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In response to
"ST knows everything, how are odd calculated for betting purposes -- nm"
by
Karl_S
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Depends on what you're talking about....
Posted by
Will Hunting (aka JoeMetz)
Feb 14 '11, 18:47
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if it's horse racing; the odds are fair market....basically each dollar put in gets it's house rake taken (their profit) and then the winners share the remainder. If you have 10k in the pool, the house takes it's cut (round #'s example say 20%) and you have 8k left.
If Horse A has 2k bet on it's, it's 3:1 (6k on others:2k on it)
For sports betting, it's smart people making lines and then people bet on either side (hopefully evening things out so the house pays the winners with the losers money and of course, keeps their cut, the vig.
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