Category: English

Pedigree
For all racehorses it is possible to trace back their pedigrees for hundreds of years. A good pedigree is an indication of a potentially good horse but not always. Horses are carefully bred to bring out characteristics that make good runners. Horses with good racing records are sent to stud in order to try to bring out those characteristics in future generations. However, due to the nature of genetics, the breeding of these characteristics is not always an exact science. A dam and sire with good racing records do not always produce fast offspring. Often the characteristics that make a good runner can skip generations.

One characteristic that has been shown to have a positive affect on the performance of horses is a large heart. Although this characteristic may be present in the sire it may not show up in his immediate offspring, only to reappear in later generations.

This can mean that a horse that may have had a poor racing record can sire fast offspring. This makes the study of pedigree an inexact method of finding winners. It tends to be used as a tool for finding winners where the horses have not run before.

Previous performance of the runners
Due to the unpredictability of breeding, a great deal of importance is placed on the previous performance of horses. Once the horse has actually run, you have a clearer indication of its potential. You will have information available about how the horses have performed in previous races. This is called form. Different racing publications publish this information in different formats. To cut down on space, abbreviations are used and each publication will give a key explaining them. As a general rule, the more detailed the information, the more you have to pay for it. You will therefore need to decide for yourself how important you feel the information is. The sorts of detail that are given are the results of previous races, the jockey, trainer, weight carried and a guide to the betting. When the horse has not run in many races in the current season, its performance for the previous season will be given.

Try to watch as many races as possible. The written data do not always show why a horse performed poorly. The jockey may have been at fault. He may have waited too long before pushing a horse. A horse may sprint quickly at the end of the race but if the jockey left it too late to push or was boxed in by other horses, it may still lose. A better jockey next time out may compensate.

Some horses may have an easy win, with the jockeys not having to use the Whip or, alternatIvely, easing down near the finish. Other horses may win but under pressure from the jockey. A poorer jockey next tIme out may mean it loses. A horse could fall at a difficult fence. If the fences are easier in its next race the horse may not be so unfortunate. A horse may lose a race over the jumps because it is brought down by a loose horse or slips on wet ground. With better running conditions, it may win its next race. With sprinting races, a horse may get off to a bad start. The next race may be better.

At the beginning of the season you will not have a lot of information on which to base your selection. As the season progresses, you will have a much better indication of how the horses are performing. Towards the end of the season, you will have many more consistent data on which to base your decisions. For this reason, you should bet cautiously at the begmmng of the season and gradually increase stakes as the season progresses and you are more confident of your selections.

Speed of the horse
The speed that a horse can run is by far the clearest indication of how likely a horse is to win. No matter how good the jockey, the trainer or the condition of the ground, if a horse is not fast it is unlikely to win. Assessing the speed is not a simple matter. Factors like the amount of weight carried and the going all affect a horse’s speed.

Timeform offer the most comprehensive records of the speed of horses. They produce a daily newspaper and separate books giving details of flat racing and national hunt statistics. For anyone seriously assessing a horse’s chances of winning, this information is invaluable. You can, of course, accumulate the information yourself if you are prepared to commit the time it takes to gather data.

Harness racing
The United States Trotting Association keeps records of the fastest race a horse wins each year. Abbreviations are used to cut down on space. With harness racing, the comparison of the runners is made much easier as most races are run over a mile.

Example: p,3,Q1:58.1 ($100,000)
p – the horse gait p = pace, no letter = trot
3 – age of the horse, here it was a 3 year old
Q – the type of race. Q = qualifying race, T = time trial, no letter = during a race
1 :58.1 – the time taken to run one mile, in this case one minute and 58.1 seconds
the length of the track – f = 5/8 mile, s = 7/8 mile, h = 1/2 mile, no letter = 1 mile
($100,000) – the amount of money won by the horse in its career

The race
You don’t have to bet on every race. Save your money for the races that offer the best prospects. It takes time to assess all the runners so concentrate on a few races each day. Certain races can be dismissed as it too difficult to predict the outcome. It is better to select races where you have a clear indication of a horse’s performance. Avoid selling races, claiming races, maiden handicaps, apprentice races and amateur races. With the higher class races you will have a lot more information on which to base your decision. Clips of the horses’ previous races run will be shown by the racing media and a lot more information will be written over these horses in horse racing publications.

