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

[Karl_3000]

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.

[Ziskinberg]

There is a break even rate when we are talking about 1.90 odds.

Code:

Break-even rate = 1 / Odds
1/1.90 = 52.63%

This is the direct thing that shows the missing 0.10 and how much you need to win just to break-even. The thing to consider here is that it's not 50%. It would really rack up if you always lose and like any other chance based stuff, it is detrimental in the long run.

That is correct, but the real struggle is reaching that number consistently in the long run. That extra 2.63% is basically what we need to overcome just to break even, so once we're around 53% we can already start making profit.

But we also have to remember that it's not just about hitting the right percentage, because even if we reach that number, bad bankroll management can still make us lose.

For example, you make 10 bets and win 6 of them, that's already 60%. But let's say you only bet a fixed $100 on those 6 wins, then after losing you get emotional and suddenly go all-in on the next bet, if that one loses, your winning percentage still looks good but your money is already gone.

[Cointxz]

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

I don’t consider it much since I only bet occasionally on sports betting and most of the time it’s in few matches so that house edge is almost negligible to me.

Sportsbook house edge is very huge but most gambler doesn’t notice it since sports betting has a skill based aspect through analysis that’s why user manage to digest that house edge given that they have high confidence on their bets that it will win.

But if I’m a regular sportsbook player, I will definitely choose an offer that has less house edge as much as possible since that small difference on odds is huge on high bets.

[Findingnemo]

I have no idea how the odds calculations are done but what I know is it is not just simple as 2.00 vs 2.00, reading some of the threads made me realize that they use very complicated formulas to keep the numbers in balance and also make sure they have the edge to make profits irrespective of which team wins the event.

To answer the question, I either focus on the winning team or simply the odds but not really give a thought about how it is calculated since it is not in our control to make any changes even if there is any.

[Youngrebel]

A lot of gamblers might say that they don't really consider this or it is insignificant but they tend to forget that these low value odd can affect your bet significantly especially when you are accumulating a lot of games on a bet slip. Odd changes are very normal in sportsbook and this is mostly done to adjust the odds in order for them to make profits because that's always their main target.

While this can take out some value from your potential win it shouldn't make you change the choice that you have made most especially of you have already taken out your time to do proper analysis to make your predictions.

A lot of bettors don't pay attention to this or consider it but I guess the bookies use that to their advantage, that little margin can actually amount to a lot when it's an accumulated bet.

[Bryan jessy]

I have not noticed such before rather my focus is more on the winning odds and so far I get my full pay at the end without issues then it is just fine, it seems regardless of whether a win or lose is made they still have some profit from it, though I really do not have any idea how they do their calculations, I think so far it does not affect our win then it should not be a cause for alarm it can only be if it poses a threat to our win, unless this, I am sure they have a reason for this missing odds and they will be in a better position to give a good explanation on why such thing happens and off course it's their business strategy so disclosing it is impossible.

[YOSHIE]

Did we ever consider that the missing 0.10 in sportsbook odds is what beats us in the long run?

Such differences in odds often occur before the match takes place, bets with a difference of 0.10 are often made by sports betting bookies, when the competing teams are considered equal, I've seen such odds as Arsenal vs. Man United, if the two clubs meet, the bookie often puts odds of 2.10 x 2. But that is before the match takes place.

So, when the first half started the odds changed significantly, what's more, one of the clubs could score a goal in the early minutes, basically for me the difference in odds of 0.10 is not a big problem for me, If I want to place a bet, of course I will place a bet on a team that I believe has a chance of winning, no matter how small the odds difference is.
Example: English League match 23rd of 38.
Between: Arsenal vs. Man United ended the match with a score of 2-3. The odds offered at that time were 2.05 x 2.10.

[Su-asa]

Op frankly I have not thought that 0.10 odds because all my focus is always on the winning teams and even at that we are still losing. When I want to bet I will not think of other things or the profit the casino will make because it is a 50/50 lucky game. If I win the casino will still win from other losers and if I loss the casino would win from my end. So I select what is best for me.

The casino will always be in profit even though we only focus on the winning team. Those who normally focus on the odds mostly lose more because it's already obvious that there are no guaranteed odds when it comes to gambling, but those who focus more on the winning team have a higher chance of winning than the odds followers.

A lot of gamblers might say that they don't really consider this or it is insignificant but they tend to forget that these low value odd can affect your bet significantly especially when you are accumulating a lot of games on a bet slip. Odd changes are very normal in sportsbook and this is mostly done to adjust the odds in order for them to make profits because that's always their main target.

