Here's what Vegas has on hand to determine this stuff:
Tons and tons of stats, and smart folks to interpret them.
They have historical game stats, but more importantly, they have stats on historical betting tendencies.
The other half of this is that oddsmakers don't make their money predicting outcomes with their point spreads, but betting tendencies.
Win is a horse that finishes in first place in the race.
Place is a horse that finishes in second place in the race.
Show is a horse that finishes in third place in the race.
A win bet is the act of placing a bet on one horse that the better thinks will finish first in the race.
A place bet is the act of placing a bet on one horse that the ...
According to the Dowd Report, Pete Rose was busted for betting on matches in which he was involved
Pete Rose bet on baseball, and in particular, on games of the
Cincinnati Reds Baseball Club during the 1985, 1986, and 1987 seasons
It was not shown that he bet against his own team
3) No evidence was discovered that Rose bet against the Cincinnati
Against the Spread tells you how a team plays against the spread - so if you gave them their spread points for each game, what would their record then be? For example (made up numbers):
Week 1: CHI -3 vs BUF. Actual result: BUF by 5. ATS loss.
Week 2: CHI +5 vs SF. Actual result: CHI by 4. ATS win.
Week 3: CHI +4 vs NE. Actual result: NE by 2. ATS ...
Draw is usually higher odds partly because most people bet on one team to win, which drives the odds in particular directions. In the case you stated, it is likely the case that Team 2 are the better team, but Team 1 have the home advantage when working out the odds. I tend to bet on draws if the result is good for both teams or if the style of play of both ...
I am not sure to which extent this will be satisfactory answer for you, but basically short answer is that this might happen but bookmakers have some tools they might use to reduce their losses or at least to make scenario you describe less probable. Namely, after some initial bets are placed, the bookmaker then adjusts the odds.
I should add that situation ...
Parimutuel works by pooling all bets in a given result, then dividing the pool by the total number of betting units held in wagers that match the winning result.
To make calculation easier to work and the customer experience easier to join, one betting unit is often equated to one currency unit (that is, one unit is worth one dollar, and one dollar buys one ...
This is the wikipedia page that explain asian handicap betting.
In a case of multiple bet you have to calculate in this way:
event 1 over 1.5 => win (coefficient X1)
event 2 over 1.5 => win (coefficient X2)
event 3 over 1.5 => win (coefficient X3)
event 4 over 1 => draw (win divided by 2)
event 5 over 1 => draw (win divided by 2)
So in this case ...
Betfair's odds system is somewhat different to the more conventional bookmakers.
They allow punters to bet against each other. A punter has two choices, one is to back an event for a win, the other is to back the event not to happen. The latter is called a lay bet.
Punters can set their own odds, stake and bet type, and then wait for another punter to ...
First let us look at the situation where we have several possible outcomes, which are complementary, i.e., exactly one of these results can happen.
There can be various number of complementary outcomes; we can have 2 of them (two players in a tennis match, over/under in a soccer match, home/away in ice hockey), 3 results (home/draw/away ...
The problem isn't being on yourself to win - it's on the matches when you don't bet on yourself. Consider a situation where I bet on myself to win in 9 out of 10 matches, but then didn't bet on the 10th match. Am I going to try quite as hard, knowing that I'm (effectively) getting paid less for a win?
It is really simple. A books goal is to get half the action on each side, for all pure win/loss bets. They make their money on juice not guessing which side will win.
It does not matter if favorites make the most money for bettors on average. It is all about getting an even amount of action on each side.
So the answer is possibly yes if it met ...
If depends mostly on the mentality of the head coach and his stance on team-specific concepts:
Whether he thinks his players need a full game to maintain momentum heading into the playoffs, and that resting them may add a wrinkle which isn't needed.
Whether he's spoken to team leaders who feel strongly one way or the other
as well as player-specific ...
There's no fundamental reason they should be equal, because a bookies' job isn't to accurately reflect the chance of a team winning: it's to make as much money as possible for the bookie. If a bookie has taken too much money on one side of a line, they'll move the odds and/or the line to encourage punters to bet the other side of the line; bookies really don'...
Quite simply it's because that's when there is the most betting activity - the majority of the activity, actually.
