2021. 6. 3. 22:43ㆍ카테고리 없음
- How Do Bookmakers Set Odds
- How To Bookies Set Odds
- How To Bet With Odds
- How Bookies Set Odds
- How To Bookmakers Calculate Odds
- How Do Bookmakers Set Live Odds
How bookmakers “make” or calculate odds can be a little complicated for the new gambler. Here we explain the most basic way bookmakers calculate their odds. We all know that bookmakers make money by paying win bets and keeping the money from losing bets. However, this raises some simple questions:
- How does a bookmaker make money when the winnings and losses are the same?
- What happens when there are more winning bets than losing bets?
- Why don’t bookmakers go out of business when this happens?
The “Margin”
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The answer to these three questions is the “margin”.
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The “margin” is the “difference” (+/-) in the “real” chance of a result happening and the “actual” odds the bookmaker gives for the result happening. It is measured as a percentage (%) and is set at 100%.
For example:
When a bookmaker makes odds – they ask a number of questions. The first question is:
In a typical baseball game there are two possible results:
Team A will win or Team B will win
So the “real” chance as a % are Team A has a 50% chance of winning and Team B has a 50% chance of winning. (This equals 100%)
If we change the “%” to standard “odds” by bookmakers then this looks like:
Team A @ EVE and Team B @ EVE [EVE = EVENS – that is a 50/50 chance]
Or in “European” odds (decimal)
Team A @ 2.00
Team B @ 2.00
At these “odds” the margin is 0% - 50% + 50% = 100% so there is 0% difference FROM 100%
So if:
Person 1 bets $1 on Team A @ EVE or 2.00 And Person B bets $1 on Team B @ EVE or 2.00
The bookmaker has now got $2.00. ($1 from person 1 and $1 from person 2)
Then:
Team A wins – so the bookmaker will pay winnings to Person 1 and keep the losing bet from Person 2.
A win bet of $1 @ 2.00 (Evens) is $2. So the bookmaker gives Person 1 $2.
Put more simply:
Person A and Person B give $1 each to bookmaker. Bookmaker now has $2.
Team A wins.
Bookmaker pays $2 to Person A.
Bookmaker pays $0 to Person B.
Bookmaker has $0 balance.
How Do Bookmakers Set Odds
The bookmaker has not made or lost any money. So the bookmaker asks a second question:
How can I make money from these two possible results?
Instead of giving “odds” of EVE or 2.00 for a 50/50% chance result, the bookmaker will “adjust” the odds a little (change the odds) to increase the % margin from 0% to say 10% (or 100% to 110%).
This reduces the possible payout for the same result – in this case from $2 to $1.91:
For example:
Team A to win @ 10/11 or 1.91
Team B to win @ 10/11 or 1.91
[EVE or 2.00 is reduced a little to 1.91 so they pay out is now 1.91 and not 2.00 for a $1 bet]
Again:
Person 1 bets $1 on Team A
Person 2 bets $1 on Team B
The bookmaker has now got $2.00. ($1 from person 1 and $1 from person 2)
Then:
Team A wins – A win bet of $1 @ 10/11 or 1.91 pays $1.91 so the bookmaker will pay $1.91 winnings to Person 1 and pay $0 to Person 2.
The bookmaker has now made $0.09. ($2 – $1.91) This is because the bookmaker’s “margin” had a +10% difference (110%). If Team B wins then the same thing happens, the bookmaker pays $1.91 to Person 2 and $0 to person 1 and “makes” $0.09.
What about when there are more than two possible results?
In a typical soccer game there are three possible results:
Team A wins or Team B wins or a Tie (Draw)
So the “real” chances are:
Team A has a 33.333 rec % chance of winning
Team B has a 33.333rec % chance of winning
A tie has a 33.333 rec % chance of happening.
