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How do odds work

In the XXI century, the world of sports is already impossible to imagine without bookmakers. And all because it is they who create a stir around certain competitions, various sporting events, making them much more attractive. But what do bookmakers do, and what do they earn? A bookmaker is an intermediary between people who bet. Today, the betting industry has become a multi-million dollar business. Some even compare such offices with stock exchanges, because the most successful bookmakers have a very high annual income, which can only be compared with what banks and investment funds earn.

The scheme is based on the fact that bookmakers analyze different sporting events, identify favourites and set the odds. And who the bookmakers bet on affects the amounts people will bet on this or that team. Each office does this analysis independently, so the odds may differ from bookmaker to bookmaker. But how do bookmakers bet? Where do they get their data for odds? They use analytical and heuristic methods in their work. If it is analytical, they use probability theory and statistics, and if it is heuristic, they use expert estimates. Most offices combine these bookmaker strategies in their work and thus make the most accurate predictions.

But how do bookmakers' predictions translate into profits? The fact is that the sum of the probabilities cannot be 100%. Usually, it is about 115%, and the difference of 15% is the bookmaker's profit, it is called "profit margin", and it is the difference which they put in the odds. Bookmakers' predictions almost always lead to profits, because bookmakers usually overestimate the favourite, that is, they add another 15 to 20% to the resulting odds of analysis. And after people start betting, the probability increases even more and the odds decrease.

Sometimes you can recognize a suspicious office by the way bookmakers work. If this office is reputable, there is the possibility of withdrawing money to a card in the bank. And if this bookmaker is trusted by the banks, then customers should trust him too. In addition, the office has the appropriate license, which permits its activities. In general, when choosing a bookmaker, you need to pay attention to all the nuances, and if something seems suspicious, you should not work with this company.