One Thing Hasn’t Changed: The Goal of Oddsmakers
One thing that hasn’t changed since the early days of sports betting is the ultimate aim set by the sportsbooks: balance the action on both sides of a wager.
If you’ve read our guide on reading and understanding odds, you’ll know that you can calculate the implied probability of an event happening simply by performing a few simple calculations.
However, betting lines aren’t designed to reflect the real and accurate probability of either outcome. After all, one of the best strategies to getting an edge over your sportsbook is making a wager when you think there’s a discrepancy between the real probability of an event and the implied probability determined from a betting line.
How Are Odds Determined?
Odds are engineered to attract equal action on both sides of a betting line. In a perfect world, a sportsbook receives equal betting volume on both sides of a wager. Then – win or lose – they’ll make 5-10% on the juice (or ‘vig’).
As such, it’s integral to understand that the chief function of oddsmakers isn’t to create an accurate (and probable) picture of reality: It’s to mitigate your sportsbook’s risk. Think of contemporary oddsmakers as risk management professionals, as well as expert sports predictors.
That teaser was fire
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