So each result has a 1/3 (or “one in three”) chance of happening. If we change the chance % of 33.333rec to standard “odds” by bookmakers then this looks like:
Team A @ 33/100 Team B @ 33/100 A tie @ 33/100
Or in U.K. and decimal odds (European odds)
Team A @ 2/1 or 3.00
Team B @ 2/1 or 3.00
A tie @ 2/1 or 3.00
So if three people bet $1 each the bookmaker has $3 and will pay out $3 to the winner.
Again, with these odds the bookmaker won’t make any money so they “adjust” the odds as before so there is a % margin. The “adjusted” odds (might) become:
Team A @ 6/4 or 2.50
Team B @ 6/4 or 2.50
A tie @ 6/4 or 2.50
So the bookmaker has $3 [$1 from 3 people] but when they pay out they will only pay $2.50 to one person and so will keep $0.50. (This would be a 150% difference or a 50% margin).
So bookmakers adjust odds to make sure that whatever result happens they still keep some money after the bets have been paid to the winners.
The third question is:
But what if everyone bets on Team A to win, AND no-one bets on Team B to win, AND Team A wins?
If you take the two baseball teams – Team A and Team B it is very unlikely that they are both exactly the same level. Although they both have a 50/50% chance of winning the game, common sense says that one team will be better than the other. This means that the bookmakers will “adjust” the odds a lot more.
For example:
New York Yankees vs Boston Red Sox
Real chances are 50/50% or Eve or 2.00
They are then adjusted for the bookmaker to make a little money:
New York Yankees to win @ 10/11 or 1.91
Boston Red Sox to win @ 10/11 or 1.91
But for this game ten people think New York Yankees will win so all ten people put $1 each on the New York Yankees.
So now the bookmaker has a problem:
If the New York Yankees win they must pay 10 people 1.91 each and they only have $10 ($1 x 10 people) so they would lose $9.10 (they pay $1.91 x 10 people = $19.10).
So they need to “cover” that $9.10 margin.
So how do they “cover” that $9.10 margin?
If the New York Yankees win then that means (of course logically) that the Boston Red Sox will lose. So the bookmaker needs to get people to bet on Boston Red Sox so they can “cover” the result.
So to “cover” the “margin” they adjust the odds again…
They adjust the odds so that if New York Yankees win they will pay out LESS than $1.91:
So if the Yankees win then the bookmaker will pay out $1.33 instead of $1.91.
They have now reduced their (potential) losses from $9.10 to $3.30 ($1.33 x 10 people is $13.30)
But they still don’t have any bets on Boston Red Sox because people don’t think they will win, (or people think the odds are not very good even if they think Boston might win) so the bookmakers “adjust” the odds again….
They “adjust” the odds so if Boston Red Sox wins then they will pay out MORE than $1.91:
For example:Boston Red Sox @ 9/5 or 2.80
So if the Boston Red Sox win then the bookmaker will pay out $2.80 instead of $1.91.
Now they only need four people to bet on the Red Sox and their “margin” will be covered:
10 x people bet $1 on New York = $10
4 x people bet $1 on Boston = $4
The bookmaker now has $14
How To Bookies Set Odds
If New York Yankees win @ 1.33 x 10 (people) = $13.30 [The bookmaker keeps $0.70]
If Boston Red Sox win @ 2.80 x 4 (people) = $11.20 [The bookmaker keeps $2.80]
How do bookmakers calculate odds for Win only markets?
Of course there are markets such as “Which team will win the League?” or “Which player will win the tennis or golf tournament?”
In these markets there is only one possible result – someone will win the tournament! But the bookmakers offer many teams or players odds to win that league or tournament.
But unlike “match” result betting where the possible results are usually 2 or 3 [Win / Lose / Tie] in “Win” only markets there is only one result (Win) with many possible winners:
If we take the Premier League win market as an example:
There are 20 teams in the league so there are 20 possible teams that have a chance to win the Premier League. So the “real” chances are 20/1 or 21.00. But when you look at the odds the lowest odds might be 6/4 or 2.50 for Manchester City and the highest odds 5000/1 or 5001.00 for Swansea for example.
