Bitcoin Forum

How do Sportsbooks get live odds when they have live betting ? I see sites change odds in real time. How they know what odds to offer ?

There are odd providers in the market who basically provide the odds to the Sportsbooks . They probably provide them in real time and charge the sites a fee for providing the odds .

An example of one such site which provides live odds is: donbest.com
The Sportsbook just have to subscribe to them ,and integrate them to their websites.

just like how they offer the odds before games start
there are providers for the odds and it's their responsibility
and that's why u don't see all the matches have a live bet option

^That and they probably have their own people who are experienced in sports betting and they're paid to provide best odds to them based on their expertise in a sport.

And they change their odds based on actual live game scores and conditions of a particular sporting event. I guess it's just like having tipsters on their own side and providing/adjusting bets based on their tips.

Yes I know but how should I decide which odd provider to chose . And how do they know the score and what odds to offer ?

I believe the odds provider have a person sitting in each match or have a live feed of the match(which has to be before the television as the television stream is delayed) .
You should also know that they charge a very high amount around 400-1000$  per month. So the chances of having a person in the game live, is very likely.

Yes but how accurate are those services which show you the odds? 1000 seems cheap if the odds are reliable.

Well I suppose the big ones are pretty accurate. As for the cost, It is cheap if you are a site with enough players to gamble on. And ofcourse these are the cost of the live games and not the pre-match odds, as they would be much cheaper . I haven't personally tried any of these out, but only read about them somewhere.

I don't think people are manually updating the odds in real-time, more likely there is a central server using sophisticated algorithms that is taking care of the live sport events.

I must hope so, the chance for human error would be way too big. One zero too much can lead to millions of losses in bad cases..

I think there is a main system where every sportsbook get from.
The main system will set the odds based on form and head to head record.

I do agree with this explanation ^ and I think these Sportsbookers if not all but mostly they give odds on their own experience and having consultations with other bookers just like us.We place bet on games having known the teams past performance same they do .

do you mean that in all matches that have live betting there is a dude watching real time that changes all the bets ???

I think it is unlikely because there are so many odds and the odds changes too quickly to being manually changed most of the times

Step 1 get odds
Step 2 open betting
Step 3 give odds bases on picks using odds from step 1 to compare

So open betting with the odds they are given, then based on where money is placed ie win/loss it then shifts the odds to keep the lines "even" to the odds the odd givers gave.

The odds provider dont need to do this as there are of course what you call as "statistic" and also that of course you've heard of commentator in live match. Their comment throughout the match will be considered in adjusting the odds as well

i.e in football matches even if the match is currently 0-0 . The odds for both sides will be different, thus this is calculated based on their statistics
like ball possesion, number of shots on target and etc. Also that the previous head to head statistics will be used to determine the odds as well.

P.S : I knew this from my friends who works in a local illegal sportsbook in my country :P

They get the odds usually from there providers,but some sites like directbet also provide that you can negotiate for the odd
of a game

This is what happens.  They have sophisticated algorithms and they have operators overlooking them.  If something that happens such as heavy unseen weather changes, significant injury, or random tragedy, then the operator either pauses the live betting until they can make on the fly adjustments to the algo or bump the juice to cover the sharpness that becomes available.

Let's me tell you the truth, from an insider. my best friend is working in a fiat sportbook, some balls his company is using(actually it's stealing) bigger company's data, every casino won't share the live betting odds to other sites, he said bet365 uses programs to control the odds.

I am not sure about how is bwin or williamhill runnung, and I know his company hires 1-200 people to control the odds, I have said some kind of sports that company is stealing others' odds, but their baseball odds is controlled by the employees, it's not easy to hire them, they are good at math, gambling, need to practice a lot and salary is insanely high.(of course the casino gets a huge profit per year, which you can't imagine)

So previous posts about data providers, I am not sure this info is real or fake, from my insider, it's impossible, maybe they have the odds stealing programs.

What Directbet does isn't exactly called Negotiating. What happens is that the gambler selects the odds he wants to bet on, now once the odds from the odd provider go above these odds, only then the bet gets confirmed at those odds. There is no negotiation whatsoever.

And I forget to say, the odds of small tournaments may be controlled by the biggest sportsbooks' sophisticated programs, like European soccer tournaments, NBA, world cup, EUFA champion league, are 100% controlled by the data analysists.

If you don't believe, check about williamhill, bwin's wikipedia, how can they have over 10k+ staffs if they only use the programs to set the odds? Big online casinos just hire customer services teams, marketing teams and dev teams. The number of empolyees can't be so many, 1k is enough, so logically the odds are controlled by people, but computer, unless small tournaments or unimportant matches.

Plus my info from my insider, online sportbooks hire lots of data analysists to set the odds in live betting.

They have people controlling odds and they have automatised systems controlling huge amounts of stats

They actually use elves and wizzards  ;D. It will be all automated with fancy algorithms but how do they get the odds from the live games is what I'd like to know. Say if there's a minor league game or a womens football playing a friendly who is updating the odds or stats as it can't be automated especially if its not on tv. It is quite fascinating how it all works and would love to know more.

Every sport event is getting recorded as it is playing out by the officials and all the stats are getting uploaded in real time that's why Flashscore can update the livescores because they are receiving the feeds and aggregating them. Now the odds providers simply attach the odds to this and voila.

well if you would watch it in real time on the tennis court or something like that and do as fast bets as you can wouldnt it be possible to get some profit?

Some pro bettors actually are sitting in the stadiums and betting on their phones as the events are happening so they have an edge over the books because the tv and online livescores are getting a slight delay.

Don't know how they do it, if I had to guess I'd say they have experience bookies who read stats and other factors and provide their odds based on those.

But I do agree that there is a central server because I mostly see the odds are almost the same on all the sporting sites.

In the past, it may be possible to exploit using this method.
Nowadays, there is a delay in sports betting so that people cannot exploit delays in sportsbook.

I'd highly doubt that the odds are entirely determined by people. I'd be inclined to believe that most odds for most major sporting events and general world events are calculated using statistics through computer algorithms (using historical data/correlation + current information as future predictors). Then they may be adjusted marginally by hand to try and attain even action on both sides (and thus guarantee a profit) rather than give odds that are truly indicative of the real likelihood.

As to the odds themselves, they would likely be sold by odds providers and possibly just copied by competitors.

There aren't really people sitting in the stadiums doing the bets these days. The odds for live update really fast, and its not like in a tennis game if score is 40-15 , and the first guy wins another point, then the odds wouldn't really change dramatically.
If this was the case, sports books would shut down as it could become really exploitable even for small odds.