How Bookmakers Make Money
Video Overview & Insights
We look at how bookmakers set their odds so that they would make money off the bettors.
RandomMathsInc, can you please reupload the video “How to count in Thai”?
A bit more on decimal and fractional odds: https://support.skybet.com/app/answers/detail/a_id/37/~/fraction-and-decimal-pricing
If you're too lazy to watch the whole thing, you can go to;
you do know what a bookie does right? ...yeah he pays you
- 0:00 for dice analogy (introduction),
- 1:53 for dice analogy (trying to make money),
- 3:08 for dice analogy (adjusting odds),
- 7:12 for start on part about bookmakers,
wrong.
if i bet 1 pound at 6/1 i get 7 back
- 9:20 for implied probability and over-rounding, and
- 13:25 for why bookmakers have to adjust odds.
Awesome video 🫡
Sources I used:
https://en.wikipedia.org/wiki/Mathematics_of_bookmaking
So -120 odds means your getting 80% gain? 100-20=80
http://www.pinnacle.com/en/betting-articles/educational/how-bookmakers-make-money
http://www.oddsportal.com (where I took sports odds from)
Great job!!
http://www.mirror.co.uk/sport/row-zed/how-odds-leicester-winning-premier-7736523
https://en.wikipedia.org/wiki/2015%E2%80%9316_Leicester_City_F.C._season
Thank you. I wish you health and happiness
More User Perspectives
Thank you for wasting my time captain obvious.
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@adolf9596“Dice” is plural, one is called a Die.
@jaclyndotson3198Why not just use fair book, and declare that you will be taking 5% off the pot and distributing few remaining pot evenly amongst the winners, then just adjust the odds to distribute bets in an effort to prevent everyone from making the same bet, winning the bet but loosing 5% of their venture... as long as you can prevent that (by encouraging at least 5% of bet revenue to be a losing bet) you should be fine. It just seems easier to manage. If I had to bet, I say I wasn't the first to think of this, but in my own mind I call it 'the portionalized pot method' cuz the hous takes a portion of the pot, then portions out the rest. Anyone know the real name?
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@igorsidelkovsky79445/2 fractional odds = 3.5 decimal odds and 7/2 fractal odds = 4.5 decimal odds.
@afbarnesi came here from a bop song titled "bookmaker" and for the entire first half of the video i really thought "bookmaker" are book makers.
@helper_botKid who bet on the game: Come on, guys! You gotta win by 4.....
(mother glares quizzically at kid)
Kid: .....uh....o''clock. Be.....cause...Billy's coming over and we're going to work on our science project.
Hi I'm Pakistani bookmaker
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What if u don’t have friends
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@djilaliramdane9488Who here’s watching cuz ur mom told u not tell anyone but ur friends dad is a bookie
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@penajeannette33954/5 = 0.8 not 1.8
@venkatesh5864At 9:02, shouldn't the Forest Win odds be 0.8 instead of 1.8? 4÷5=0.8, no?
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