To calculate the odds in these markets the bookmakers use one, two or all three of the methods listed below (not in order):
- Statistics [Most people say “Stats”] known as the “Statistical Favorites”
- Opinion known as the “General Consensus”
- The amount of money placed on the teams known as the “Money Favorites” or simply “The Favorites”
Manchester City, Chelsea and Manchester United have won the league the most times in recent years so they will be the statistical favorites.
Manchester City, Chelsea and Manchester United will also be opinion favorites – most people in the media and people who like football think that one of those three teams will win the league.
Most people betting will bet that one of Manchester City, Chelsea and Manchester United will win the league or / and individuals will gamble large amounts of money on those teams to win the league which makes them money favorites.
So the bookmakers will “adjust” their odds to dramatically reduce how much they pay for the favorites e.g. Manchester City - and dramatically increase how much they will pay out for teams that most people believe will never win the league e.g. Swansea.
What are “fixed” odds?
These are often found on “coupons” for soccer and the odds are prepared days or weeks in advance, for calculating the odds for these fixtures the bookmakers use years and years of statistical data of both results and general overall betting patterns to choose their “odds”.
Coupons also encourage gamblers to bet on more than one fixture so the “chances” of two results happening increase dramatically.
For example two soccer games can have NINE (Fixture 1 has 3 possible results x Fixture 2 has 3 possible results) so the chances increase with the odds still low which means an increased margin – so it is easier for the bookmaker to cover margins in fixed odds betting.
What if the bookmaker cannot cover the (potential) losses?
There are a number of ways they may try to “cover” potential losses:
They may place bets with other bookmakers so they receive “winnings” which they can pay out to winners who bet with them. [This often happens in horse racing]
They may stop taking bets on a possible result and / or increase odds on other possible results.
They may set a bet limit of the amount people can bet on a result.
They simply take a “hit” and use profits from other events to cover the “loss”.
Final word
Online bookmakers make and calculate betting odds based on a lot of statstical data and customers habitual bets. And in order to earn profits regardless of the match result and league result without customers noticed, they adjust their odds and set margins. So to be good punter and get profits from bookies, you have to understand what they do, what they think about you. It's the first step to win constantly against bookmakers.
Best Odds Comparison
If you are interested in online betting and placing bets, that also means that you are probably interested in getting the best odds for your bets. And why not too, because if you correctly predict the outcome of an event, then you want to be rewarded fairly for it.
First thing's first, there is a huge discrepancy in what bookmakers offer as far as odds are concerned for the same event occurring. Just one look at the sites of two different bookmakers right now will tell you that the reward on the same outcome is not the same. Sometimes the odds are not even close, and indeed some bookmakers will have a reputation of giving more generous odds than others, for example. Such is the nature of online betting.
When it comes to sports betting, then, it's really important to shop around for your odds. However, this creates a major problem: there are many different bookmakers out there, so how can you possibly explore each one to discover if you have found the best odds on any particular event?
This issue alone means that most of us just set up one or two bookmaker betting accounts, and therefore only commence online betting with one or two companies at best. That means that for the majority of the time, you are not securing the best odds for your bets, which can make a big impact on your winnings, especially over time. What you need to do is make sure that you are placing bets at the best odds each and every time. That's where our odds comparison site comes in.
Not only is our site built from scratch for the very purpose of comparing all available odds on any given market, we regularly update odds to ensure you constantly see the best odds available on your chosen event. What is more, you can then automatically load your bet to be placed with the bookmaker with the best odds.
Please note we do not place bets on your behalf, and you must personally create an account with the bookmaker you wish to place the bet with.
Bet Compare
So how does CYO work? Our platform operates like a price comparison site, such as you might use for buying car insurance, for example. Our API covers numerous bookmakers, including all of the most popular (such as William Hill, Ladbrokes, Bet365 and Paddy Power), and our system has the capacity to constantly scan these bookmakers' sites for the best betting odds on any given event. These betting odds are regularly updated to ensure that the numbers you see quoted reflect the most up-to-date information.
