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The virtual sports are actually fixed odds events that use a random number generator to determine the winner. No need therefore to be spending time going through the form books. Each of the competitors will be given odds on them to win the event. These are generally good odds with no heavily odds on favourites.
In virtual football betting, the outcome of a match is determined by a Random Number Generator (RNG) algorithm. The RNG uses complex mathematical algorithms to generate a sequence of random numbers that are used to determine the outcome of a virtual football match.

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You must be fully verified to make a deposit into your Sportsbet account. Instant deposit methods  Debit/Credit, Apple Pay, PayID, PayPal. Non-instant deposit methods  BPAY and Bank Transfers take 1-3 days for deposited funds to reach your account.
Any registered user has a free access to: 1) Tips with extremely high ROI - up to 30% (strength above 8/10) 2) Tips for many betting markets - Result, Total Goals, Corners, Cards, etc. 3) Stats for most profitable leagues.
A bookie places bets for customers, usually on sporting events. They also set odds and pay out winnings on behalf of other people. The bookie's goal is to maintain balance in the books by adjusting the odds as much as possible to maintain an even amount of people betting on a win or loss.
Yes, in two regards. In states where gambling is still illegal, a bookie is still required. What bookies do now though, is they give you access to an off-shore online account, let's say based in Costa Rica, where there are operators and the computer hardware.