How does sports betting works ?

[klf]

In typical sportsbooks they play against the house, in betting exchanges they play against each others, The odds are provided by odds exchangers and big sportbooks having employees making the odds according to their analysis.

Yes, it is ture. Most most of the reputed sites will have there won experts to come up with attractive odds. If odds are not attractive than many users will not bet so they need to think smart to make profits for the company they work. But it is much better way of gambling than playing on dice game. Sports betting got better chance to win.

[Zaragota95]

mostly against the house in traditional sportbooks and the favorite/underdog/point spread is provided by odd providers.

[Oscoda]

It is quite simple though. You just gamble on a player or a club.
And then give you the amount of what you want to bet and then you just watch quietly and then you know whether you have won or not.

[Footy]

You are betting against the house with sports betting, unless you are entering daily fantasy sports competitions.  Then you would be competing against other players.

[Wendigo]

Traditional sportsbooks receive their odds everyday from odds providers which are carefully predetermined according to the public money. On the other hand there are betting exchanges, most popular being Betfair, where the customers decide the odds and you can become the house by setting up the lines for other users to bet on.

[agustina2]

Say, a betting will take place on a soccer game score. Does people bet against each other or bet against house ? If they can bet against house, then how does house calculate its odds ?

Well the odds given are vary per gambling sportsbook provider that's why you will noticed all sportsbook sites has a different odds to offer.

One reason is to attract more players. There is no fixed calculation of odds because if one site will offer a small odds to the same match, then other site offers a good odds to that same match also, well players will noticed the difference.

[Phildo]

Most of the time you are playing against the house.

Some websites are "betting exchanges" where you can bet against other people.

In each case, the odds will be offered and you can accept or reject them.

The house calculates their odds by doing research on the games and offering odds where they think that they will win money. They can change the odds over time to guarantee themselves a win and/or encourage people to bet on one side or the other to reduce their variance.

[FrueGreads]

Say, a betting will take place on a soccer game score. Does people bet against each other or bet against house ? If they can bet against house, then how does house calculate its odds ?

It depends on the site you are using. If you are using a betting exchange you are betting against other bettors, and the house takes a commission for providing the service. An example of that is betfair in "fiat world", or fairlay and betbtc in the "bitcoin world".

The mot common option is that you are betting against a bookie, an they offer the odds so that their "book" is bellow 100%, meaning that they will get their profit from that difference.

[patt0]

I was always curious to know how sports books decide the odds they offer. I think they just copy them from big bookmakers lol
You hardly see any diference between them, and i don't think every site has the possibility to analyze events and decide odds.

[Phildo]

I was always curious to know how sports books decide the odds they offer. I think they just copy them from big bookmakers lol
You hardly see any diference between them, and i don't think every site has the possibility to analyze events and decide odds.

There has to be some copying of them. If you have drastically different odds than another (or all the other) sites, you will open yourself up to people making bigger bets at your site by trying to arbitrage or make "sure bets." It's not an issue if you are on the right side of things, but the penalty for being wrong when you are on your own with a line is much bigger than the penalty if you are wrong with everyone else.

[FrueGreads]

I was always curious to know how sports books decide the odds they offer. I think they just copy them from big bookmakers lol
You hardly see any diference between them, and i don't think every site has the possibility to analyze events and decide odds.

There has to be some copying of them. If you have drastically different odds than another (or all the other) sites, you will open yourself up to people making bigger bets at your site by trying to arbitrage or make "sure bets." It's not an issue if you are on the right side of things, but the penalty for being wrong when you are on your own with a line is much bigger than the penalty if you are wrong with everyone else.

Yes I agree with you, but I wonder where do they all copy the odds from, and who is "the one" that creates the odds in the first place, and how they decide to offer them. Do they have experts to determine the outcome etc I'm quite curious of that as well.

[BitsandBites]

I was always curious to know how sports books decide the odds they offer. I think they just copy them from big bookmakers lol
You hardly see any diference between them, and i don't think every site has the possibility to analyze events and decide odds.

Yes this is something that intrigued me for a long time too.
If you understand the role of bookmakers/bookies it's easier to make a pick.

[Cyaren]

Say, a betting will take place on a soccer game score. Does people bet against each other or bet against house ? If they can bet against house, then how does house calculate its odds ?

The house calculates the odds based on the past performance and the quality of the team/player. For example if a game was Djokovic vs Nishikori the house would obviously give lower odds for Djokovic.

[Barbut]

When two teams meet on the football field or on the basketball court, one team is typically better than the other. If all sports bettors had to do was to pick the winning team in a game, everybody would simply wager on the best team and collect their money.

You have 3 options for betting money on sports – take a trip to one of the Las Vegas sportsbooks, find a local bookie, or sign up at an online sportsbook.  Of the three options, online betting sites are definitely the easiest and most convenient way to bet money on sports.

[fullypak]

I was always curious to know how sports books decide the odds they offer. I think they just copy them from big bookmakers lol
You hardly see any diference between them, and i don't think every site has the possibility to analyze events and decide odds.

They may copy the odds but if any thing go wrong then they will be under loss so I think they also will have some one to decide the odds but may not be an expert. All these sports betting houses should have very good capital investments to run the show.

[klf]

Say, a betting will take place on a soccer game score. Does people bet against each other or bet against house ? If they can bet against house, then how does house calculate its odds ?

The house calculates the odds based on the past performance and the quality of the team/player. For example if a game was Djokovic vs Nishikori the house would obviously give lower odds for Djokovic.

Most of these houses will have there won experts to come up with there odds. Some times to attract more bets they may refer to there compitator sites to come up better odds. More sports houses means people may get more better odds.

[Kevin77]

Say, a betting will take place on a soccer game score. Does people bet against each other or bet against house ? If they can bet against house, then how does house calculate its odds ?

Well, sports betting works like that, you bet on a event and sites manage the loss and profits. But man you gave a brilliant idea that if people bet against each other. I think we can generate even more events .. hmm a really very innovative idea from my point of view.

[cluit]

Say, a betting will take place on a soccer game score. Does people bet against each other or bet against house ? If they can bet against house, then how does house calculate its odds ?

Well, sports betting works like that, you bet on a event and sites manage the loss and profits. But man you gave a brilliant idea that if people bet against each other. I think we can generate even more events .. hmm a really very innovative idea from my point of view.

I guess already some betting sites are doing player against player even for sports betting also. Usually it needs lot of members and it require some time as it is not possible for instant play. So, many sites are not interested to implement player vs player bets.

[Wendigo]

You have to remember it doesn't matter which sportsbook - online or not- you are wagering at. All that matters is the odds and odds only. You have to shop around and find the best available odds and if you think you have an edge over the bookie on that line pull the trigger immediately.

[Oscoda]

They are betting on club or players who is going to win. But I dont like it, there is a chance of matchfixing and that is not good.
I hope later that more people will just gamble with poker or something. I dont like gamble on sports.