It’s customary with fixed-odds gaming to know the odds at the time of their position of the wager (the”live price”), however, the category also includes wagers whose price is determined just when the race or game starts (the”beginning prices”). It’s ideal for bookmakers to price/mark a book such that the outcome will be in their favor: the amount of the probabilities quoted for all results will be in excess of 100 percent. The excess over 100% (or even overround) represents profit to the bookmaker in case of a balanced/even book. In the case of an book, the bookmaker might need to pay out more winnings than , what is staked or might bring in greater 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 contests left to human effort or to predict the bets that will be drawn from others by fixed odds compiled predicated on personal view and comprehension.
With the advent of Internet and bet exchange betting, novels against bookmakers and exchanges and the chance of arbitrage actions that were fixed-odds has enlarged. Betting exchanges in particular behave like a stock market, permitting the odds to be set in the plan of trading between individual bettors, typically leading to quoted chances which are reasonably near the”true chances.”
Read more here: http://dotsavvycloud.com