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.

[Asuspawer09]

Probably just focus on the winning side most of the time. For me, the .10 was not going to matter that much since it was just almost 50% winning change as they say like odd of 2. I mean maybe if might have some effects long-term, since if you play a 100 games you might be able to tell the difference of it, but if you are only playing a few it might not make a difference in my opinion.

In the end, I think casino or sports betting companies are just businesses, so they wouldn't let the casino to not make profit, so for sure they are always making money on most of the player, every bets are already calculated, I mean I was thinking if the percentage is actually where they are depending? even though lets say 50% change or 45% the profit for sure was not just small.

[EluguHcman]

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

For example, in an even market like point spread, we usually see:

Code:

Team A: +5.5  1.90
Team B: -5.5 1.90

Most of us just choose between the two because we believe our pick will hit.

This is hilarious!
So when a sport bookie gives opposite teams same odds you think their strength is the same?
I don't blame those set of players, they usually based on analysing their games according to the odds.
They just believe that the teams with the lower odds have more confidence to win. Their instincts is that the bookie understands the terms or strategies that is why the lower odds pays lower profits.
Sometimes some people think exceptionally confident convincing themselves without the facts.

This is is just how some people may be knowledgeable but the fact they only focus on analysing games with only consider the odds to prediction their games is a limited parameter for them to be successful in the long term because, other datas maybe be required necessary for the games analysis as odds may fluctuate in due time.

[Yorubek]

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.

Bookmakers basically set odds in a match in such a way that no matter which team wins, they don't face a big loss, that's why they use strategies to set odds for every match. Strategy is very important to survive in business and they are absolutely right in their place.

I think it's a very natural thing and I don't think there's much need to overthink it. I basically gamble within discipline and try to stay calm no matter what the outcome. Bookmakers are definitely not in the business of losing money so whatever strategy they use doesn't cause me a big loss.

[Moreno233]

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.

I have seen a couple of players that use the odds to make their prediction, I guess those are the people that thjs post concern the most. They simply check how the bookies set the odds and know what to play the match and some of them do win regularly. Such method us too trivial for me and that is why I refused to pay close attention. I use other methods in sel3cting my matches abd that have been working fine for me.

[Mr Reporter]

I don't really know why but I don't just pay more attention to all of this odd stuff when ever I am gambling . I only choose a bet if I am pretty okay with it, once I find out any form of dissatisfaction with it all I do is switch to the next game if I think that will be fine and that's it. And again, one thing I have noticed that is sure in gamble is that, no matter what or how we try to be at the top in our gambling streak, the house hedge will always be ahead of us and that is the fact.

This is really the part where I would say that you have just described some little separation of people who gamble for fun and people who want to cash out so badly…I think your method is pointing out to some instances now would I would say you are very likely to protect bankroll at all cost, and some reality check casinos is that the house hedges will always be ahead of them and that very important to used, and the only way to over come is the mindset, I seen many peoples diving with the mindset most gamblers don’t treat gambling as entertainment not the income…

[Chibit01]

I have seen a couple of players that use the odds to make their prediction, I guess those are the people that thjs post concern the most. They simply check how the bookies set the odds and know what to play the match and some of them do win regularly. Such method us too trivial for me and that is why I refused to pay close attention. I use other methods in sel3cting my matches abd that have been working fine for me.

People who focus their predictions based on odds alone consider them to be part of blind bettors, since they allow bookmakers to play with their intelligence based on how some odds can be very deceiving, but in reality it's a trap. The people who I feel will take this maths seriously are those who are most on their potential winnings. They make sure they place bets in a casino that can offer them the best amount.

[lionheart78]

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 sid

Even if most bettors care for the missing 0.10 i do not think they can do something about it.  They have no choice but to pick what is available odds in the screen.
I am curiois whether there is a successful case that calls out the missing 0.10 odds or something like these that had been raised and gets the bookmaker have a statement explaining why?

[AVE5]

Betting activities such as betting against the crowd and with how teams may regularly encounters the UNEXPECTED can cause fluctuations of odds that can linger both team's odds get tied when considers the aspect of their weaknesses and strengths at a given time. It's literally coincidence with the mathematical algorithm.
Bookies also uses this medium to manipulate the odds that's why it's most preferable by many experienced players to play only the favourites while those small leagues that hadn't gained largely popularity could be fragile for bookies to manipulate.
Perhaps the 0.10 odds could signal either weakness to the team with the higher odds while odds aren't expected to be the same except for some certain dimensions which are not always regular.

[Hispo]

...
Bookies also uses this medium to manipulate the odds that's why it's most preferable by many experienced players to play only the favourites while those small leagues that hadn't gained largely popularity could be fragile for bookies to manipulate.

Statistically, small leagues are riskier for bookies to deal with, because the smaller the league is, the easier it is for criminal syndicates to get involved in match fixing, damaging the business of sport betting as a whole, that is why there are bookies which simply choose not to open markets for those small leagues and only focus on leagues which enough reputation and volume, so it is extremely unlike for those to get fixed by criminals.

Some people may say bookies manipulate odds on small leagues, while others will say it is about control on the possibility of those markets being fixed...

[Makus]

I’m sure bettors don’t pay attention to that. Most bettors definitely focus on the odds and the potential amount they can win because they know the casino has to make a profit. I also don’t think that kind of odds is what makes bettors lose in the long run. Bettors mostly lose because of their bets, not because the difference in odds cuts their long-term profits.

I agree, bettors don't care about such odd difference but this value of odds looks small whereas it can affect the value of the games we plan to bet on. You said you don't think that this kind of odds isn't what makes bettors lose in the long run but that's because you are looking at this from just the aspect of a single game, if the value of 0.1 is removed from multiple games there would be a significant change in the amount, the casino or sports book mostly do this because they don't want to be at the losing end.

This is the reason why the odd changes a lot of times, in some cases such value is taken out when there is a significant change either from the players or something that affects the game.

[freedomgo]

Statistically, small leagues are riskier for bookies to deal with, because the smaller the league is, the easier it is for criminal syndicates to get involved in match fixing, damaging the business of sport betting as a whole, that is why there are bookies which simply choose not to open markets for those small leagues and only focus on leagues which enough reputation and volume, so it is extremely unlike for those to get fixed by criminals.

Some people may say bookies manipulate odds on small leagues, while others will say it is about control on the possibility of those markets being fixed...

They don't really see it that way because at the end of the day, what matters is the money flowing from both sides. If you notice, smaller leagues usually have lower betting limits compared to bigger leagues, not because the bookies simply choose that, but because there is less betting volume coming in.

So what I'm saying is, whether it's a big league or a small league, bookies can still make money, the main difference is just how much action they can handle.