risked securing the bet. And, you’d like to make a profit, albeit small.
Thus, this scenario describes the value of SureBet. You place a bet with Bookmaker A that Djokovic will win the match. And, you place a second wager with Bookmaker B that Federer will win the game. Thus, it doesn’t matter who wins the game, one of your two bets will be successful.