There are 3 key ways in which soccer betting firms make their money:
- When teams draw: very few people bet on draws. This is to say that most people tend to bet on one of the teams (in any given soccer match) winning. Yet the reality is that a ‘draw’ is a fairly common outcome in soccer. Out of every 10 soccer games, you may find 2 or 3 (or sometimes even 4) ending in draws. And when teams draw, it means that the soccer betting firms get to earn all the money that was placed on either teams winning. This often translates into a good amount of money.
- When people bet on the losing teams: even when there is no draw outcome, one of the teams in a soccer match is bound to win. This means that the folks who would have placed their bets on the other team winning would lose their money. Often, the team that is unlikely to win is given higher ‘odds’. The higher odds tempt gamblers to put their money on that particular team winning. When, as is likely to be the case, that particular team loses, it means that the people who had placed their money on that particular team lose their money. Conversely, it means that the betting firm gets to earn some money in the deal.
- When people bet on jackpots: soccer betting firms tend to have ‘jackpot’ offers, where people stand to win jaw dropping sums of money. Unfortunately, the probability of people winning such jackpots is very small. This means that most of the people who bet on the jackpots end up losing their money. That is money earned by the soccer betting firms. Occasionally, of course, someone wins the jackpot. But the soccer betting firm knows that it is still likely to remain with a profit, even after paying the occasional jackpot winner.