Profitable bets can exist because the bookmakers determine their odds on what the general public believes the probability of that team is to win and not of the actual probability based on the performance of the team or player. The most of general public betting on their favorite team no matter the true probability for win is. The art of making a book is to 'balance' it that a profit is made no matter what the outcome is. Bookmakers make money by offering odds that are different to the real probabilities in the underlying event.

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Statistic Methods

With statistic methods (neural networks, regression, Monte Carlo Simulation ..) the performance of a team or player can related to the probability of a match outcome. Calculate the estimated probability and the odds from the bookmaker then the expected profit or lose of a bet can be determine (see bet calculator).
So profitable bets can be distinguished from unprofitable and maybe winning bets can be selected.
Book of the month.

Calculated Bets
Steven Skiena
I do not offer bookmaking or any services related to bookmaking. The aim of this site is to provide you with information and books to statistical techniques for identify profitable bets with computer-based forecasting methods.