Distance of the race
Most horses have an optimum distance over which they perform well. Some are excellent sprinters while others have stamina to cope with longer distances. If a horse is entered for a distance that it has never run before, its previous performance can provide some indication as to how well it will fare. Has the horse run shorter distances and won easily? Or has it run longer distances but lacked stamina and faded at the end? If you watch lots of racing you will notice these factors.
 

Change of class
The grade of race may have an effect on its outcome. If a horse performs particularly well in, for example, a Class 2 race, it may be entered for a Class 1 race. Since Class 1 races attract the best horses, it will be up against much stronger opposition than in its previous race. Avoid betting on horses that have moved up a class. Wait for them to prove themselves in their new class. It is also possible for horses to drop down a grade so a horse that has previously run in a Class 1 race may compete in a Class 2 race. The horse may have performed badly in the Class 1 race but the change of class may lead to a huge improvement. The form guides in newspapers give details of which horses are running in different classes.

When betting over the internet, make sure you leave enough time for a bet to be processed. With the internet you need to take account of traffic and the time delay for processmg information from one computer to another. Although your computer may show that you placed a bet before the off time of a race due to the time it takes for the information to leave your computer, reach your internet service provider and then to reach the bookmaker’s internet service provider and then the bookmaker’s computer, your bet may be to late. The time the bet left your computer is not what counts, it is the time at which the bookmaker’s computer received your bet.
This time delay may also mean that you miss out on the odds that you want. Odds can rapidly change, especially before the off of a race and you need to be quick to place your bet at the desired odds. If you are not fast enough to place your bet, you will miss some odds.

Getting started with a betting exchange
If using a betting exchange is new to you, start out with small stakes until you get used to the concept. Don’t forget that lay bets are the opposite proposition to back bets. With back bets you lose just your stake if your horse loses but with lay bets you payout the winnings if the horse wins. Take particular care with laying bets as you can easily lose high multiples of stakes, particularly if you start laying all the horses in a race. Although you are acting like a bookmaker, you haven’t got. the bookmakers 17 per cent guaranteed profit built into the prices. Online bookmakers do go bust leaving the bettors unpaid so keep only the minimum that you need to bet in the internet account and clear out any winnings as soon as possible. If your exchange does go bust, then your losses will be minimized.
 

Hedging
Hedging a bet is making an additional bet to guarantee a profit. Because a betting exchange allows you back and lay, you are able to take advantage of price changes and ensure you make a profit regardless of the outcome of the race. Suppose you have bet on a horse to win £100 at 20.0 and its price drops down to 8.0. If you then lay £250 at 8.0, you will make a profit of £150 (less commission) regardless of whether the horse wins or looses.

If the horse wins, your back bet, £100 at 20.0, wins, giving a return of £2000. The stake is £100 so the profit is £1900. Your lay bet £250 at 8.0 loses and you lose £1750.

Your net profit on the two bets is 1900 -1750 = £150.

If the horse loses, your lay bet £250 at 8.0 wins, giving a return of £250. Your back bet, £100 at 20.0 loses, so you lose your stake of £100. Your net profit on the two bets is £250 – £100 = £150.

You could also hedge just a portion of your bet, for example, you initially back £100 at 20.0, the price drops and you lay just £100 at 8.0. If the horse wins, your win bet £100 at 20 wins, giving a return of £2000. The stake is £100 so the profit is £1900. Your lay bet £100 at 8.0 loses and you lose £700. Your net profit on the two bets is 1900 – 700 = £1200.

If the horse loses, your win bet £100 at 20.0 loses and you lose your stake of £100. Your lay bet, £100 at 8.0, wins and you win £100. Your net profit on the two bets is zero.

In this situation, you win £1200 if the horse wins and you lose nothing if it loses.

