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How Do Bookmakers Use Odds In College Football Events?
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Before starting discussion on betting and odds we would like to discuss about turf account. First we would like to tell what is a turf account?
We just want to inform you bookmakers are generally know as a turf account ,and this way usually describe their role nicely. As we know that bookmakers take money over the different event and they distribute the money to the punters who predicts right.
Turf account, the aim of this account is to make balanced their book so that the profit is made whatever the outcome of the event in order to achieve it. To complete their goal the bookmakers offer the odds on the events which are on less probability than real probabilities of event taking place.
The result would be a book which is over around. This means that they will offer odds which exceed the combined probability in an occasion. In other words their odds will add up to more than 100%.
How Bookmakers Use Odds
Let’s take the example of a toss of create. We know that there is a 50% chance of the coin landing on heads and a 50% chance of it landing on ends. Convert these chances to odds and we have Evens for each possible outcome.
If the bookmaker took bets at evens then assuming he took equal amounts on each result, he wouldn't make income.
To make the book over just about, the bookmaker will offer less than evens; say 4/5 for illustration. In this case, the bookmaker would take some amount but whatever the result, would only pay amount therefore taking profit for the hard work!
If the bookmaker offered odds of says 6/5 on each result, then the book would be in favor of the customer.
Bookmakers and Odds Compilers
Bookmakers don't have it that simple. They don't just set the prices on the toss of a coin! Because they take bets on sporting fixtures for which the outcomes are difficult to expect, they need to work hard at getting those odds correct.
The major bookmakers employ a team of odds compilers to set their costs. A horse racing odds compiler may have a number of contacts or helpers ranging from private handicappers and form experts to gallop watchers at various firms. Once they have analyzed all the information accessible, they will set about converting this into the percentage chances of each runner winning the race.
The odds compilers will work to certain profit margins. They may decide that they want to take and set their over-round on that market at 110percents. To build this into the odds they take their calculation of each runner's chances and shorten some or all of their odds. Bookmakers are often criticized by punters for making the over-round too high.
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