With the recent legalization of sports betting in my region all I hear now is over under this, odds of 5-1 that. Then they start talking like pirates with parlay or maybe it’s parfaits, Are they meeting to discuss a truce for unpaid debts? I’m just so confused. Also who comes up with these numbers? Is there like a council of bookies that oversee the gambling world, are the numbers regional?
In: Mathematics
Odds are a way for a bet to be balanced based on the likelihood of a particular outcome. In sports betting, this is based on which team is favored to win, and by how much. This will be based on a combination of statistics on the teams playing, and other factors like wether or not the star player is recovering from ankle surgery. So let’s say the Yankees are three times more likely to win than the Blue Jays, then the odds would be 3 to 1, and a bet of $1 on the Blue Jays would pay $3 if they win.
With sports betting one other key factor goes into how odds are set. They have to be in the bookies favor, so that on average, the bookie will come out on top.
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