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 (overly simplified) goal of every sportsbook is to ensure that 50% of people bet on one side and 50% of people bet on the other side. To do this they have professional handicappers who set their odds and if things slide out of balance they adjust the odds to make the other side look more attractive and get more bets.
They set up the payouts to ensure that no matter what team wins, they make a profit.
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