Before computerized analytical models became common place how did bookies set odds.
Was it just through a hell of a lot of mathematics and statistics or was it just more of a guestimate as to what odds would make the bookmaker a profit in the long run?
In: 22
The same way people did anything before computers – study, experience, doing the work by hand. Bookies used their knowledge of whatever they were taking bets on to decide where to place the line, and move it if it could be improved.
Whatever the game, bookies have always had more experience than bettors, whether that’s with sabermetrics or just eyes on the game.
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