Im not a gambler so this is foreign to me. But i’ve always been fascinated with the business of setting odds. Is this pure subjective from professional odd setters or is there complex math attached to each odds?
In: Mathematics
The casino makes money on either outcome. The odds influence betting behaviour. If they want more people to bet on one outcome, they’ll shift the odds to encourage that bet. At the end of the day they just need to make sure they collect enough bets to profit regardless of who wins.
Like if the casino believes that a fight is truly 50/50, they’ll offer slightly less than 2:1 odds on each fighter. They assume half of people will bet on each fighter, and the ones who win their bet get a bit less than double their money. That “bit less than double” is the casino’s profit.
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