How did bookmakers determine what odds to set prior to computerized models?

Question

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

Answer 1

Bookies set odds by trying to get equal $ wagered on either outcome. They make their money in the “juice”, not by being on the right side of the bet. If they set odds right, money falls evenly on both sides