Ray Finau asked, updated on March 28th, 2021; Topic:
oddsmaker

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To determine what the **odds** should be on a given game, **oddsmakers** rely heavily on advanced mathematics, scientific formulas, computer algorithms and experience. They also take into account power ratings. A power rating is a statistical representation of how strong every team is compared to each other.

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In like manner, how do sportsbooks calculate odds?

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').

Then, how do you beat sports betting odds?

Basically, who decides the point spread?

Until those playoffs arrive, no group is better equipped to determine the best teams in the country, or the champion, than Las Vegas Sports Consultants. It establishes the college football **point spreads** used in 90 percent of the state's sports books.

Do bookies want the Favourite to win?

**Bookmakers** certainly **do** not prefer **favourites to win**! They may pretend they don't like it when 5000-1 shots **win**, but they're secretly delighted. It's **favourites winning** that they really hate.

How much you can earn: The salary for a midlevel Oddsmaker is around **$60,000**, while the lead oddsmaker at a casino can make in the low six figures.

The answer is the total number of outcomes. Probability can be expressed as 9/30 = 3/10 = 30% - the number of favorable outcomes over the number of total possible outcomes. A simple formula for calculating **odds** from probability is O = P / (1 - P). A formula for calculating probability from **odds** is P = O / (O + 1).

To **calculate winnings** on fractional **odds**, multiply your **bet** by the top number (numerator), then divide the result by the bottom (denominator). So a $10 **bet** at 5/2 **odds** is (10 * 5) / 2, which equals $25. A $10 **bet** at 2/5 **odds** is (10 * 2) / 5, which is $4.

Usually, an NFL **Over**/**Under bet** is listed with a corresponding money line. For example: **Over** (–110) or **Under** (+110), meaning you'd wager $110 for the chance to win an additional $100 if you **bet** the **over** or wager $100 for the chance to win $110 if you **bet** the **under**.

Reading **point spread** lines **Identify** the favorite by the number with the minus-sign. Find the **point spread**. That's the number after the minus sign. Say your game is Detroit against Chicago, and the line reads "Chicago -6." This means Chicago is the favorite, and the "**spread**" is 6 points.

The **negative** (-) sign indicates that the Cowboys are the favorites, while the positive (+) sign indicates that the New York Giants are the underdogs. With the **spread** set at 2.5 points, a bet on the Cowboys would **mean** that they would have to win by more than 2.5 points (3 or more) in order for you to win that bet.

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