Time lags
It is possible to take advantage of time lags as it takes time for the prices from the race course to have an effect on the exchange prices. One of the best times to take advantage of price changes is while other races are running. On a Saturday, for example, there may be a race off at 3.30 and another at 3.35, while the 3.30 race is running, most people who have bet on the earlier race will be watching it, and will not be concentrating on what is happening to the prices on the 3.35 race. By comparing bookmakers’ prices to exchange prices, there may be an opportunity to anticipate price moves and to make your bets while most of the other bettors are otherwise occupied.

There are sites on the intemet that provide odds comparison services, they show you the prices across a range of bookmakers and exchanges allowing you to spot the firm offering the best price.

Sports betting
It is possible to bet on almost any sport on the internet via bookmakers, betting exchanges and spread betting firms. The basic principles of betting are similar to horse racing. Bookmakers offer sports betting at fixed odds. Betting exchanges allow the bettors to decide their own odds. Spread betting firms make predictions about sporting events and the customers bet on how correct those predictions are. Due to the value offered Asian handicaps and in-running betting on the exchanges are popular methods of betting on sports.

Asian handicaps
As the name suggests Asian handicaps originated in Asia. They were originally a way for friends to bet with one another on the outcome of a football match. With a football match, there are three possible outcomes – win, lose or draw. For most individuals calculating three-way odds is complex. To simplify matters each team was given odds of evens and a handicap to theoretically equalize their chance of winning. A team is given a half- one-goal or more handicap. The handicap can be a positive or a negative figure. Where a fraction of a goal is used as a handicap, a draw is eliminated. The handicap is added to the final score to give the result on which the bet is settled. If, after taking the handicap into consideration, there is a draw, the stakes are refunded.

If you bet on Liverpool to win, the handicap is added to Liverpool’s final score. If the match is a draw at 1:1, taking into account the handicap, the result is Manchester 1, Liverpool 1.5. This means a win for Liverpool. Your bet wins and is paid at odds of 1.9. A £1 bet would return £1.90.

If you bet on Manchester Utd to win and the final score was 2:2, the handicap would be added to Manchester’s score. The result would be Manchester Utd 1.5, Liverpool 2. Your bet would lose.
 

In some Asian handicap markets there may be two handicaps given for a team. In this case the stake is divided between the two handicaps.

Example
Manchester Utd 0 and -0.5 odds = 2.1

Liverpool 0 and +0.5 odds = 1.9

Final score Manchester 1, Liverpool 1

£10 win Liverpool.

£5 is placed on the handicap of 0 and £5 on the handicap of +0.5.

For the handicap of zero the result is Manchester 1, Liverpool 1. This is a draw. The £5 stake is refunded.

For the handicap of +0.5, the result is Manchester 1, Liverpool 1.5. Liverpool wins.

The bet is settled at odds of 1.9. 1.9 x 5 = 6.9

Total returns = 5 + 6.9 = £11.90

In-running betting
In-running betting is placing a bet on an event once it has started. For example, betting on the result of a football match after the kick-off. In-running betting can often provide value bets. For example, suppose you want to bet on the underdog in a football match, If you wait until the match has kicked off you can often get a better price than before. This is because the favourite will be highly backed and to balance their books the bookmakers will lengthen the price on the other team.

A bet is not actually made until it is matched. If someone backs a horse £100 at 5.00 and someone is willing to lay those odds then the bet is matched. A bet may be matched by one or more people. For example, someone may match £60 worth of the bet and another person £40. Once bets are matched they cannot be cancelled.
The bets are held in a queue and are dealt with in the order in which they arrive at the site’s server. The queue works on a first come first-served basis, so it pays to place bets early in order to get a match. Any bets that are not matched by the start of the race will be void and the stakes refunded. The better the odds that you offer, the more likely you are to get a match.

Partial matching

Suppose you want to stake £10 on Dobbin at odds of 10.5. On the betting screen, you would enter odds of 10.5 and your stake of £10. £2 of your bet would be matched and the remaining £8 would be unmatched. On the lay side of the odds, 10.5 £8 would appear, with the current best price of 11 £266 moving one place to the right. Once your 10.5 £8 stake has been matched it will disappear from the odds screen.

