who sets the odds for bookies?

[Guest The Lubet]

Does anyone know who sets the odds for bookies? Who wrote the system? Is there a system? How come all the odds are similar? Is he / she a football fanatic or nurdy number pusher? just wondering. :unsure EDIT: hope you don't mind but i changed the title from a simple ? to a full question

[Datapunter]

Re: ?

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How come all the odds are similar?

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2 reasons for this, Odds can be set by assessing a teams chance of winning and from that assesment set betting odds. Its subjective, ie one makes an educated guess, supported by statistical background information. Anyone who does this who knows what he ( or she ) is doing will end up in the same region of odds. Second is simply because that is how a financial market works. If your odds are better than your competitors thats where the money will go. The odds are similar because bookies balance risk with flow of money. Big differences means big shifts in money flow. I think, only based on having read some books on betting and common sense ! , that the odds set by the bookies reflect how the masses will bet on an event and not neccesarily on the true chances of a team winning. After all how does a bookie make his money ? He has the overround working for him. And the overround is most effective if the distribution of money on the outcomes of an event is even. By that i mean if the payout on each outcome is equal then the bookie makes the most from the overround. Therefore it is in the bookies best interest to set the odds such that a most profitable distribution of money is obtained. Remember one very important thing ! The bookie has exact records on how much money is wagered on any given event. Something we as punters would so love to get our hands on. So based on those records he can anticipate how the (his) betting public will go and set the odds so they are most profitable for him. Another explanation for the difference in odds may be that bookmakers have different groups of clients. These groups of bet in different patterns hence what are most profitable odds for one bookie maybe different for another. Only they know, because only they know their individual marketplace. O, i assume you have a couple of accounts at bookmakers. Why don't you simply ask them how they set their odds. You might get an answer you know . As to the nature of the people who set the odds, i have no idea