The main advantage of the betting market
The market is now overflowing with bookmakers, but many of them are common scammers. In order not to fall for such, it is best to simply turn to trusted companies, for example, to parimatch.
In general, the bookmaker markets help bettors understand how people deal with uncertainty. Why do bettors bet on certain outcomes and what convinces them to make such a decision? Can people learn from their mistakes to avoid them in the future? Such intriguing questions should be considered in detail in separate articles. Betting markets give us the tools to back our opinions on absolutely unique events.
Boxing fans will remember the high-profile fight between Conor McGregor and Floyd Mayweather in 2017. It was one of the most intriguing fights in the history of boxing when viewed from a betting standpoint. It was actively advertised, created a hype around the battle, experts analyzed and expressed their opinion. And a lot of money has come to the betting market. It was one of the largest betting markets in terms of money turnover in the history of betting.
When the fight was actively promoted with the help of advertising and scandalous press conferences, making it clear to the fans that this would be a legendary fight, the activities of the bookmakers were no less interesting. The size of the bets once again confirmed the high interest in the battle. But most of all, the changes in the coefficients were striking. Experienced gamblers understood that people had significantly different opinions about the chances of the two fighters. Many people believed that a debutant boxer would be able to give a fight to the greatest boxer.
If you look at the opening line, it is logical that the bookmakers perceived McGregor as a clear outsider. And it is not surprising, because the athlete had never boxed at a professional level before in his life. The odds for his victory reached 12.00, which was estimated as 8.3 percent of the likelihood. But over the next 7 days, quotes for McGregor fell. As a result, the odds dropped to 5.92, which meant that the chances of winning doubled.
Why bookmakers suddenly began to believe more in McGregor's success. This could have been facilitated by an opponent's injury, changing conditions of the battle, and any other factors. But the main thing was money. The sales director of one of the bookmakers, Marco Blum, was surprised by the people's faith in Conor. They continued to bet on him, despite the fact that the debutant had little chance.
Big bets were on the opposite side. But despite the scanty probability of victory for the Irishman and, as it turned out later, an incorrectly drawn up line, the fans still continued to bet on the victory of Conor McGregor.
People's opinion
This is a prime example of how the market reflected the public opinion of the people. Large bets from bettors, confident in the success of Mayweather, completely covered the unthinkable number of bets on the Irishman, even if not with such large amounts. People didn't even assess McGregor's chances of winning. The fight, where the longshot favorite was clearly manifested in action, showed how difficult it is for people to understand how an absolutely unique event can turn out. As a result, Mayweather won by TKO in the 10th round.
Therefore, the bookmaker market is not only about bets, it is also an opportunity to understand how people act and think.