For example the people who set the odds values for a sport event use complex algorithms, historical data, and expert opinions to set odds for such sports event. These odds represent the likelihood of a certain outcome, and they’re designed to create a balanced betting environment where the bookmaker makes a profit regardless of the result.
So if the Bookmakers use such kind of process, what is the process used by a regular gambler?
The majority of sports gamblers will also use historical data and expert opinions
because the former are available with some digging on social media and the latter
can be easy enough got on social media too.
There are also some who will be running spreadsheets on head-to-heads of
teams with all sorts of info to help make an informed decision, and there are a
percentage who will "fire from the hip".
Personally I kind of fall in between research and firing from the hip, I wouldnt class
myself as a serious gambler but if I was and had the time for it I would like to build
up my information to call on as this is the best way to take it seriously in order to
get near a level footing with the casinos as possible.