The odds for Dobbin are refreshed in the table:

If someone decides to lay these odds, that is bet £8 at 10, your bet would be matched and the betting screen will now be as
shown:

On your personal account screen it would show that your £10 bet at odds of 10.5 has been matched. Now that your bet has been matched it can no longer be cancelled. 

Ordering odds

If the odds that you want are not currently available you can place an order for them. Your bet may be fully matched, partially matched or unmatched. If your order is matched then the bet is made. If your order is not matched by the time of the off then your bet is void. There is a limit to the odds than can be ordered. Odds lower than 1.01 are not allowed odds over 1000 not allowed.

If, for example, odds of 4.5 are offered for a horse to win and you want odds of at least 5.0 and want to stake £100, then you place an order for odds of 5.0 and offer a stake of £100. If another person is willing to lay at these odds, that is bet that the horse will lose, then your bet is matched. Your bet can be matched up to your maximum stake of £100. Your bet will be made if someone is prepared to stake £500 that the horse will lose. That is enough to payout your winnings. What may happen is that your bet is matched with several people’s lay bets. For example, one lay bet of £10, one lay bet of £20 and one lay bet of £50. If by the off these are the only three matches then you will have a bet of £80 at odds of 5.0. The additional £20 will be void. If the horse wins, you will receive £420, where £400 is your winnings and £20 is void. Commission will be calculated on the net winnings of £320. At 5 per cent, the commission will be £16. You will therefore receive £404.

If you offer odds to other betters you will need to make your odds competitive in order to get a match.

To stop ridiculous odds being offered like 1000/1 when the current odds are 5/1, an order can usually only be placed within a certain increment of the current best price. You will need to consult the exchange rules for the increments.

Example
You could bet £2 at odds of 10.5 and place an order for £8 at odds of 10.5. Your £8 bet would only be valid if someone else is willing to match it.

Betting exchanges were introduced in 2000. Initially, concerns were raised about their affecting the integrity of racing due to them allowing bets on losing horses. These concerns have now been addressed with safeguards in place to monitor irregular patterns of betting. Due to the competitive prices offered, they have now become a popular way of betting.

A betting exchange acts as an agent to allow individuals to place bets with one another, charging a commission for its services. Suppose you wanted to have a bet with your friend on the favourite on the first race at Ascot. You think the horse will win and your friend thinks the horse will lose. You agree to each stake £50 and whoever wins takes the money staked. If your horse wins, you win the £100 and if your horse loses your friend wins the £100. In this situation, you have made a bet at ‘evens’ that your horse will win and your friend has made a bet at ‘evens’ that the horse will lose.

A betting exchange makes it possible for you to make bets like this except with strangers. They provide the facilities to make the betting possible and charge a commission for their services. They provide a website that allows you to come into contact with other people who want to bet and the means to transfer money from one person to another. Both you and the other bettors remain anonymous to each other. The betting exchange will keep details of the bets you have placed so that any foul play, such as people trying to manipulate the markets, can be investigated.

Unlike a bookmaker, the betting exchange does not decide the prices of the horses, instead the individuals making bets do. In the example just given, each person had agreed to odds of evens. However, they could have decided to bet at different odds. Suppose your friend wanted to bet but was only willing to stake £25 and you were willing to bet £50. You would then be betting at odds of 1/2 that your horse would win and your friend would be betting at odds of 2/1 that the horse would lose. If the horse wins you will win £75 less commission. If the horse loses your friend will win £75 less commission. If you were placing the bet with a betting exchange you would basically indicate that you wanted to make a bet of 1/2 on the horse and therefore needed someone to make the opposite bet of 2/1. As soon as someone agrees to match your bet, it is made. 

This arrangement gives greater flexibility than betting with a bookmaker. With a bookmaker, you can only bet on horses to win. With a betting exchange you can also bet that a horse will lose. With a traditional bookmaker, a horse may have a price of, for example, 4/1 and you can bet that the horse will win at 4/1. The bookmaker is effectively backing the horse to lose at 1/4. With a betting exchange, you also have the opportunity to take the place of the bookmaker and bet that the horse will lose at 1/4.

