First line is based on prediction. Sometimes it is counted automatically, sometimes it is counted by operator. After gamblers begin betting odds regularly recalculate due to gambler betting.
Pretty sure that the bookmakers have tools to help them because if they did it randomly there is a possibility that the gamblers outsmart them or if they are too biased they end up analyzing the match inaccurately. If you were a bookmaker, you’d probably need the skills to set up odds that would ensure you always get something out of it otherwise you wouldn’t be earning anything so with how developed the technology is these days, I wouldn’t be surprised if there were tools used to help bookmakers 
Topic: Sports odds, where they come from? (Read 198 times)
You know the answer judging by your explanation before the question, but it seems you look too much which is why you are not satisfied with what you know. Don't let people deceive you, when it comes to sports betting, the house will carefully study the opponents to know the plausibility of one winning and the other losing. The same is applicable to live betting when they've already weighed the situation to know the possible turn of events and who will win and who will lose. They don't just do this randomly or balance it on the proportion of the bettors who bet one against the other as some people posted in the reply.
Sometimes odds can be set to attract more bets on a less likely outcome. It can be a strategic move by a casino or bookmaker.
Yes, but still though, it's not that good if they will go that route. I mean are they encouraging arbitrage again? This kind of strategy has been frown upon and I don't think that by this time, there are still gamblers who uses this technique to bet from one casino to another to make money.
They will have to be very competitive with other casinos as well in their odds.
And they could have their own in-house bookies as well releasing the odds for them and then comparing it to other casinos.
How does casinos selecto the odds of each game/event? Is It based in the current betted amount on the past games on that team? Or its based on the chance that the team has to win the match?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
First line is based on prediction. Sometimes it is counted automatically, sometimes it is counted by operator. After gamblers begin betting odds regularly recalculate due to gambler betting. Sometimes the part of odds are blocked for betting - it is mostly when lots gamblers make the same bet. I don`t sure but when i watched how it changed - it seems that it is automatically recalculation. Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
PS. I can`t say that it is true for all casinos, but at least in 3 casinos where i tried to analyze it - it looks so.
I know there are some odds providers like "odds shark", but for sure there is a math equation to get that final numbers. But as other users mentioned, there are a lot factors involved.
And I know each casino has it's own odds on each live game, but they should have their own way to calculaste It.
And I know each casino has it's own odds on each live game, but they should have their own way to calculaste It.
The odds on betting amounts are adjusted to ensure the casino or bookmaker maintains a built-in profit. For example, if more people bet on B in a competition between A and B, the odds for B decrease, and the odds for A increase. This system works like a scale to balance the betting action and ensure the casino's profitability.
Your narration makes more sense to me and in summary that is how it should be so that gambling sites will not go bankrupt. This has to be their basic concept for arriving at odds that'll be profitable for them so that they'll continue to be in business. I sometimes compare bookmakers to insurance companies who collect premium from the all their holders and settle the unfortunate few but in reverse the bookies fix odds to collect bets from many and payout a few lucky ones. Although sometimes it doesn't work like that, that is why it's called gambling. 
And when AI is on the sports betting platform side which it is nowadays the odds are surely always in favor of the house, no? Its pretty crazy all that AI has done for this hobby and everything that is transpiring.
Let's stop with the AI thing, odds and bookies have exited and have worked perfectly for decisions even before the internet.
Bookies have algorithms to create the odds that have been tested for years, nobody needs some AI that would basically do the same thing, analyze data, and come up with a result, you have to understand that this whole AI thing is nothing about actual intelligence, they are just algorithms that have a pool of data and a pool of choices, if they would be anything close to actual smart you would already have people winning matches left and right using chatbots.
Sometimes odds can be set to attract more bets on a less likely outcome. It can be a strategic move by a casino or bookmaker.
And when AI is on the sports betting platform side which it is nowadays the odds are surely always in favor of the house, no?
what does ai have to do with it tho?odds are adjusted so that it always goes in favor of the house or the bookmakers this is why they get to decide the odds and they get to adjust the odds to how they want so that at the end of the day they still earn some and they do not leave the event empty handed no matter who loses or no matter who wins
ai or no ai, don’t expect to overcome bookmakers lol
~
It usually just starts at a base, e.g. 1:1 and are adjusted based on how many (and the amount) users place their bets on one side or the other. Still, I HIGHLY doubt that the base starts at an equal rate, they probably have their own factors that they choose from to adjust the base odds and then release it to the market. Kinda like how an AI places answer a as good and answer b as bad depending on some factors. Can't really answer what they are but they probably have some base since we almost always see similar odds across most bookies. 
How does casinos selecto the odds of each game/event? Is It based in the current betted amount on the past games on that team? Or its based on the chance that the team has to win the match?
The answer is that it is not just one factor that is being considered to come up with the odds.The starting point is of course the historical performance of a team and the likelihood of that team to win however casino’s objective is to make sure that either way there will be a balanced amount of money betted on each side. They need to make sure that the house will make profit no matter what the outcome so they can move the odds to how they see fit.
If more people are betting only on one side then the casino would lower the odds for one team and increase for the other so that bettors would find that team more appealing to bet on.
I remember researched about it in the past and AFAIK the odds are given by combining a mix of past results with what people bet on. If the past results of a match of X vs Y give odds of 2 to 1 but people are betting more money on Y, the odds are adjusted. Other factors can also be taken into account such as if the best player on the team is injured or suspended and will not play. But those odds are given by computer programs and nowadays AI intervenes.