I don't take small odds anymore because they are riskier. I only take the ones I think will be a bit safer, but obviously there are not many, though some have a higher chance of success than others. The thing is, we can't know all the odds with a higher chance of success; that's why a parlay bettor usually gets 9/10 on most betting slips, because they can't know everything and, most importantly, they are not lucky.

[Barcode_]

The missing 0.10 odds difference in sports betting are actually the house edge for casino to gain an advantage over their customers who used their websites for sports betting. The purpose of this odds difference is similar to a casino which offers popular gambling games alike dice, roulette, blackjack as the casino will always need to ensure that they have an advantage over their customers in the long run. Operating a casino also requires a huge amount of expenses from the casino owner and it is rightfully fair for a casino to gain a slight house edge over their customers in order to cover their daily expenses.

[CryptoHeadlineNews]

That is the juice where the sportsbook makes money. It looks small, but if we keep taking that kind of odds are we already at a disadvantage in the long run?

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

For me, betting on the club that have always proven to perform better on their previous head-to-head game is usually what I always pick while betting on a Sport game, rather than thinking about the small juicy part that place the casino at edge over making profit on every single bets been made. Because what matters most is Sport betting is your ability to be able to predict and eventually the game play just as planned, irrespective of whatever the odds of the game might be, because in a long run, the casino still need s to generate profits.

Example: English League match 23rd of 38.
Between: Arsenal vs. Man United ended the match with a score of 2-3. The odds offered at that time were 2.05 x 2.10.

And that's simply because both matches has an equal or exact probability chance of either winning or losing,which is why it's odd difference is not that much. And as a gambler, its only best to focus on that which has a better chance of winning, rather than thinking about odd advantage.

[Mia Chloe]

~snip

I think you are getting it wrong. First off there is actually no 0.1 missing in the calculation the reason your are having that error is because you are calculating it as if it were regular fractions and decimals but the thing is it isn't. Odds are distributed using mathematical probability and variance.

If a game has a possibility of win for the away team and losses for the home team and vice versa, in addition to that draws also exist then you cannot summarise that summation mathematically with just two sunsets because you're ignoring the draw in that way. For simplicity;

Code:

 Pr(w) + Pr(l) +Pr(d) = 1 

[Smack That Ace]

Do most bettors really think about the juice, or do we only focus on picking the winning side?

hmm nice calculation, it mean if I win 50% then I will not be in profit. I would have to win minimum 52.63% to break this even, am i right? This number seems very small. And even we calculate individual bet then it doesn't fully understand. But if we bet 100 times then the effect is somewhat understandable. Suppose we bet 100 for $100 each, won 50 and lost 50. At first glance, it seems equal. But in reality we will be in loss, because full amount of each loss will be lost, while the full profit will not be made on winning bet. If I take 100 bet with 1.90 odds then in this case, I will lose around $500 in long run,,

So, you asked do most bettors really think about the juice? then my question is if we think and tensed about this juicy, will there be any solution at all? This rules are same in every casino. And if I bet on teams with good odds, like 2 or more then I can lose many of my bet. In this case  I will lose even more.

[Dr.Bitcoin_Strange]

So where does that missing 0.10 go?

This 0.1 is the bookies margin, they make money from us bettors whether we win or lose the bet.

That is the juice where the sportsbook makes money. It looks small, but if we keep taking that kind of odds are we already at a disadvantage in the long run?

The disadvantage on the long run is mostly being considered by very serious bettors who are mostly concerned about the value of their bets. Assuming it's someone like me who doesn't bet regularly, I don't think it matters to me but for someone who is betting $100 every day, if they win consistently for 10 days (just an assumption), they are supposed to win $190 from each $100 stake, the bookie has $10 from the 0.1 that was never added to the 1.9 odd, right? So $10 multiply by the 10 wins the bettor got, we can see the bookie has made huge amount there despite the gambler kept winning meanwhile if the money was added for the winner, his returns would have been now higher.

Do most bettors really think about the juice, or do we only focus on picking the winning side?

Like I said already, only serious bettors care about value/price, a serious bettor will not just say that they think team A will win and place the bet, value is also important to them.

[Fortify]

Did we ever consider that the missing 0.10 in sportsbook odds is what beats us in the long run?

But if it is really an even market, should it not be 2.00 vs 2.00?
So where does that missing 0.10 go?

