The following is a comprehensive beginner’s guide to online sports and race betting in Australia. Most of what is covered applies to sports betting around the world, however the focus here is on the terminology used in Australia. Calculation examples use decimal odds. New terms are highlighted in bold.
1. Introduction
2. The Basics
3. Glossary
4. Betting Agencies
- Bookmakers vs. Betting Exchanges
- How to Choose a Bookmaker
- Depositing & Withdrawing Funds
- Bookmaker Margins
5. Multi Betting
6. Other Betting Options
7. Live ‘In-Play’ Betting
8. Arbitrage
9. Practical Advice
10. Betting Strategies
- Maximising Expected Return to Risk Ratio
- Staking Plans
- Bet Engineering
- Middling
- Inverted / Polish Middles
- Dutch Betting (article)
11. The Kelly Criterion
- Introduction
- Derivation
- Backing and Laying Bets with Betfair
- Accounting for the Time Value of Money
- Incorporating the Possibility of a Refund
- Fractional Kelly Betting
12. Other Topics
- Hedging with Betfair
- Beating the Closing
Odds/Line/Spread - Introduction to Tennis Betting (article)
- Post-Sample Evaluation – the Importance of Creating a Holdout Set before Calibrating a Betting Strategy (article)
- Model Testing – Measuring Profit & Loss (article)
- Model Testing – Measuring Forecast Accuracy (article)