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?
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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
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
Bonus question, how did the stock market work pre computers, how often did they update prices? And how did they manage different brokers buying the same stock?
Bonus question, how did the stock market work pre computers, how often did they update prices? And how did they manage different brokers buying the same stock?
Bonus question, how did the stock market work pre computers, how often did they update prices? And how did they manage different brokers buying the same stock?
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