And, of course, there are a whole host of factors which can affect the odds of an event, such as injuries to key players, form, recovery time from a previous match, and even the team selected by the coach. On paper you would always fancy Manchester City to overcome Bournemouth, for example, but if the coach of Manchester City decides to rest his entire first XI as the club has a huge Champions League match following up quickly behind, then of course the odds need to reflect this.
It is for reasons such as those, and many more, why bookmakers manipulate their odds accordingly, and CYO is constantly scanning for such changes in the odds in order to always bring you the best odds. That means that the odds displayed on our site are consistently the best odds that are available online, and exactly why and odds comparison tool such as ours is so crucial to your betting practices.
If you check an upcoming event on comapreyourodds.com, the odds presented for that event will be the best odds as unearthed by our software. By clicking on the event itself you will discover the odds offered by the most competitive three or four bookmakers, which may help to sway your decision as to who you will place your bet with, and at what odds. Of course, in an ideal world you will always want to place your odds at the most competitive price, but the reality of membership with bookmakers and so on may mean that you choose to make an alternative selection. We provide you with this information so you can make an informed decision on how to proceed.
Online Sports Betting
We consider ourselves to be the very best odds comparison site for a number of reasons. The first is the ability of our software to effectively scan the odds of a multitude of the most prominent bookmakers in order to secure the best and most up-to-date odds on any given event. The second is because of the nature of our bet finder system which enables the punter to search for events in any number of competitions across the world.
Indeed, the number of events covered by CYO's bet finder tool is incredible, with offerings from junior leagues and women's competitions as well as the major competitions in Europe and South America, to name but a few of the possibilities. As well as the biggest domestic leagues, you will be able to compare betting odds on leagues and cup competitions across the world – even leagues and competitions that are not covered by the majority of bookmakers. If it is possible to place a bet on the event, then you will most probably be able to find it on compareyourodds.com.
How To Bet With Odds
But that's not all that makes our service the best. Far from just receiving an up-to-date comparison of the best odds on any given event, you also get access to a host of other statistics and information which can help inform your betting in the best way possible. It's about an all-round sports betting experience.
The additions we offer include statistics pertaining to the teams' last ten games across all competitions (and relating directly to favoured bet types, such as +2.5 goals, and both teams to score, for example), head-to-head records, team news and precited team line-ups – all information which can help you see the odds for what they really are, compare the odds, and then make an informed choice in your selection.
Accumulator Odds
Sports betting accumulators, or accas as they are commonly known and referred to, are an immensely popular aspect of online sports betting, and this is yet another aspect of odds comparison which really bears fruit for punters.
An accumulator is simply an accumulation of bets which add up to a greater bet. So, instead of betting on one event, you may choose to combine that outcome with a second outcome. Or a third. In fact, there is often no limit to how many bets you can group together this way. Of course, the possibility of all of the outcomes ringing true becomes less and less the more bets you add, but this is exactly how an accumulator works.
As an example, you may be confident that Manchester City, Liverpool, Tottenham and Chelsea will win their respective games on a weekend. All are playing at home against teams from the bottom half of the table. Unsurprisingly, the odds on these outcomes occurring are low. The first thing you want to do, as always, is use compareyourodds.com to make sure you are securing the best odds for each event. However, if you group these outcomes together, the odds will rise positively from your perspective.
And if you think about it, even odds which are slightly different, when added together, will become much greater. For example, four events at 1.20 will become 2.07, but four events at 1.21 will become 2.14. When you start to extrapolate on those numbers, you can see where major gains can be made. That is why shopping around for the best odds is so important, and why using an odds comparison tool like the one offered by compareyourodds.com can be so valuable. Small margins become so much more when you add them together in the case of an acca, or accumulator. The best odds are vital, and compareyourodds.com helps you find them.
FAQs
Why should I use Compare Your Odds?
