Did we ever consider the missing 0.10 in Sports Betting Odds?

[Alex077]

I don’t really pay attention to that number, and it doesn't matter to me either;

Actually, if you are a casual bettor, you can definitely ignore this. But if you are a long-term bettor, ignoring this price will not give you very good results.

Suppose two sportsbooks are giving 1.90 and 2.00 on the same match. The outcome prediction is the same here. But the break-even probability will drop from 52.63% to 50%. That is, by finding a little better price, my required win rate is decreasing a lot. If we find a better number from another book in the same game, then why would we take a worse price? IMO, I will win or not. I should first consider how much I am buying at.

[henmark]

I could remember way back, when I use to gamble face to face with my friends on poker. They guy's house that we do use to gamble will always cut a little amount of money from whomever wins the game and that's after every two games. The money he cuts belongs to him for using his home but sportbook set the odd and take like 5% from the game.

There are gambling sites like that online but it is lost common on traditional gambling sites and not common on crypto gambling sites. This is different from the house edge and the pattern is different from the gambling sites that you are gambling against. No house edge in that, but if you are gambling against a gambling site, there is house edge.

Smiles this 0.10 may look small if it just for a bet. But when you look at it for over many bets you see that this small difference will be significant, this why as a bettor you should understand the odds you are accepting you should only focus on picking winning teams. This because proper bankroll management is very important, even with a very good prediction house edge is still much more there.

That is literally the house edge that the sportsbooks need to have to make a profit. If not, then they would not have a chance; how are they going to make money by guessing who will win like the gamblers? They make a house edge, so that no matter what happens in the game, they are the winners, obviously they could still lose based on who bets on how much at which game on which option etc, like if the underdogs gets too much of a bet, and then somehow win, most likely they will lose money and specially if the favourites do not get that much bet.

But most of the time, they know how to balance it out, and they know that they are going to make money whoever wins; that's why oddsmakers are working so hard to make sure odds are good enough to entice you, while making sure the casino makes the money.

[FinneysTrueVision]

It’s understood by most gamblers that there is a house edge and that’s why we see betting odds that don’t quite match the real world probability. It isn’t something that I give much consideration too. I only think about what my total return might be at the end. Even with the advantage casinos are supposed to have, you can still find games that are attractive to bet on.

[Cityhunter34]

You're correct we gamblers should focus on winning our bets, no need to be figuring out whether the bookmakers are making unfair profits on us, casinos are people's businesses so we shouldn't expect to be more profitable than them. We just have to accept the house edge in any form that it is and it's not as if they're doing anything behind our backs, if you don't like their edge then you shouldn't bet in their sites, it's just as simple as that. If we're in their shoes I believe that we would do the same to be able to make turnover so that the business would continue to run, I think that if you're lucky to win you should take what is due for you and leave the bookmakers to make make theirs.

The earlier we stop worrying about what the casinos are doing, better for us. There's nothing that can change the outcome of the game because they are the ones that have the upper hand. That's why we don't need bother ourselves too much.

Winning is the main goal of the game, so we should always try as much as possible to focus more on the game and not pay much attention to whatever the casinos are doing, because they have no option other than to stick with what we makes their business to benefit them.

[sotelorene]

The earlier we stop worrying about what the casinos are doing, better for us. There's nothing that can change the outcome of the game because they are the ones that have the upper hand. That's why we don't need bother ourselves too much.

Winning is the main goal of the game, so we should always try as much as possible to focus more on the game and not pay much attention to whatever the casinos are doing, because they have no option other than to stick with what we makes their business to benefit them.

You are absolutely correct, in as much as odd sometimes shows or tells us the strength of teams or club, I will also advise gamblers or bettors not to dwell on the odds most of the time too, it can decieve and make gamblers select the wrong option. Funny enough sometimes I even pick the higher odds simply because I can tell sometimes when the bookmakers are trying to use gamblers head or manipulate them though one can not understand odd all the time that is why you don't have to pay so much attention to it.

[Emitdama]

Sportsbooks having a house edge is good, but prediction markets like Polymarket made sure that it is not needed anymore. They too have it, but lower, because they are not risking anything; you are betting against other people, so the casino is not putting up any of its money. Not sure if we can even call them casinos or sportsbooks, because they are just prediction markets.

So it's you, and people like you, who all bet, and then you end up either winning and taking the wrong one's money, or you are wrong, and the winners take your money. And this is how sportsbetting works and if you are lucky and you go with underdog and may win bigger regardless of how low your odds which were chosen by you. But, this way again sportsbetting is depending on your luck factor rather than just depending on your analytical skills on sports. So, even with sportsbetting to make big money, you must have luck to favour to you, no other short-cut AFAIC.

[Ziskinberg]

Sportsbooks having a house edge is good, but prediction markets like Polymarket made sure that it is not needed anymore.

Both use prediction, the only difference is that sportsbooks set the odds, while in prediction markets like Polymarket, the bettors or traders basically dictate the price. But if we look at it, we are still just predicting outcomes, and both platforms make money from the activity, so I don't think comparing the two is really useful here.

What we're actually talking about in this topic is the sportsbook juice, around 10%, and how that can affect us in the long run.