Who Makes the Odds for Live Bets?
At any bookmaker or online casino offering live bets on sports, you’ll notice that the odds tend to change from time to time due to a variety of factors. But who decides when they change? In fact – who is it that actually makes the odds for these bets in the first place?
The Role of the Odds Maker
Essentially the odds maker may not just be a single person – and in many cases it is actually a group or committee of people who are tasked with coming up with the odds for various matches.
In order to do so, every single possible factor that could play a role needs to be scrutinized – and the degree to which that factor could affect the outcome of the game needs to be quantified too. Needless to say, this is a lot easier said than done.
Many smaller bookmakers and online casinos may not use their own odds maker but instead may mimic the numbers that larger and more established bookmakers are using.
Not Just Based on Winning and Losing
Contrary to popular belief, odds makers don’t just figure out which team is more likely to win. Instead, their job is to come up with odds that both the bookmakers and the bettors will find agreeable.
Sometimes this is based on other factors too – such as hype. Although hype isn’t going to directly affect a team’s chances of winning or losing, it will affect how likely people are to accept lesser odds, and that makes it a factor in livebetting.
Once the committee evaluates all possible factors, they very often vote or average out the results that each individual has come up with to get an ideal value. That is how the odds for live bets are created, and it is the same way those odds are re-evaluated as well!