Close

ONLINE BETTING IN NIGERIA

An overview of Online Betting in Nigeria

BEST ONLINE BETTING FOR NIGERIAN PLAYERS
CLAIM
MELbet
Exclusive 100% up to ₦100 000
Turnover: 2x bonus amount
Lowest odds: 1.4
CLAIM
888sport
Great betting site in Nigeria
Turnover: No requirements
Lowest odds:
CLAIM
Nairabet
Sign up with Nairabet
Turnover: No requirements
Lowest odds: 3.00
CLAIM
Betwinner
100% up to ₦100 000
Turnover: No requirements
Lowest odds: 1.40
CLAIM
1xbet
100% up to ₦100 000
Exclusive bonus code: BBNG
Turnover: 5x bonus amount
Lowest odds: 1.4
CLAIM
22bet
100% up to ₦50,000
Turnover: 2x bonus amount
Lowest odds: 1.4
CLAIM
Bet9ja
100% up to ₦100 000
Turnover: 10x bonus amount
Lowest odds: 3.00
CLAIM
Bet365
100% up to $30
Turnover: No requirements
Lowest odds:
CLAIM
Betway
50% up to ₦20 000
Turnover: 2x bonus amount
Lowest odds: 3.00

Bookmaker's margin: how to calculate yourself in a bookmaker's office, calculation with a calculator

Beginner bettors when choosing a bookmaker usually pay attention to everything except the bookmaker's margin. What is the bookmaker's margin, how to calculate it, and why you need to calculate it, which we will examine in this article?

What is the bookmaker's margin

Margin in Russian means "difference, advantage". Bookmaker's margin is the amount of commission, which bookmakers put in the odds. Bookmaker earns on margin at any outcome of a sporting event by charging a commission on the number of bets. It is this, not lost bets, that ensures the bookmaker's business is profitable.

Margin distorts the net probability of an event, which is built into the odds. If we add up the odds of all possible outcomes of a match and don't take away the margin, the sum of probabilities will be more than 100%.

Let's imagine the situation. You are watching a tennis match between two debutants. No one knows the strength and experience of each, no other factors are taken into account. The probability of each winning in such a case is 50%. Like the probability of a perfect center-of-gravity coin toss of heads or tails, for example. Convert the odds to a factor using the formula: 1 / probability x 100 = 2.00. Or: 1 / 50 x 100 = 2.00.

There is no margin in this odds. Bettor #1 will bet 100 KSh on the first athlete, bettor #2 will bet 100 KSh on the second athlete. Whoever wins, the bookmaker won't get anything: he will just hand over 100 KSh from one bettor to the other one.

That's why the bookmaker includes a margin. He acts as an organizer in the dispute and wants to get his deserved commission. And the odds go down. If the odds are equal, they may be 1.95 to 1.95, or 1.90 to 1.90, or 1.85 to 1.85, or even lower. And in this case, the bookmaker's office will get 100 KSh from the loser and will pay less to the winner.

What is the bookmaker's margin

 

Margin varies from bookmaker to bookmaker. Moreover, at the same bookmaker's office it differs depending on the sport, tournament, event and even the bet you are going to make.

It is customary to distinguish fundamental and low-margin bookmakers. The first put a high percentage margin. The average is about 5-7%. Low-margin ones work with a margin of 1.5-3%. But that doesn't mean that the second type of BK will suit you better than the first. And here's why.

Fundamental betting companies are focused on a wide audience. They offer a large selection of events with different betting variations on them. In return, the player will get a high margin on unpopular markets, statistics. In most fundamental betting houses odds on the top events are about equal to those of low-margin betting houses.

Low-margin betting houses not only have low margins but also offer limited markets for betting. Such offices attract professional players, playing on a difference of odds on the same event in different betting shops. For the rest, such office will seem "boring" because of the lack of a wide line, betting on statistics, and good live betting.

Are there bookmakers without margin?

No. But it may happen that a bookmaker puts odds without margin. This happens as part of special promotions for top matches. Usually, the odds increase to the maximum only on the outcome of the game.

Why to know how to calculate the bookmaker's margin

Understanding what the bookmaker's margin consists of and how to calculate the margin allows you to adequately assess the bookmaker's odds.

Knowing what the bookmaker's margin is will allow you to assess the profitability of your game. Let's say that if the bookmaker's margin is 2.5%, the bettor's profitability level will be about 7.5% of all bets at 52% passability. But if the margin increases to 5%, the player's profitability will decrease to 3.5-4% with the same percentage of marketability.

How to Calculate a Bookmaker's Margin

You don't need any special knowledge to calculate the margin. Bookmaker's margins in the market can be calculated by a fairly simple formula. In a sporting event of two outcomes the formula will be as follows:

Margin = (1 / odds #1 + 1 / odds #2 - 1) x 100

For example, let's again take the standard two-hypothesis - the outcome of a tennis match. The odds on player #1 is 1.66, on player #2 is 2.20. Let's substitute in the formula. Calculation: (1/1,66 + 1/2,20 - 1) x 100 = 5,6%.

Calculation of the margin in the market with three outcomes is complicated by additional arithmetic. The formula: margin = (1 / odds #1 + 1 / odds #2 + 1 / odds #3 - 1) x 100.

Let's take a soccer match with odds: victory of the first - 1.66, victory of the second - 4.33, draw - 3.75 to calculate the threefold margin. Bookmaker's margin is equal to: (1/1,66 + 1/4,33 + 1/3,75 - 1) x 100 = 9.8%.

Playing in a bookmaker's office, you should understand that the bookmaker has already ensured his earnings thanks to the margin in the odds. Bookmaker's office makes a profit at any outcome of a sporting event. Knowing how to calculate the margin will help you choose profitable events and increase your chances of winning in a bookmaker.

BEST ONLINE BETTING FOR NIGERIAN PLAYERS
CLAIM
MELbet
Exclusive 100% up to ₦100 000
Turnover: 2x bonus amount
Lowest odds: 1.4
CLAIM
1xbet
100% up to ₦100 000
Exclusive bonus code: BBNG
Turnover: 5x bonus amount
Lowest odds: 1.4
CLAIM
Bet365
100% up to $30
Turnover: No requirements
Lowest odds: 1.20
CLAIM
Betwinner
100% up to ₦100 000
Turnover: No requirements
Lowest odds: 1.40
CLAIM
Nairabet
Sign up with Nairabet
Turnover: No requirements
Lowest odds: 3.00