Upon request, I'll talk a little about arbing in sports. Sports arbitraging occurs when two different bookmakers offering prices on an event with only two possible outcomes and there is enough of a difference in their prices such that you can back both outcomes and make a profit whoever wins. It's very similar to sports trading but the difference is that for arbitrage you are betting almost simultaneously with two books offering different prices. Arbitraging is sometimes described as risk-free betting, this is true in theory, but not in practice.

Let's see a real life example based on the forthcoming 2007 Greek Elections... 

We have defined our bankroll and staking plan we are going to apply and we may now calculate how much winnings we should expect and when we will make our first withdrawal. Because, after all, if we are not going to spend our hard earned money, what is the point to build our Betting System in the first place?

Yes, of course we would be proud of our achievement and we would gain extreme self-confidence, but it is the biggest satisfaction to know that you bought some goods with the profits of betting!

So, let's see if the bank's safe will be big enough to keep all our profits inside... 

We have now arrived to the point we  are confident with our probability calculations  and understand value betting , and we want with no further delay to submit our bets and start making money. However, if we don't bet according to a staking plan and not having defined any bankroll for our system, we will be lucky not to end up bankrupt. But what are the staking plans we can choose from, which one is most appropriate for our system and how can we calculate the bankroll we are going to need?

All these are found in this article being  the fourth one on the Series about how to build your own Betting System...

Usually, inputing data, variables and stats into an excel spreadsheet is dull and when it's done on a daily basis it can get frustrating. Now, the clever part of building a betting system is making proper use of those numbers in order to calculate a probability percentage as close as possible to the real probability of an event. How this is done depends only on the bettor's knowledge, skill and method. Here is how you can do it...

Having already discussed about selecting a sport to bet on in the tutorial series on how to build your own Betting System, it's time to deal with the input variables of the system we are going to develop. Now, don't panic, by saying "input variables" doesn't mean we plan on building a nuclear reactor! We will have some data entered in our system in order to make our calculations. That data can be anything that we found useful and in referance to the sport we have already selected. Let's see some examples...

So, you want to start betting with a system and not randomly huh? But where to begin with? Building a betting system looks like a labyrinth and a heavy task, but not in my book. There are some steps you should take in order to be successful and completing each one of them with the greatest attention will prove invaluable.

First you should decide the sport you are going to bet on. Pick a sport, any sport you like, the one you are a fan of, the one that you hate the most, the sport that you believe has the greatest potential. However, there are some requirements before you blindly select a sport. Let's check them out...

We all have visited plenty of websites offering picks which are based on some betting systems and strategies. We never get the chance to see one, but we are happy to receive the picks in our emails and move on. How about this time to build our unique betting system and have the tips right in front of us whenever we like to. Now that must be difficult, building our strategy from scratch, what are you talking about?

I'm going to post a series on How to Build your own Betting System, which upon completion might come in handy. There will be the following 6 posts:

• Selecting a sport to bet on.
• Data Collection, Statistics and Input Variables.
• Probability Calculations and Value Betting.
• Bankroll Requirements and Staking Plan.
• Expectations and Bankroll Growth.
• System Maintenance and some last advice.

I'll post one article each day until it's finished.

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