Betting to Win by Prof. Leighton Vaughan Williams
Yep, back to the sports betting but fortunately for those of you who don’t really care for such topics this is the last of them.
This is an odd little book, all things considered. The author is “Professor of Economics and Finance, Director of the Betting Research Unit, and Head of Economics Research at the Nottingham Trent University” and his career in academia shines through. The book has over 50 chapters, each only a few pages long and as such it reads more like a collection of newspaper columns or perhaps research summaries. There is little flow at times so it can all feel rather disjointed. Sure, it makes the book much easier to dip in to, and means one can fairly readily open the pages and look something up that one has read before if you can recall roughly what the subject matter was without having to scan through page after page. But it doesn’t make for a particular pleasing cover-to-cover read.
That said the book seems pretty well researched, certainly if the appendices and bibliography are anything to go by. You get the feeling that like many an academic who has turned his hand to writing a book, anything he says and any statistics he quotes can be trusted and that should one wish to one can check up on the author via the sources listed in the back of the book. That’s reassuring when the book is all about ways in which you can make money from sports betting. You want to be sure that any trend identified in the text is genuine before you put a penny down on it.
Betting To Win starts in the same way as many books on sports betting – with an overview of the main ways in which one can place a bet. Bookies, the Tote, spreads and exchanges are all covered along with a few tips for using each of them. Part two is a collection of 29 short chapters each passing on a small piece of advice aimed to help the reader make a profit. The gambler’s fallacy is introduced, risk and uncertainty are compared and contrasted, and the author discusses whether multiple bets make sense. All of these chapters are designed to get the reader thinking about how they gamble rather than giving specific advice as to what to back. Part three covers the Tote in more detail, including the US system. It’s a pretty short section because the Tote isn’t that useful over here as we have many other options to get a bet on. The same is not true of other countries though so it’s worth knowing about it, in principle at least. Part four covers the spreads in more detail and includes details of arbitrage and what the author has dubbed quarbs (quasi-arbs). Interesting to know about but even now, many years on from when it was first introduced, sports spread betting has yet to catch on in a big way so this section probably won’t be of much interest to many. Part five has more on the exchanges but as this was written back in 2002 it’s a little sketchy and there is a lot more to be said on this subject in other books, some of which I have reviewed recently. The book ends with a look at the 2002 World Cup using England’s opening match against Sweden to compare the various betting mediums (media?) to see which is best. It’s an interesting exercise but little more than that really.
This book will not tell you what to back in order to get rich but it ought to set your mind whirring and get you thinking about ways in which you might make a few quid. It certainly did for me. When I first read it several years back I ended up filling several pages of a nearby notebook with ideas and angles to investigate further. When I read it again recently I made a few more notes, some of which it transpires were almost identical to those I made years back but hadn’t followed up on.
Incidentally, till I got my hands on this book I didn’t even know there was a Betting Research Unit. It sounds ace and I’d love to know more about it but a google search turns up very little of any use. Surely they must have produced loads of reports containing information that sports bettors like myself would find incredibly valuable. Why is it based at Nottingham Trent Uni, why not go independent, start a publishing arm and get these reports out there on sale and make a few quid? I’d really like a better idea of what they do and how often they churn out a report as well as what they have covered in the past.
I’m getting there, we’re nearly up to date now. The pile of books waiting to be added to this blog is a lot smaller than it was a few days back. There’s still four more books to tell you about though, and I am halfway through another so I’d better get on with updating this blog soon or there will be five books in that pile.