Online Bookmakers. How a bookmaker works[ 27.10.16 ]
The way a bookmaker works and makes profit is no secret to anyone. The main goal of any bookie is to offer good sports betting options which would be both attractive for bettors and profitable for a book maker.
Any sports bet is characterized by two things – possible outcomes and odds. But what is a possible outcome? Let’s take a standard football match. It may end with any of three outcomes: Team 1 wins, Team 2 wins, and a draw.
Odds is a number showing by how many times your bet will be multiplied if you win. For example, if your bet is $10 and the odds are 2.00, your winnings will amount to $20.
The major challenge faced by bookmaker analysts is to calculate odds correctly. Odds are the probability that a certain outcome will take place. Odds incorporate a bookmaker’s profit margin.
It may seem that calculating the odds for three possible outcomes of a standard football match is a piece of cake. The main rule is as follows: the favorite has low odds and the outsider has high odds. But it’s trickier than that, though. To calculate accurate odds, you need to take into account a number of factors, including previous performance, injuries of leading players, tournament table ranking, psychological state, season tasks, home matches, and fan support.
As you can see, book maker analysts need to consider multiple factors which requires deep knowledge and vast experience in sports industry.
Bookmakers are using two different approaches to calculate odds. To apply analytical approach, you need to take into account statistical parameters and use mathematical formulae to determine probabilities.
Then preliminary odds are adjusted for expert forecasts. Expert forecasts incorporate the impact of external factors.
Final odds – which incorporate a 6-8% profit margin – make it to a betting line published on a betting website.
A betting line is published several days or weeks before the match. It’s a signal for bettors to start placing sports bets. A bookie monitors bettors’ preferences (i.e. which outcome is attracting more bets) and adjusts the odds to balance payouts on all three outcomes and secure a profit.
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