Any sports betting enthusiast will know that the odds that are set for an event or game are integral to taking out a bet on the sport. Not only do the odds give you an idea of how much can be potentially won, but they also alter the way future bets and odds are put together.
As you can believe, then, putting together a series of odds for a sport is no easy affair, and it takes a lot of work, knowledge, experience, and information. The information gathered is the most important part for those that release the odds to punters, but the question remains: who actually does set sports betting odds?
The simple answer is bookmakers. Modern bookmakers, which often come in the form of an online site, set all the odds for an event that they are covering, including the types of bets that punters can choose from, as well as the odds available for those odds. There is more to it, however, as there are many different types of people working at a bookmaker site, but only a handful of them actually set the betting odds.
To be more specific, all betting odds are calculated and released by a group of people known as odds compilers. Their job is to gather as much information as possible, including facts about past and upcoming events, the types of people that bet on these events and how often, and the kind of money that punters will usually invest in a stake. Using all this information, the compilers use complex algorithms combined with their experience to create and set odds for an event. These are the odds you will find when you’re looking to take out a new bet on your favourite game, player, or horse.
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It is a difficult job, as there are so many variables to consider. No one can truly predict how a match or race will pan out, which is why one of the most vital parts of a compiler’s job is collecting as much information as they possibly can. This is why most compilers tend to be highly intelligent, highly motivated individuals with a strong affinity for numbers and mathematics.
How Does It Work?
Firstly, the compiler that works for, say, a bookmaker that covers football, will need to start by learning everything they can about the team they are setting odds for. This includes reviewing the medical and game history for each player, such as what kind of injuries they have had in the past, how often they have scored in a game, and even how popular they are with a crowd.
Next, they check through past bets that were made to get an understanding of how much money is invested in the typical football game for that team. The bookmaker exists as a company to make a profit, which is the compilers are also required to add certain percentages on the end to ensure that they make money whether the bets go sour for the punters or not. Bookmakers.
At the end of the day, the most common trend is that punters tend to bet on their favourites, and because of this, the odds tend to be more even, while also meaning the bookmaker retains a healthy profit.
There has always been the belief that bookmakers are out to swindle their customers, and while it is true in some cases, for the most part, professional bookmakers hire experienced teams to ensure that the odds are compiled through evidence and information. Trusted betting sites are not out to con their punters, they are out to offer odds that are fair, competitive and attractive.