Using Compare Your Odds is vital for any bettor, no matter what level of success or experience. As stated above, the difference in payouts from different bookmakers for the exact same bets or accumulators can be huge. If one bookmaker is offering a 5-fold acca at 300/1 and another at 400/1, you are missing out on 100x your stake in extra winnings (if the bet wins). Our odds comparison system is built from the ground up and one of the best betting tools available. If you are a regular bettor, there is a high chance you're missing out value on nearly every bet you do. Without checking beforehand it is very unlikely you'll be getting the best odds available. Our system does nearly all of the work for you, just add your selections and watch the bet slip go to work. By using the 'Bet Now' button in the bet slip, you can automatically load all the selections you've chosen here straight into your bookmakers bet basket.
How often are the betting odds updated?
The odds are updated every few minutes and the last update is timestamped in the footer.
Will CYO bring in more betting markets and sports?
Yes, we currently provide odds for thousands of football matches each with dozens of markets. We are continually looking at ways to improve, including increasing our sports coverage. We currently only provide support for comparing Football odds but we're planning to provide Baseball, Basketball, Tennis, Horse Racing, Golf and Cricket Odds.
Do Compare Your Odds take bets?
How Bookies Set Odds
No, we purely provide Odds Comparison for bookmakers available on the website. In the bet slip we do however offer the chance to automatically load the selections in the bookmakers bet slip for convenience, you can do this by clicking the 'bet now' button. This links externally from our platform and you will be required to login or make an account with the given bookmaker. Our Odds Comparison Site is based in the UK and aims towards the UK market, we will however be branching out into other sports and markets as we expand. All UK fixed odds gambling licensing and regulation can be found at the Gambling Commission.
Which online bookmaker gives the best odds?
The fact is that there is no simple answer to this question, and if there was, there would be no need for an odds comparison tool such as the one CYO offers. If there was one bookmaker that consistently offered the best odds, then no other bookmakers would remain in business, so the fact is that odds will always vary from bookmaker to bookmaker, and very rarely can you say that there is one provider that will offer consistently the best odds. That said, there are sometimes cases of certain bookmakers becoming more competitive on certain types of bets (for example, favourable accumulator odds may be secured on particular bookmaker sites, which is always good to secure), but there are just too many bookmakers to scan in order to find that out every time. The other consideration is the deals that are a featured aspect of al bookmakers, and so creating accounts with a large number of providers is not only recommended, but will facilitate your betting when using the bet finding and odds comparison tool on CYO. In short, no bookmaker will consistently offer the best odds, and that is why CYO is such a useful service: one destination where you can enter the bet of your choice and then be immediately directed to the best odds.
How To Bookmakers Calculate Odds
How do you interpret odds ratio?
In the UK, odds are usually provided as fractions, but this is not the way that odds are usually displayed in Europe and beyond. Here the convention is to use decimal odds, which to the uninitiated usually give a better indication of the return on a bet. Here is an example:
Fractional Odds | Decimal Odds | Implied Probability |
1/5 | 1.20 | 83.3% |
In this particular example, the probability of the event occurring is obviously high (80% in fact). This would be a typical situation if a big team such as Manchester City was playing at home against a team from the middle of the Premier League, say Bournemouth.
How Do Bookmakers Set Live Odds
In terms of fractional odds, the equation is best made by considering that if you placed a bet of £5, your reward would be £1 (plus the initial £5 of the stake): hence 1/5. In decimal odds you will see clearly that if you bet £1 then you will win £1.20.
The odds do not reflect any difference in the return itself, they are simply differing systems to tell you the same thing. At compareyourodds.com we currently list all odds in decimal format, but we will soon be offering the choice of fractional odds too, depending on the system that you prefer to use in your online sports betting approach. Either way, the best odds are the best odds, so comparing the offerings is vital.
What are the best bookies?
The simple answer here is that it depends what you are looking for. Some bookmakers will provide you with incredible sign-up offers and special offers, while others will consistently give you more competitive odds. In our experience, the best bookmakers are those which provide the widest betting markets and provide regular and proven payouts. That is why the bookmakers we list on our service are those who are the most respected and highly regulated. And remember that although sports betting should be fun, it should also be performed responsibly, so we also ensure that we only use the bookmakers which have committed to responsible gambling approaches.