UK bookmakers have been in existence for a very long time. Even before the introduction of online betting, punters still managed to wager either via telephone calls or through visiting betting shops cross the streets.
While betting, the host bookmaker collects all the money which punters places depending with their selections. They then pay out a particular percentage of the money to the punter whose prediction is correct.
Since their aim is maximizing profits, bookmakers ensure that they balance their books to get some profits no matter the outcome of a bet. For them to achieve this, bookmakers first research on the probability of an event taking place then offer Odds which are less than the original probabilities. In other words, they will offer Odds which are higher than the combined probability of an event so that the sum adds to about 110% rather than 100%.
How the Odds work
Since the outcomes of an event are hard to predict, online bookies uk employ a number of Odds compliers and experts who must analyze the market and calculate the percentage chances of an event happening before they can set the Odds.
For instance, in the English Premier League, Odds experts will calculate the chances of a team winning the League at the end of the season then shorten the teams’ Odds so that they can maximize profits.
The betting market
Other bookmakers may prefer to observe the market first before setting up their Odds. Odds compliers are sent to overlook other bookmakers’ Odds and consult the betting exchanges to have an idea of which selections are the most favored by punters. After that, these bookmakers go ahead and set longer Odds on the underdogs and shorten the Odds for the favorites.
Sometimes, the Odds may vary from bookie to bookie. This is caused by internal factors such as existing liabilities as well as different experts’ opinions.
Next time you think of placing a bet, first research on the market, the Odds and most importantly, check on a player’s/team’s stats to have an idea of their past performance. This will help you in predicting which selection is likely to win in an event.
Jeffrey Brown November 4, 2015