Bookmaker odds are available in a number of formats: fractional, decimal, American and Asian. There are tables which show how to convert the odds from one format to another. The fundamental mathematics are the same for each format: a book is made by compiling odds which offer value to the customer while having a built-in profit margin for the bookmaker. The odds are not set in stone and there could be enhanced odds for an unpopular outcome to attract bets.
Making a Book
A bookmaker compiles betting odds for a market on the basis of the theoretical probability of each outcome. There is a built-in margin but odds change. However, if odds for one outcome shorten, the odds for one of the other outcomes will lengthen to maintain the margin. A profitable book is called over-round and an unprofitable book is called under-round. A bookmaker would soon go out of business if his markets were consistently under-round.
Each odd in a book equates to a percentage. Here are the calculations for a sample the odds:
- For Evens the calculation is +100/(1 + 1/1) = 50%
- For 2/1 the calculation is +100/(3 + 1/1) =25%
- For 4/1 the calculation is 100/(4 +1/1) = 20%
- For 9/1 the calculation is 100/(9 +!/1 = 10%
The percentage for the book is 50 + 25 + 20 + 10 = 105%.The book is over round because the total percentage exceeds 100%. The odds compiler had made a book with a 5% theoretical margin for the bookmaker. However, the odds offer enough value to encourage bettors to place bets.
With betting odds, bookmakers quote prices for things to happen during a sporting event. Betting odds reflect the probability of outcomes of sporting events in India. The most popular betting ...
A simpler example of a book is the odds on the toss of a coin. There are only two outcomes so the chances of the coin landing on heads or tails are evens. There is a 50/50 chance of each outcome and over time, there should be as many heads as tails.
Any bookmaker looking to make a profit on this market would offer the following odds:
Heads: 10/11 which equates to +100/(10 +11/11) = 52.36%.
Tails: 10/11 which equates to +100/(10 +11/11) = 52.36%.
The book is compiled to 104.72% when the true probability is 50/50 or 100%. Tossing a coin is a simple example of the concept but illustrates how betting margins are affected by enhanced odds. The team to kick-off in a football match has two options and an example of enhancing the odds would make the two outcomes 10/11 and Evens. A disreputable odds compiler would offer 5/6 for each outcome which equates to a margin of almost 110%. These are bookmakers to be avoided when you can back each possible scenario at 10/11 which offers far more betting value which is increased even further by enhanced odds.
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Standard Football Odds
The most bet on market across any sport is the three-way match result after 90 minutes in a football match. This market is also known as the 1X2 which is the same as Home Win, Draw and Away Win. The terms are different for a match on a neutral ground as there is no home team and away ream. In Cup matches, the two-way market is for the team to qualify, including extra time and penalties.
The calculation for the margin is consistent across all sports and novelty markets. The objective is to attract bets on each outcome to generate a balanced book which makes a profit for the bookmaker. In reality, one outcome could be more heavily backed so the odds change to make the other outcomes more appealing. That means a book is constantly evolving in line with demand.
Enhanced Football Odds
Bookmakers enhance the odds on one outcome of each potential result. A typical margin for a match in the Premier League is about 105%. Recreational bettors may not notice the variance but big-staking professionals would be attracted by enhanced odds to a margin of 107%. This odds boost would not be promoted as enhanced odds but be a subtle way to attract big bets for which a 2% better margin would affect the bettor’s profitability.
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Why Do Bookmakers Enhance Odds?
Enhancing odds or odds boosts are marketing ploys by bookmakers to attract bets in a competitive market. These offers are heavily publicised in the racing Press and television commercials. However, the bookmaker may make slight reductions in the other outcomes to maintain the potential profitability of the book. Enhanced odds would be compensated for by some reduced odds.
Some bookmakers offer enhanced odds as part of a welcome bonus. They double the SP of the first winning bet for a minimum stake. In this case the extra winnings come in the form of free bets. The additional profit from the enhanced odds is subject to wagering requirements and odds restrictions. The free bet credited by the enhanced odds would have an expiry date.
There are often new entrants to the online sports betting industry. New names are competing against trusted and established brands. It is difficult for a new operator to gain market share in a mature market. A new sportsbook is often launched at the time of a major sporting event, such as the World Cup. The new bookmaker could enhance the odds of the favourites or one of the countries where they trade. Enhanced odds would be a good incentive to register and place bets.
Examples of Enhanced Odds
There are different types of enhanced odds, for different sports and markets. The basic concept is increasing the odds for an outcome from the standard odds to something that offer more value. Most enhanced odds are event specific so expire once the game has begun or at the end of the game if the enhanced odds are related to an in-play outcome. Here are some common examples of enhanced odds that are usually on events in the most popular betting sports.
Selected runners in a horse race
There are many famous horse races around the world which attract plenty of betting interests. One of the most high profile steeplechases is the Grand National which is run at Aintree Racecourse near Liverpool on the first or second Saturday in April. Bookmakers could enhance the odds of the favourite or a number of bigger-priced outsiders. Stakes could be limited and the extra returns could be paid cash or as free bets.
First, last or anytime scorer
The first, last or anytime scorer in a football match is a popular bet. It is a speculative proposition so offers the potential for a decent win for a small stake. The leading scorer for a team would be about 5/1 in these markets. Most punters would be looking to back this outcome but these are bets bookmakers are happy to take. That means one bookmaker would buck the trend and enhance the odds to 6/1. That represents a price increase of 20% and a good incentive to bet.
Match outcome in a football match
There are many high profile football matches that are shown live on television. The biggest betting league is the Premier League in England, the Champions League final is the most important match in Europe and the World Cup final every four years is huge for the sport. These matches would have enhanced odds because the betting markets are highly competitive. Different bookmakers may enhance the odds on the match winner or team to lift the trophy in a Cup match.
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Match winner and anytime scorer
Bookmakers combine the match winner and anytime scorer from the winning team. These outcomes are related so the odds on offer would not be the combined odds for each event. If a player scores in a match, the team has a better chance of winning than the original odds. Bookmakers enhance the odds because these are good bets to take. The enhanced odds would be somewhere between the regular combined odds and special odds for the double.
Outright winner of a golf or tennis tournament
Outright betting on the winner of golf and tennis tournaments are popular. A golf event is typically played over four days from Thursday to Sunday. There is a cut after 36 holes when a limited number of players qualify for the third and fourth rounds. Tennis tournaments take place over one or two weeks. The odds fluctuate after each round so enhanced odds are used as an incentive to bet on certain players at the start of the tournament.
Enhanced odds are usually offered to maintain the loyalty of existing customers or new players to register for the opportunity place bets at enhanced odds.
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