What does a bookmaker do?
In this post we address the legitimate question of what exactly is a bookmaker? Examples of sports betting providers are 888 Sport , 10Bet Sport , bwin , etc. and such providers for sports betting are called bookmakers in the betting industry. In the following, we would like to give you all the important information about bookmakers and their role in the field of sports betting.
The activity of the bookmaker
Bookmakers are responsible for creating betting odds for a wide variety of sporting events . The term bookmaker comes from the English bookmaker (bookie). When it comes to betting odds, a distinction is made between fixed and variable odds. The bookmaker's odds display varies depending on the region.
Examples of different odds formats:
- Europe - 1.85
- Great Britain - 4/5
- America - 250
In Europe, we have the most clear quota format, not just in our opinion. In the end, however, this is a matter of taste and not further decisive.
How does a bookmaker set the odds
When setting odds, the bookmaker takes several aspects into account, such as the statistical values of the last games, and thus decides how high or low a particular team's odds are. Or how high the probability is that, for example, three goals will be scored in a game. Now the math is busy back and forth and a quota is created at the end.
An example: If, for example, the last matches in a game almost always ended with a 1: 1, the odds for three goals are set very high. If FSV Mainz 05 gets to do with FC Bayern Munich and the Mainz team have not won any of the last games, then FC Bayern Munich is the clear favorite in this game and has a correspondingly small quota , as you are firmly convinced of a win of the Munich goes out.
With teams that have a big name, you can almost always assume that they will almost always be the favorites. This is the case with FC Bayern, Borussia Dortmund, FC Schalke 04 and in most cases also teams like Bayer 04 Leverkusen, Borussia Mönchengladbach and VfL Wolfsburg. If these play against each other, it depends again on the statistical values of the previous games. If FC Bayern wins almost every game against FC Schalke 04, then FC Bayern is the favorite in this game. If three goals are almost always scored in the games of these two teams, then the rate of 2.5 goals, for example, is also rather small.
How does the bookmaker make his money?
The outcome of the game is completely irrelevant from the bookmaker's point of view , a profit will be made either way. Yes, you read that right, the bookmaker always wins - at least it should be if they did their job right. The reason is simply the so-called bookmaker's margin . The bookmaker's margin has a value that amounts to up to 10% of the odds.
The bookmaker has the option to adjust his betting odds at any time - this is especially the case with live bets - which he does constantly, depending on what the bettors are betting on and how the stakes are distributed. The reason that the winning odds on a favorite often drop quickly is that many bettors bet on it and the bookmaker adjusts this betting odds accordingly. However, this also automatically means that the rate rises on the outsider.
The author of the article: https://casinova.org/
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