Minimum stakes vary but are around £1 to £2. Unlike with a bookmaker there is no maximum bet. As long as you can find someone to match your bet, you can stake as much as you wish.

Commission is charged at around 1 to 5 per cent. Different exchanges calculate the commission in different ways. Some charge commission on all bets placed (stakes) and others charge commission on net winnings. Some exchanges reduce the commissin for loyal customers so that the more you bet the less the commission charged. Currently bets are tax free, however this may change m the future as governments introduce new legislation.

Bookmakers offer a wide variety of bets. Some of the most common are as follows.

Win single
This is one bet on the winner of a race.

Each way single
Two bets, one bet for the selection to win and the other for it to be placed. The place bet is settled as a fraction of the win odds. The number of places and the fraction of odds vary depending on how many runners there are and the type of race as shown below.

Number of     Type of race       Number of     Fraction of
runners                                 places           win odds
16 or more     handicap           4                 1/4
12 to 15         handicap           3                 1/4
8 to 15           not applicable    3                 1/5
5 to 7             not applicable    2                 1/4
4 or less         not applicable    1 (win only)   both bets win

 
Double
A win double is one bet on two runners to win two different races. If the first selection wins, the returns are put onto the second selection.
An each-way double is two separate bets of a win double and a place double on two runners in two different races. The win bet is the same as a win double. For the place part of the bet if the first selection is placed the returns become the stake for the second selection to be placed.

Treble
This is one bet on three selections in three different races. If the first selection wins, the returns are put on to the second selection and if the second selection wins the returns are put onto the third selection.

Accumulator
A bet on any number of selections, in different races where the winnings on the first horse go onto the second and then onto the third and then onto the fourth and so on. It is one bet win and two bets each way. Obviously, the returns can be quite large, depending on the prices of the winning selections. It is therefore worth checking that your winnings would not exceed the bookmaker’s maximum payout.

Straight forecast
Nominating which selections will finish first and second in the correct order.

Reversed forecast
Nominating two selections to finish first and second in either order. It is two bets.

Combination/full cover forecast
Selecting any number of runners in one race to finish first and second in either order. To calculate how may bets there are, Simply multiply the number of selections by one number fewer.

For example:

Tricast
Selecting three runners in the same race to finish first, second and third in the correct order.

Trixie
Three selections in three different races, comprising three doubles and one treble. It is four bets win and eight bets each way.

Yankee
Four selections in four different races, comprising six doubles, four trebles and one fourfold. It is 11 bets win and 22 bets each way.

Super yankee/Canadian
Five selections in five different races, comprising 10 doubles, 10 trebles, five fourfolds and one fivefold. It is 26 bets win and 52 bets each way.

Heinz
Six selections in six different races comprising 15 doubles, 20 trebles, 15 fourfolds, six fivefolds and one sixfold. It is 57 bets win and 114 bets each way.

Super heinz
Seven selections in seven different races, comprising 21 doubles, 35 trebles, 35 fourfolds, 21 fivefolds, seven sixfolds and one sevenfold. It is 120 bets win and 240 bets each way.

Goliath
Eight selections in eight different races, comprising 28 doubles, 56 trebles, 70 fourfolds, 56 fivefolds, 28 sixfolds, eight seven folds and one eightfold. It is 247 bets win and 494 bets each way.

Patent/twist
Three selections in three different races, comprising three singles, three doubles and one treble. There are seven bets win and 14 bets each way.

Lucky 15
Four selections in four different races, comprising four singles, six doubles, four trebles and one fourfold. It is 15 bets win and 30 bets each way. If there are four winners, a 10 per cent bonus is paid, usually at starting price. If there is only one winner, double the starting pnce odds are paid. These bonuses and consolations apply only to the win part of the bet. So if an each-way lucky 15 has just one placed horse, double the odds is not paid on the placed selection. Similarly, if one selection wins and one is a non-runner, the consolation is not paid.

Lucky 31
Five selections in five different races, comprising five singles, 10 doubles, 10 trebles, five fourfolds and one fivefold. It is 31 bets win and 62 bets each way.