Odds start at what the bookmakers believe is an accurate representation of the outcomes. These odds then drift or come in depending on what the punters are backing. For example, a team might be 10/1 to win when betting opens. If millions are ...
In the UK we have various ways to gamble on sports - many bookmakers allow bets on horse racing, football, rugby, whether Christmas will have snow, whether a meteorite will fall out of the sky - in short, pretty much anything.
This is a very strongly regulated industry - with a range of checks to ensure gambling rings don't influence individual players or ...
Sport betting in most of the world usually prohibited by law but each country or state has it own rules and regulations regarding betting and can choose to make it legal.
But this vast industry of sports betting has found ways to survive in an orderly way by some authorities.
The most familiar way is a government gambling authority. The main purpose of these ...
One thing to note is books tend not to allow "correlated parlays". What this means is you are not allowed to make a parlay out of bets whose results are correlated to each other. For instance, let's say you found two bets
"Barcelona wins by at least 2 goals" 3:1
"Barcelona wins by at least 3 goals" 5:1
Obviously these two bets are correlated, because if ...
The bets of this type are called are called combo bet, accumulator bet or parlay bet. The odds are multiplied, exactly as you wrote in your post. You can also find several examples
in the Wikipedia article about such bets.
It is probably worth mentioning that some bookmakers do not offer accumulator bets at all. For example, betting exchanges typically only ...
It depends on the bookmaker.
Traditionally, things like the total, money line, and spread will be set before the game starts. During the game it is possible to choose these same bets for halves of the game and sometimes even quarters of the game.
The odds will change for say the second half bets as the first half plays out.
Some bookmakers may ...
This is done to ensure that there is not a push when the game is over. A push is when no one wins, and the sportsbook gives everyone their wager back.
Here is an example:
For this week's Pittsburgh at Baltimore game, one sportsbook lists the point spread as 3, with Pittsburgh favored to win. Let's say you decide to bet on Pittsburgh. If Pittsburgh wins ...
Depends on the situation:
If they have already earned the conference title then they will not
play their key players. For example, Aaron Rodgers didn't play the last
regular season game of 2011 for Green Bay Packers (they finished regular
season with the record of 15-1).
Another situation is that whether or not you win, you will have to
play a wild card ...
First for NFL, MLB, NCAA, NBA, and other US sports entities it is outlawed because of player's involvements with bookies and betting rings. MLB isn't worried about a pitcher that wants to bet on himself against a bad team. MLB is afraid that the pitcher will make relationships with bookies, could possibly lose money, and then play differently or provide ...
According to the FIFA Code of Ethics, players, coaches and all people involved on football is forbidden to place bets:
25 Integrity of matches and competitions.
Persons bound by this Code shall be forbidden from taking part in, either directly or
indirectly, or otherwise being associated with, betting, gambling,
lotteries and similar events or ...
Mathematical sports betting is already a huge thing
There is a lot of literature and research in the field of professional gambling and modelling of sporting fixtures. There are several dedicated firms, such as ATASS, Starlizard, and Sporting advantage are three examples. Also, several big hedge funds now recruit for sports researchers and traders. With all ...
It's a question of risk (variance), not expected profit (mean).
Free bets are often offered along the lines of "bet £10, get a £10 free bet". If I can run the free bet through on very short odds, then that's pretty close to a zero risk investment as the "non-free" bet is then pure profit - and at that point the professional gamblers will ...
According to the Laws of the Game (2 Mb pdf-file):
The team scoring the greater number of goals during a match is the
winner. If both teams score an equal number of goals, or if no goals
are scored, the match is drawn.
When competition rules require there to be a winning team after a match or home-and-away tie, the only ...
The lowest I could find was Man o' War from 1920, winning with 1/100 odds.
Just ten days later, Man o' War returned in the Stuyvesant Handicap
which he won easily against only one rival. His odds of 1 to 100 were
believed to be the lowest ever offered in an American horserace
In the UK, this is not illegal (i.e. you wouldn't face criminal charges for doing so), but it is against the rules of just about every sporting governing body to do so - any player or official of a club who does so risks hefty fines and/or bans. See for instance:
Former Leicester Tigers defence coach Phil Blake banned for placing eight separate bets on his ...