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The calculus behind the bookmakers' odds
For those that regularly place sports bets have come to consider the odds the most important thing. But how many of you have actually wondered who exactly makes these odds? You just go to the bookmaker and see a value offered for a team and take it as such? How is it possible to establish whether a team is more likely to win or lose? My article will contain the basic ideas of betting odds and how are they offered.
I am positively sure that you know what odds represent in general, if the odds are low then it mean that the team with that certain value has high chances of winning while a team with high odd are the underdogs, being clear to everyone that they don’t stand a chance. The basic idea is that a bookmaker makes this odds regarding the bets people place and let me give you an example. In a match between two strong team that are likely to win, they both receive the odds of 2.00. As people bet the odds chance, if most people bet on one team as the favorite to win, the odds for that particular team will drop and the odds for the underdog will rise, thus ensuring the bookmaker a sort of balance, meaning that regardless the result, the “house” won’t be losing any money.
The above example, how can a bookmaker know what odds to offer. Behind each bookmaker there are people that analyze matches looking for past results, absentee players and interest. To be honest, in most cases it is not that hard to predict it, if a team is more motivated to win, the lower the starting odds become. This thing is purely as a suggestion, the bookmaker changing the odds, as I have said above so to ensure a constant win of the “house”.
Of course, behind the odds calculus can also be a machine, a program designed specifically to calculate the odds based on the data introduced. But this does not mean that they are right. There were cases in which people saw something that the bookmaker didn’t and thus the value bet appeared. You have to understand that the purpose of the bookmaker is not to lose money, so regardless you win, rest assured that more people have lost because they have trusted the odds published by the bookmaker.
It is recommended before placing any bet to make an own match analysis for which you can later choose the best tip. There are numerous website over the internet with match analysis, such as mybetinfo.com where you can get all the info you need. The bookmaker perceives a fee from your bet, but as long as you have made a thorough analysis, you can be sure to win, as long as you win money, the sum won by the bookmaker based on your tips is irrelevant. Another important piece of information that comes in handy is to check several bookmakers for the odds offered, thus ensuring you win more money.