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

You act like this is some strange anomaly or mystery to be solved, yet it's integral to how bookmakers operate and it called the spread. What is the point if a book maker offers 50/50 odds on any bet pair, they'd basically running zero profit on that bet over the long run. This is the margin that bookmakers need to make profit but it also "protects" them from arbitrage plays and is the reason you'll find the odds are so tight across different sportbooks. In the past I've scoured through thousands of different bets on the football markets but never found any sort of arbitrage opportunity there across many bookmakers and they're actively monitoring to stop it from happening. The only time I've seen arbitrage possibilities are in things like horse racing, where it's much more possible - look through the stats of enough races and you'll find some solid horses that a few days out from the race have really high odds, but then on race day those odds fall in line with what you'd expect, this creates lots of pricing opportunities if you look hard enough.

[Z_MBFM]

Code:

Team A: +5.5  1.90
Team B: -5.5 1.90

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

If the Odd is equal on both sides then it will be easy to generate profit from the sportsbook. Because there is an opportunity to cash out here, so when you get equal odds on both sides, when you see that one of the teams is playing very well and is ahead by a few goals, then you will easily cash out the money from one side and hold the bet on the other side. It was possible to generate easy profit from the sportsbook by using many such techniques. Sometimes, odds are bigger than 2.00 Odd on both sides, but in that case, the match is more likely to be drawn and then in the case of a draw, very small odds are given. This means that no matter how many strategies you use, the platforms calculate the odds very professionally, so it is not possible to make easy profit from here.

[danherbias07]

Nah, I don't focus on it anymore. Well, there's always a spread to choose from, and I actually do pick odds above 1.50. Below that, I may only pick it for a parlay.

Still, a x1.90 pick is very unlikely to win. Honestly, I do believe the fair game is on x1.70 to x1.85. Below that is a high chance of winning, and above it is a low chance of winning. It's a choice for us, and we can always adjust the spreads to hit the odds that we want.

I totally disagree with basing it all on luck. There's a reason why the oddsmakers input those odds.

[Cryptomultiplier]

So where does that missing 0.10 go?

This 0.1 is the bookies margin, they make money from us bettors whether we win or lose the bet.

That is the juice where the sportsbook makes money. It looks small, but if we keep taking that kind of odds are we already at a disadvantage in the long run?

The disadvantage on the long run is mostly being considered by very serious bettors who are mostly concerned about the value of their bets. Assuming it's someone like me who doesn't bet regularly, I don't think it matters to me but for someone who is betting $100 every day, if they win consistently for 10 days (just an assumption), they are supposed to win $190 from each $100 stake, the bookie has $10 from the 0.1 that was never added to the 1.9 odd, right? So $10 multiply by the 10 wins the bettor got, we can see the bookie has made huge amount there despite the gambler kept winning meanwhile if the money was added for the winner, his returns would have been now higher.

Do most bettors really think about the juice, or do we only focus on picking the winning side?

Like I said already, only serious bettors care about value/price, a serious bettor will not just say that they think team A will win and place the bet, value is also important to them.

The Vig or juice is the commission the house charges any gambler placing a bet and it is what helps the house retain their mathematical edge regardless of who wins or losses.

The knowledge of the juice is what separates the casual from the sharp or professional or serious gambler and this is where such a gambler can exploit any risk that is mispriced in the market.

[red4slash]

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

If we look at it from the point of view of a big gambler (big bets every session) it might be a little disturbing for their profits because 0.10 if the stakes continue to be large it will be okay but on the one hand we also can not to eliminate it just like that because in this case the site has its own policies, besides that we even know from the beginning that the profit is what they are looking for so we do not have to change the rules because from the beginning it ( juice) must exist.

I personally always feel that when I am in a certain place then we must obey the rules in that place as well as in gambling, when we are in a casino or site that is already credible and has good trust, then we must try to follow the rules that have been set. They have full control over the rules because that's where they are and we're just players trying our luck there.  Not that we don't have rights and freedoms but as long as the site treats us with for service etc. I'll understand that.

[Livingleged]

If I understand OP clearly he’s referring to the balance in odds between 1x2 that’s team A win, draw or team B win. And playing around the odd, the issue with it is that the odds are set to balance for each result, for example if you bet on the three options separately you’ll definitely be on the losing side because only one of the event will take place at the end. And the odds shouldn’t even deceive you that you may think you can counter bet on the other odds I don’t think it work that way. Or did I get it wrong?
I also think taking an odd of 1.9 or 2.0 should make any difference in the bookies side because they can’t make more money than you stake. And when you play stake a game and lose they only take your money without multiplying it with the odd you stake so there shouldn’t be any difference I guess.

[Cleanshit]

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.