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How do bookmakers come up with odds:

A good bookmaker can incorporate profit margins, into the odds of a result. All of the bookies have one thing in common – to profit from the bets irrespective of the fact that they win or not. There are some terms used to describe the profit made by a bookie. They are vigorish (vig), overround, or house edge. The profit made by a bookie is in the range of 2% to 7%. The odds are the figures concerning the real-time scenario statistics of a game, where the real-world factors are taken into account – like weather, form, team and player history, etc. Based on these factors the bookmaker will determine the real odds of an outcome. And based on the odds, the bookies will apply the house edge to the odds.  

Why do the bookies never use true odds? 

If they use true odds (fair odds) then they run the risk of not getting any money from the game (if the player loses). This is where the concept Balanced book comes in. A balanced book is when the bookmaker pays out the same amount of money to bettors irrespective of the outcome of the game. For instance, if the bookmaker takes ten thousand dollars in bets, on each side, they have to pay twenty thousand dollars irrespective of the result. This is not possible with true odds. 

Why do the bookies always change the odds?

If you are into sports betting for a while, you might have noticed that a huge favorite becomes the underdog on the odds of the bookmaker or vice-versa. This happens for one reason – if there are a lot of bets on one side, the bookmakers make it less attractive hoping to balance the bets that are placed. 

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The impact of sharps on the Bookmaker’s odds: 

Sports bettors are of 2 types – sharps and squares. The sharps are wise and are professional sports bettors. They are more methodical and place their money on the winning team. On the other hand, the squares are more prone to making bad choices in betting simply because they are newbies or reckless bettors. The bookies hate sharps and like the squares. This is because the sharps can even influence the odds. Hence when a sharp places a big bet which can interrupt the action, either the bookies push through with it and adjust the odds to balance the shift in action or reject the bet. Football Betting

How to take advantage of the bookie’s odds: 

There is a competition among the sportsbooks from UK and USA. Each bookie makes generous offers and discounts like freebies and deposit bonuses. The punters look for the best bookies and their offers to get started. However, there is nothing such as the best bookie. It all boils down to your personal preferences.  

Final thoughts:

So the bottom line is that always do your groundwork in shopping (looking for bookies for their best offers) and checking your bookmaker till you are satisfied that you have the best value for the betting odds.