1/8/2024 0 Comments Whats moneyline meanIn making a bet where the expected value is positive, one is said to be getting "the best of it". Betting exchanges in particular act like a stock exchange, allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the "true odds." With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and Dutch books against bookmakers and exchanges has expanded significantly. An imbalanced book may arise since there is no way for a bookmaker to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis personal view and knowledge. In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked or may earn more than mathematically expected. The excess over 100% (or overround) represents profit to the bookmaker in the event of a balanced/even book. It is ideal for bookmakers to price/mark up a book such that the net outcome will always be in their favour: the sum of the probabilities quoted for all possible outcomes will be in excess of 100%. It is customary with fixed-odds gambling to know the odds at the time of the placement of the wager (the "live price"), but the category also includes wagers whose price is determined only when the race or game starts (the " starting prices"). In Australia, the practice is usually known as "SP betting". It involves betting on an event in which there is no fluctuation on the payout. ( Learn how and when to remove this template message)įixed-odds betting is a form of wagering against odds offered by a bookmaker or an individual or on a bet exchange. JSTOR ( November 2007) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed.įind sources: "Fixed-odds betting" – news Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.
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