How are the odds for sports betting (like football) calculated?
In theory, odds are set by the amount of money bet. Do Vegas sports book set the odds on sports gambling, or only the opening line or do they adjust as money comes in. l notice that almost all the casinos have the same odds per game (or close too it) & wonder how that can be, l have trouble believing that the betting pool is the same in all casinos.
Lines/spreads are calculated by oddsmakers. They turn and sell them to sportsbooks. This is why they all have similar opening lines. Depending on the action that a bookmaker gets on particular events, they will adjust them in hopes of getting equal action on both sides. This is how they make money, the vig is highest when there is equal action on both sides. So, in theory, "favorites" are only favored by skill to a point. At some point, favorites or dogs seal their fate as such by the public’s money.
March 30th, 2010 at 11:40 am
There is a group in Vegas who decides what the odds are. I think they are expert sports analysts. Lots of human error and chance involved too.
References :
March 30th, 2010 at 12:30 pm
Lines/spreads are calculated by oddsmakers. They turn and sell them to sportsbooks. This is why they all have similar opening lines. Depending on the action that a bookmaker gets on particular events, they will adjust them in hopes of getting equal action on both sides. This is how they make money, the vig is highest when there is equal action on both sides. So, in theory, "favorites" are only favored by skill to a point. At some point, favorites or dogs seal their fate as such by the public’s money.
References :
http://dagus-statistics.com/sportsbetting101.htm
March 30th, 2010 at 12:50 pm
There are two numbers in a sports book.
In addition to the spread, there is a payout amount. You’ll see it listed as something like +125, or -130.
The + means that’s how much you’ll win if you bet $100. If there’s a minus, that’s how much you’ll have to bet to win $100.
I think these amounts vary from one casino to another.
References :
March 30th, 2010 at 1:05 pm
They have mathemathical formulas to calculate the odds, almost all bookmakers offer the same odds because of that, plus later if they see people bet too much on one side they move the odds on the other way to guarantee a profit.
References :
http://www.betting-forum.com/
March 30th, 2010 at 1:47 pm
Sports betting is very much related to mathematics.
For example a bettor who wants to place a sure bet (with guaranteed profit) with different online bookmakers needs to make a mathematical operations research in advance, in order to know which stake to place on which bet to know exactly which procentual profit these bets will deliver.
A lay betcalculation will be needed to calculate your betting profit when you try to hedge your live (inplay) bet at betfair. In this case and for calculating value bets, multiple bets, system bets and arbitrage bets our bet calculator will give you the answer how much you should stake and your betting profit within seconds.
References :
http://www.blackjake.net