How Do They Determine the ODDS ? ? ?

[kelvin]

I wonder how the odds for a football bet are arrived at ?
Example, Home $1.65; Draw $3.30; Away S$4.50.
If you look at it in terms of chances, then we are likely to bet on a Home Win.
But, if you look at it in terms of value, you are only getting 65cents for every dollar you had sacrificed.
Any idea what formula they use to determin the odds ?

 

[Ramseth]

Betting odds are set by betting actuaries, just like insurance premiums are set by insurance actuaries. However, after the starting odds, betting odds fluctuate as actual bets are received. Let's say Singapore v. Malaysia starts at H 1.50 D 2.00 A 2.50, it will fluctuate as actual bets are received. If more and more bets are received for Malaysia,, for whatever reason (e.g. sudden announcement that a key Singapore striker is injured), then the A 2.50 odds will keep falling (discouraging more bets backing Malaysia), whereas H 1.50 odds will keep rising (encouraging more bets backing Singapore).

The idea is that whatever the result, the banker always win after takings minus payouts.

 

[hughgrant]

s'pore pools is the biggest con man of all as if u compare the odds offered by them with those of overseas syndicates ie william hill , the odds are always inferior.

 

[Ramseth]

Singapore Pools have a captive monopoly market. No legal competition.

 

[BlueCat]

the odds at pools is super low.
but they are the safest,dun scare they will run the road.

 

[Ramseth]

William Hill and Ladbroke don't run road also, since before Singapore indpendence or Singapore Pools founded.

 

[fishcer]

Agree...William Hill and Ladbrokes and lots of other sites are just as safe, if not safer than Singapore Pools. Just that the government says its illegal for us to use their gaming accts.

 

[WOOHOO]

Agree...William Hill and Ladbrokes and lots of other sites are just as safe, if not safer than Singapore Pools. Just that the government says its illegal for us to use their gaming accts.

ya lor what a joke right ya^^

 

[fishcer]

Yupz...but anyway, i believe u still have pple using the accts...its just whether the government want to catch or not. Think if ur not a big timer, then it should b alrite.

 

[Ramseth]

Catch what? It's the wild wild web out there on the internet.

Anyway, I think that the Singapore government and Singapore Pools are myopic. What can Singapore and Singapore Pools amount to with a 3-4 million market? It should open up and compete with on international footings and odds in order to scale the greater heights of the industry, which is already uncontrollably international anyway. What are they going to do? Arrest Visa or MasterCard executives and managers for facilitating "illegal" betting?

 

[2four7]

Depending on what type of odds you are referring to.
1X2 offers the banker a very much higher advantage compared to asian handicap
thats why most ppl prefer ibc/sbo etc
Its all about probabilities, william hill and co's dun employ a team of mathematicians for nothing

Bet within your limit

Join us at www.2four7bet.com

 

[chootchiew]

I wonder how the odds for a football bet are arrived at ?
Example, Home $1.65; Draw $3.30; Away S$4.50.
If you look at it in terms of chances, then we are likely to bet on a Home Win.
But, if you look at it in terms of value, you are only getting 65cents for every dollar you had sacrificed.
Any idea what formula they use to determin the odds ?

Suprisingly if you have monitored closely for most matches, the chance of the above Home win is lesser than that of Draw or Away Win.