How do sports casters (nbc, etc) report the odds to win for each team? (500 to 1, 6 to 1)
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Bookies employ handicappers who are the people that actually come up with the odds. Using a combination of math and experience they work out the odds to ensure that most of the bets are split about 50/50 so that the group that loses mostly pays for the group that wins.
If a bookie notices that people are really betting on one outcome over the other they’ll adjust the odds to try and get it back even.
Two evenly matched teams will be a safer bet but also pay out less because its likely to go either way. But a real underdog gets bigger odds to entice people to bet on that unlikely outcome because if it does happen then you stand to make a ton of money off a small bet.
So sports reporters are just reporting the odds from whatever bookie they’re getting info from.
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