In the interest of uniformity and order, here's a little bootcamp/tutorial on best practices (this is based on experience, not guesswork - if you have better ideas please share and discuss them).
We can also use this thread for the "Master List". If we all decide to adopt this practice we'll be tacitly agreeing that EVERY BOOKIE WILL CHECK THE MASTER LIST PRIOR TO PUBLISHING AN EVENT.
Down to biz.
1) Publishing an event
OK, so let's say you've decided you want to lay up some juicy odds for Tyson vs Holyfield III. Grand. Your first stop should be this thread to check the master list. If Tyson-Holyfield doesn't appear, or appears but doesn't have the name of another bookie next to it (like so
Mike Tyson vs. Evander Holyfield - rubbermatch (IntentionalButt)
... then you're good to go.
Your next stop should be whatever your source or sources for betting odds may be. Seasoned vbookies will have "preferred" sites but also play the field, new ones are always popping up. Check on Google frequently but definitely have a set of "standby" sources, brush up on reviews from the actual bettors who spend their hard-earned (real
) money there unless it's just a "for entertainment purposes" only site. It's okay to use multiple sites as reference for one event. There is typically some degree of fluctuation from one site to the next, and certainly as the time until a fight lessens (things like training camp reports, management issues, and of course the weigh-in can affect final odds by fight night eve).
For instance, betmaster.bates might have Tyson a 3/1 underdog, and betyour.ass might have him 18/5. Go with whichever you like - YOU are the bookmaker here. You can even take a "compromise" in between the two (ie 7/2) or round one slightly up/down if it makes a smaller, prettier integer (vbookie always deals in Fraction - or "British" odds - remember that simplicity and nice small manageable numbers are pleasing to the bettors' eyes.).
Speaking of different odds types - your reference source may or may not have odds in Fractional/British format. They may have it in European/Decimal, or American/Moneyline. They may have a combination of two, or all three. In any case, as a vbookie you should have a betting odds converter bookmarked in your web browser. This one's fine: http://www.sharpbettor.com/odds-conv...out-calculator
- couldn't be any easier to use.
Now, you've checked the Master List (and added your name to a blank event, or created the event and added your name) and you've obtained/fabricated your odds and convered if necessary. So post a thread (you should know how to do this
), and select the "Yes, post a vBookie
Event with this thread" box which you as a Vbookie have available to you at the bottom of the page above the "Submit New Thread" button. You will need to update the # of bet options (same as adding a poll), fill in the name/action/odd fields, put "Boxing" as the event group unless it isn't boxing, and then comes the tricky part...the date & time issue.
You should select the date of the event as the cut-off for bets, as early in the day as possible while still giving people time for last-minute bets. ESB goes by GMT, so ALL ODDS NEED TO BE SET TO GMT; BE CAREFUL TO ADJUST YOUR CUTOFF AND PAYOUT TIMES ACCORDINGLY. Your payout should be a few hours after the cutoff time so that people aren't expecting their vcash as soon as Michael Buffer reads the scorecarsd - set an expectation for them.
Do the homework of figuring out where
the fight is located geographically. If it's in the United States, cutting off bets at GMT midnight on January 24th 2010 means you are actually
cutting off bets at 7pm EST on January 23rd
, 2010. Please re-read this sentence if you don't understand it, or ask for clarification. This part is important. If Luevano vs. Lopez is in New York, US - that's the EST timezone, GMT-5. So you can actually set the "accept bets until date" as midnight the day after the event
, as this will cut off bets at 7pm EST (a few hours before the main event), which is perfect. Anybody whining about wanting to place a bet an hour before the ringwalks can blow it out their ass. They'll have had all day and the previous night (if they're the "wait for the weigh-in" type) and presumably days and even weeks prior to that to get their bets in.
As far as how you structure your events - that's your business. For consistency's sake, it may help limit confusion for bettors if we all adopt a common style for "big fights" - or just in general. My
preferred format is 4 bet options per event:
Fighter A Odds/Odds
Fighter B Odds/Odds
Over x.x rounds Odds/Odds
Under x.x rounds Odds/Odds
All in favor say aye. This is pretty much the standard format in which odds will be listed at most (though certainly not all) online sportsbooks.
2) Managing an event.
No "mulligans" or "do-overs".
If you post an event, you're responsible for keeping it up until action is completed and paying out in a timely manner. As stated above, odds do fluctuate for various reasons as time passes. If you're making a thread two months in advance, be aware that odds may change. Once you make an event, for our purposes here, those odds are "locked in". There's no point cluttering the forum with multiple threads because you changed your mind (or different developments came up). Sink or swim, we go with the first one. So if you think it might not be a good idea to post it so far in advance, well DURRRR, don't post it yet.
An event abandonment would obviously be appropriate if a fight is cancelled or postponed (trying to keep the event open until a new venue/date is established and then just fussing with the dates is a logistical nightmare...just s**** it and either you or another bookie can re-make the thread when the fight is re-finalized.)
People want their cash and they want it fast. Be stern, set pay-out times that are a few hours after big fights. You're human too, and you'll want to have a few drinks to celebrate Pacman being the first to KO Money May. If the final stunning blow comes at 11:45pm, you don't want hordes of angry posters demaning their vcash at 12:05am. Set the payout for like 2 or 3. If people won, they know the vcash will be waiting for them in the morning. If they're still up that late, then great they get to see their vwallets magically fatten up.
for some reason you anticipate not being able to settle an event in a timely manner the night/early following morning of an event, please PM another bookie requesting that they keep an eye for you.
That's all I got for now.