Why is something 1/6 and something else 1/25? Why is something that was last week 1/5 is 1/15 this week? I’ve seen these “odds” change in the newspapers for horse racing, football, and other sports. I have never understood this. I watched some YouTube videos to try to make heads or tails from it but it’s left me in the same.
In: Mathematics
>Why is something 1/6 and something else 1/25?
For every $1 you bet, you will win $6 and $25 respectively. Odds are set so the sportsbook can try to get equal amounts of money on both sides of the bet.
If you had people bet on David vs. Goliath, obviously there’s going to be a ton of people betting on Goliath. So you have to increase the payout for people betting David, and lower it for Goliath, or you’ll risk losing a lot of money should Goliath win. Odds are what the sportsbook/casino uses to encourage people to bet underdogs and discourage people from betting favorites. Setting a “point spread” is another way they do it.
Latest Answers