And when AI is on the sports betting platform side which it is nowadays the odds are surely always in favor of the house, no? Its pretty crazy all that AI has done for this hobby and everything that is transpiring. As of late the new Deep Seek from China is pretty wild> I wonder if that will also be used as an API on casino betting platforms in that region soon?
How does casinos selecto the odds of each game/event? Is It based in the current betted amount on the past games on that team? Or its based on the chance that the team has to win the match?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
As far as I know though, this casinos might have been working with some prominent oddsmaking services in, you guess it in Las Vegas.
That's why you will notice that almost all casinos have the same odds, maybe it come from the same source or other oddsmaking services that's why the odds are very close to each other. I do not think that casinos themselves is the one creating the odds for themselves.
Here is a good read: The greatest Las Vegas oddsmaker you’ve never heard of.
How does casinos selecto the odds of each game/event? Is It based in the current betted amount on the past games on that team? Or its based on the chance that the team has to win the match?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
The sports books hire match makers that make the lines. Those lines will move up or down based on the action. So if the line is too high and everyone comes in on the other team the line will shift down until the bets start to even put across both teams.
How does casinos selecto the odds of each game/event? Is It based in the current betted amount on the past games on that team? Or its based on the chance that the team has to win the match?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
There could be many factors to be considered when choosing for which of the odds will best fit in for a bet, one of the first thing they will mostly have to put in first is the kind of bet in question, the strength of each of the team as well as the chances for winning and that of losing the bet, because they already know that the strong team will definitely have a smaller odd as against the small team with a bigger odd, same applies if the two teams are strong, they will make a much similarities in their odds and this alone could be confusing to some players to determine which to got for.
Bookmakers also follow the general market odds, these odds are set as the default value of each team or player, this could be adjustable by each casino but within a limit that is set in between each and followed up asap by others so the system works together.
Bookmakers are the ones making the odds, that's why the are them bookmakers, they are not following the market they make the calls, they set up the first odds and then they decide how the odds move on the inflow of money, there are no "general market" odds, it all comes to the bookies, they release those and then the money dictates where they go.
Also, casino have nothing to do with sports odds.
This system works like a scale to balance the betting action and ensure the casino's profitability.
There is no system that is perfect.
If they release odds on 1.4 for one team and nobody is betting on the other team despite odds getting lower and lower till they end up at 1.0 and betting is disabled if the favorite wins they will have to pay that all and there will be no loser to get money from.
Happens quite often in horse racing especially when one stable is on fire with their horses and jockeys, happened at Ascot where horses came down from 4.0 to 1.5 1.8 and won, one such thing back a few years ago was a total disaster for bookies with more than 2/3 of the money being placed on the winning favorite.
Sports betting is not an RTP game, it can seriously backfire.
How does casinos selecto the odds of each game/event? Is It based in the current betted amount on the past games on that team? Or its based on the chance that the team has to win the match?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
Choosing the odds is playing with provability, but some times we see weird odds, like the past fight with Mike Tyson VS Jacke Paul, that one should be a x1.1 on Jacke Paul, but It wasn't that way, that's why I start this topic with the question of Where does odds comes from?
This is a well known discussion and the odds providers, yes there are companies who deal exclusively with setting odds for the different casinos that choose to pay a provider to get their odds. Now this thing of odds low 1.1 like you say means jack shit as I have seen even 1.03 in tennis or 1.04 in basketball and in fact in basketball I will never forget the reigning Champions losing at home to last place with an odd 1.04 which is the biggest surprise I have seen in this sport yet, it was last season and it was Boston Celtics that were leading the Championship and they lost to last place, there is no provability with odds, the providers think that each team has this amount of percentage to win against another and decide upon that, no one forces you to choose the favorite, as simple as that.
The odds on betting amounts are adjusted to ensure the casino or bookmaker maintains a built-in profit. For example, if more people bet on B in a competition between A and B, the odds for B decrease, and the odds for A increase. This system works like a scale to balance the betting action and ensure the casino's profitability.
Is this why odds for sports games keep on changing from what they were on the date a match date is chosen down to the date on which the game is to be played? I always think the odds are adjusted to fit in what the bookmakers feel will become the outcome of the game, as the time of the match draws nearer, so they see a clearer possibility of what the outcome will be and adjust the odds to the one with a higher chance of success reducing and the one with a low chance of winning increasing. This has always been my guess. 
The odds on betting amounts are adjusted to ensure the casino or bookmaker maintains a built-in profit. For example, if more people bet on B in a competition between A and B, the odds for B decrease, and the odds for A increase. This system works like a scale to balance the betting action and ensure the casino's profitability.
Wait let me getting something straight about this odds rationalization..Does it mean that odds are no longer subjected to how higher the club could be? Because if this is actually the main thing that happens then the bookmakers could likely give lesser odds to losing team in other to lure people to choose the lesser odds than going for the right team, I know discussion like this always gives us meaning and the chances to learn more new things while gambling.
The odds on betting amounts are adjusted to ensure the casino or bookmaker maintains a built-in profit. For example, if more people bet on B in a competition between A and B, the odds for B decrease, and the odds for A increase. This system works like a scale to balance the betting action and ensure the casino's profitability.
Very correct like say the bookies set a 5% profit on each game, team odds system is a persistent changing mechanism that works with time and conditions pf the game if team A is leading, the value of odds for the team starts decreasing since the potential value have been taken by the team A whereas the team B who is the losing team at that moment becomes worthless and with huge odds merging since the game in already against them.Bookmakers also follow the general market odds, these odds are set as the default value of each team or player, this could be adjustable by each casino but within a limit that is set in between each and followed up asap by others so the system works together.
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