![]() In this book, you can see how the bookmaker has adjusted some prices up, and others down. Now let's take the same table, same dice and same equal chance and create a different table Side ![]() Understanding odds and getting the best odds available when betting is key to understanding how bookmakers work and helping you make a profit from betting in the long term. This example demonstrates how the bookmaker will take the non-profitable 100% book and add a margin by slightly lowering the prices to create a total of over 100% to create a 9.2% over-round on the book. Remember, there is an equal chance of all outcomes, and so the prices are the same which will differ if applied to a football match or a horse race Side The table below demonstrates the true probability, and how a bookmaker might price it up. This can be expressed by the probability of 16.66%. If you roll a 6 sided dice, there is a one in six chance of any one number coming up. Let's take a look at an example with more than two possible outcomes, but again, each with an equal chance. ![]() We saw in the coin toss example above how a bookmaker will set odds to his advantage, by offering less than evens chances to an event where there are equal, or 'even' chance of any outcome to ensure a profit on the book. Outside of gambling, probability is more commonly referred to in percentage terms. The entire business of how a bookmaker works to create a business is based around offering odds for players to bet on, let's find out everything there is to know about betting odds. ![]()
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