Setting the Odds – A Guide to New Bookies

Setting the Odds – A Guide to New BookiesIf you are a bookie, setting the odds for an event can lead to long term sustainability of the business. In the old days, it is purely a numbers game. In fact, the bookie has the sole responsibility of coming up with his lines. 
With the advancement of technology, sports betting software can now help in setting odds. However, it is still important for bookies to know the basics. That way you can personalize lines based on your players’ betting history.

Setting the Odds to Gain Advantage

All sportsbooks have in-built margins on various sports events. For instance, many bookies increase their prices up to 107 percent as long as all factors are known and there’s a three-way business. However, prices can increase by 120 percent or even higher if there are unknown factors. That way they can protect themselves from knowledgeable gamblers. 

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