Fixed-odds betting – Wikipedia

It’s customary with fixed-odds gambling to be aware of the odds at the time of their placement of the wager (the”live price”), but the category also includes wagers whose price is determined just when the race or match begins (the”beginning prices”). It’s excellent for bookmakers to price/mark a publication like the outcome will be in their favour: the sum of the probabilities offered for all results that are probable will be in excess of 100 percent. The surplus over 100 percent (or even overround) represents profit to the bookmaker in case of a balanced/even publication. In the more common case of an book, the bookmaker may need to pay out more winnings than what is staked or might bring in more than mathematically. An imbalanced book may arise since there’s absolutely no way for a bookmaker to know the true probabilities for the results of competitions left to individual work or to forecast the bets which are going to be attracted from others by fixed chances compiled predicated on personal view and comprehension.
With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and novels against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a stock exchange, allowing the odds to be put in the plan of trading between individual bettors, typically resulting in lent chances that are reasonably near the”true chances.”

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