Assertion: bookmaker | /r/CapableOf | set odd
Facets:
value: to attract betting
type: PURPOSE
value: so bad they can afford
type: OTHER
value: in layman’s terms
type: OTHER
value: in their favour
type: TRANSITIVE-OBJECT
value: on horse races
type: LOCATION
value: at -115/+110
type: OTHER
value: for the various outcomes
type: PURPOSE
value: accordingly
type: MANNER
value: hugely
type: DEGREE
value: with all these advantages
type: OTHER
value: on future events
type: OTHER
value: efficiently
type: MANNER
Source sentences:
text: Next let’s consider what happens to the likelihood of balancing a book if the bookmaker sets odds efficiently and either ignores or doesn’t identify a bias in their clients’ preferences.
text: A bookie sets odds, accepts, and places bets, and pays out winnings on behalf of other people.
text: Exchanges, however, allow bookmakers to see the state of the market and set their odds accordingly.
text: Truth be told, when we imagine bookmakers setting odds an scene of Wall Street Trading clouds our imagination.
text: For example, when two teams play a game of soccer, the bookmakers set odds of each team recording a win, loss, or draw.
text: Bookmakers set odds based on a mixture of statistical probabilities and public opinion.
text: A bookmaker is a n organisation or person that sets and sells odds on future events
text: This is exactly what bookmakers do when they set odds.
text: However, the bookmakers set the odds to the best of their own interests.
text: Bookmakers have banks of traders and analysts figuring out the probability of outcomes and then they set the odds from there.
text: But today, they make the rules, set the odds hugely in their favour and, with all these advantages and having already made healthy profits, they then increasingly refuse to take a bet.
text: Bookmakers start off by setting their margin (let's say 5%) and they then set the odds for the various outcomes incorporating this commission.
text: This allows bookmakers to set the odds for any given event - including a house edge - but also means bettors can compare their opinion to those of the person setting the prices and see what their return would be if their bet is correct at the odds on offer.
text: And based on an analysis of both teams, they set the odds at -115/+110.
text: The bookmaker can set the odds, which we will define as O₁ and O₂ for player 1 and 2, respectively.
text: A bookie sets odds, accepts, and places bets, and pays out winnings on behalf of other people.
text: A story I heard illustrates this last: back in the days before satellite pari-mutuel wagering, when Las Vegas had bookies who actually set odds on horse races, there were several books that advertised that they would pay off at "track odds.
text: In layman’s terms, the bookies set the odds so bad they can afford to let some prices drift without having to shorten others.
text: Bookies set the odds based on both their belief of the outcome of an event and how they believe the public is going to bet.
text: They want to attract custom, so they have to set the odds to be attractive enough to get people to bet with them; but they don't want the odds to be such that if the event on which the bet is staked came to pass, they would have to pay out more than they have taken in.
text: Bookmakers set their odds based on how likely they think punters are to bet on a sporting event.
text: Of course, it's not quite that simple, but in general, bookmakers will set their odds so as to attract betting on either side of the odds, so as to balance their liability and take their commission.
text: Many bookmakers even set their odds to follow the exchange odds; a few ticks down, of course, so they can make a profit.