The bonuses paid vary with different bookmakers. Some pay a bonus on four winners and five winners, others pay a bonus on only five winners. It is certainly worth shopping around to find the best offers. A consolation of double the starting price odds is paid for one winner.

Lucky 63
Six selections in six different races, comprising six singles, 15 doubles, 20 trebles, 15 fourfolds, six fivefolds and one sixfold. It is 63 bets win and 126 bets each way.

Bonuses vary with different bookmakers. A 10 per cent bonus is usually paid for five winners. For six winners, the bonus is likely to be between 15 and 25 per cent. A consolation of double starting price odds is paid for one winner.

Frenchmen Francois and Louis Blanc invented roulette with a single zero in 1842. They removed the double zero from the wheel and haphazardly rearranged the numbers 1 to 36. Despite removing one of the pockets, they kept the payout odds for a winning number at 35/1. This cut the house advantage to just 2.7 per cent, which proved extremely popular with gamblers. Since gambling had been made illegal in France in 1837, they introduced the game to Bad-Homburg in Germany. It was a great success. When gaming was outlawed in Germany, Francois and his son Camille brought the game to Monte Carlo.

In 1857 Prince Charles III of Monaco decided to introduce gambling to the principality to boost its finances. Gambling had just been outlawed in Germany. This prompted Leblanc to bring his game of single-zero roulette to Monte Carlo. Monte Carlo had the monopoly on roulette until 1933.

Two main versions of the game are played online – American and European roulette. Both games have the same basic principle of predicting the winning number but the betting layout and wheel are different.
Players bet on which number the ball will land in after it has been spun around the wheel. Bets are made by placing chips on the layout, which is marked with the same numbers. A wide choice of different bets can be made including individual numbers and groups of up to 18 numbers. Bets made on the winning number are paid at set odds. To start playing, onscreen chips are bought. To make a bet, players touch on a chip with their mouse pointer and drag it to the correct betting position. A timer indicates how long a player has left to bet. The ball is spun from the last winning number. So if the last winning number was 36, on the next spin the starting point of the ball will be number 36. The winning number will appear on the screen. The winning bets are automatically calculated and paid by the software.

Keep a notebook to record details of your online gambling activity. It is very easy to delude yourself into thinking that you do not lose. A record also helps you judge how well you are playing. If your records reveal that you are losing too much, too often, then you can analyse what is going wrong and take measures to reduce losses. Maybe you need more practice. Maybe you need to modify your betting strategy.

If you are gambling in the USA you will find the record useful if you have a big win. In the USA, gambling wins are subject to tax by both the IRS and many state governments. If players win more than $600 on the sports betting, $1200 on slots or $1500 on keno, the casino will notify the IRS. Players may offset gambling losses against winnings, but it is necessary to keep detailed records. The IRS requires players to keep an accurate diary. detailing dates, bets made, address of gaming establishment, names of people with you and the amount won or lost. Proof of expenditure like casino receipts and bank records will need to be shown if you are audited.

Know when to stop gambling
It can take an enormous amount of discipline to stop betting, particularly If you are on a winning streak. It is possible to get carried away by the excitement of the game. You may have intended to spend only an hour gambling but you’re on a winning streak, so you continue. Because you are betting with your winnings rather than the initial stake money, you decide to place larger bets. Your next best loses, what do you do? For a lot of people, the tendency is to bet more heavily to recoup that loss. This will usually continue until you run out of funds.

Try to decide in advance at what stage you are going to stop betting. Set yourself an amount to win or lose or impose a time limit. Stop playing when you have reached your limit. As soon as a winning streak stops, either bet smaller stakes or stop playing. This approach will minimize your losses.

You should always stop playing if you are tired. You need to ensure that you are concentrating on the game. When you are tired, you take longer to make decisions and are more likely to make mistakes.

It is also wise to avoid alcohol. It tends to slow down your reactions and your ability to think. It also lowers your inhibitions and makes you less likely to care about losses. You should certainly never play if you are drunk.

Staying in control
The majority of gamblers are able to keep to their budgets and bet without its becoming a problem. However, for some people, it can become addictive, leading to financial ruin and family breakdown. If you start losing more than you can afford, seek help.

