In an industry that was once dominated by old school bookies setting their own lines, oddsmaking is now handled by huge teams utilizing the latest technology and data available to them.
Are the Bookies Trying to Beat You?
Well, bookies are in business to make money. That’s a fact.
However, when creating the betting odds for markets, bookies aren’t setting them with the aim of betting individual bettors. They’re setting them to get balanced action on all sides of a market.
This is why the big online bookies that set the odds offer smaller betting limits when releasing the opening odds. The market hasn’t had a chance to speak yet, so limits are lower than normal.
As the market jumps on opening lines, the bookies move the odds based on the action.
The art of oddsmaking is still essentially the same, but nowadays the oddsmakers have a lot more tools at their disposal, including betting models based on years of data.
Why Do Bookies Want Balanced Action?
Here are the two main reasons why bookies want balanced action and not one-sided action:
Guaranteed Profit: The ultimate goal for a bookmaker is to draw in balanced action on all sides of a bet. While not possible for many smaller betting markets, this is the goal.
A perfectly balanced book ensures the bookies profits the commission he’s charging.
Risk Tolerance: Once you make the leap to become a bookie, you’re no longer a gambler and you can’t treat this business like you would if you were just betting on sports.
Bookies want close to balanced action because they’re not trying to gamble. If you have $10,000 in bets on the Lakers to cover ATS in the NBA tonight, but only $500 wagered on the opposing team, you’re in trouble unless you utilize a layoff account to balance out your action.
You don’t want to ever risk thousands of dollars because of one-sided action. There are tools to utilize that will ensure you can layoff some of the action and therefore limit your risk exposure.
Utilize the Experts
Small bookies don’t employ a team of oddsmakers to maintain the betting lines 24/7. Even a lot of the big bookies are now outsourcing this task to third-party oddsmaking services.
This trend is likely going to continue, as bookies aim to streamline operations and expenses.
The number one thing to watch for when joining a sportsbook platform are the betting odds. Check to see how they compare with the big bookies in the industry.
Oddsmaking continues to evolve, as mathematicians and statisticians are now being paid massive amounts of money to either be the oddsmaker or to beat the oddsmakers.
So, who are making the betting odds today?
Sportsbooks: Several big shops still create their own betting lines for most markets.
Betting Firms: Finance experts are turning to the newly regulated sports betting market.
Sports Handicappers: Many guys model their own numbers and bet big discrepancies.
With billions on the line annually, oddsmaking is going to continue to become more precise based on data and algorithms. You might be beating the bookie now, but that may not remain the case.