You can recognize that you have a problem if you:
•    view betting as a way of earning money
•    continually exceed your budget
•    bet money that was intended for living costs
•    borrow money for betting
•    take days off work to bet
•    spend all your free time betting
•    find your betting interferes with family life.

There are organizations that can offer solutions. Many have a telephone help line where you speak to a councillor. They also hold meetings where gamblers can discuss their problems and find solutions. There are also organizations that support  gamblers’ families. Your general practitioner will also be able to offer advice on counselling.

Some sites also offer self-exclusion schemes. During the period of self-exclusion, they will not take bets from you.

GamCare certification
GamCare is a registered charity that is the UK’s national centre for information, advice and practical help regarding the social impact of gambling.
It gives certification to businesses that implement the GamCare code of Practice for Remote Gambling, which involves Implementmg the following practices:

•    age verification systems
•    controls for customer spend
•    reality checks within game screens
•    self-exclusion options for players
•    information about responsible gambling and sources of advice and support
•    social responsibility content and sources
•    training for customer services in problem gambling and social responsibility.

Details of accredited companies are available on the GamCare website

With internet gambling you are not restricted by local opening hours of casinos and betting shops. You can bet 24 hours a day, seven days a week in the privacy of your own home. With poker, for example, you will always find a game on. Games can be played for money or simply for amusement.

Betting over the internet does have its financial advantages. The costs of operating online gambling firms are considerably cheaper than those of offline firms. These savings are often passed on to the customer in the form of low commission charges and bonuses. For example, betting exchanges charge commission of just 5 per cent or less, with loyal customers often being charged lower rates. As a comparison, a traditional bookmaker will charge around 17 to 20 per cent. With horse racing and sports betting prices can be up to 20 per cent better than with traditional bookmakers. There are also savings to be made with online casinos. With bricks and mortar casinos, you may have to pay admission costs, membership fees and travelling costs. There are none of these costs with online casinos. Many internet betting firms are located offshore. This means that bets are often tax free although this may change later with any new legislation. Players do, of course, have to bear some costs. You will need to invest in a computer and subscribe to the internet.

In casino games, software is used to make the games random. For example, with roulette there is no dealer spinning the ball in most online casino, although some of them have started having live games with live dealers, instead a random number generator selects the winning number. With card games computer software with a random number generator determines the order of the cards dealt. Games are played at a much faster pace. This is because the human factor is removed and computers are used to deal cards, place bets and calculate payouts.
Social contact is limited. With online poker, for example, you don’t see your opponents. This means that you cannot assess someone’s likely hand through body language as you would in a traditional game. You can, however, chat to them via the site’s messaging service.

Setting a budget
Before you begin gambling, you should work out a financial budget. Calculate all your household and living costs, including savings. Work out how much money you can realistically and comfortably afford to lose – yes, lose. Gambling is risky; not everyone wins; there are plenty of losers. You could easily lose all your capital. Be aware that if making money from gambling is your sole intention there are much easier, more profitable and safer ways of doing this.

Once you have decided your budget, make sure you never go over this limit. If your personal circumstances change, be sure to recalculate. If you spend only disposable income on gambling, you won’t encounter many problems. However, if you start betting with your rent money and lose it, you may be tempted to try to recoup your losses by betting more heavily. This is the route to financial ruin.

Additional costs
It’s all too easy to go over budget by forgetting to include all the costs. Casino gambling has additional costs that include things such as house advantage, commission and your time. The sites make a charge for the use of their services. Often this charge is hidden by adjusting the odds paid out for winning bets (house advantage). By paying out winning bets at odds lower than the true odds of winning, the site is able to make a profit. The level of house advantage varies with different games and in different online casinos. For example, different versions of roulette have a different house advantage. With single-zero roulette it is 2.7 per cent and with double-zero roulette it is 5.26 per cent. In some games, the charge is more obvious. With card room poker games this charge is in the form of a commission, which is usually a percentage of the pot. This charge is called the rake and is typically 5 per cent of the pot.
Do not aim too high when you are still learning. Even if your budget allows you to play in the more expensive games, stick initially to the cheaper games and gradually work your way up.