Many oddsmaking consulting firms continue to base themselves in Las Vegas. While the goal of bookmakers has stayed the same since the inception of sportsbooks, methods have definitely changed.įar before the proliferation of computers and when payphones still dominated communication, oddsmakers used to huddle around chalkboards in unkept backrooms of Las Vegas to brainstorm the right numbers.īecause sports betting has been legal in Nevada for so long, many of the most prominent and famous oddsmakers originated in Las Vegas and surrounding areas. What Did Oddsmaking Look Like in the “Old Days”? ![]() Think of contemporary oddsmakers as risk management professionals, as well as expert sports predictors. In a perfect world, a sportsbook receives equal betting volume on both sides of a wager then, win or lose, they’ll make 5-10% on the juice (or ‘vig’).Īs such, it’s integral to understand that the chief function of oddsmakers isn’t to create an accurate (and probable) picture of reality-it’s to mitigate your sportsbook’s risk. ![]() ![]() Odds are engineered to attract equal action on both sides of a betting line. After all, one of the best strategies to getting an edge over your sportsbook is making a wager when you think there’s a discrepancy between the real probability of an event and the implied probability determined from a betting line. However, betting lines aren’t designed to reflect the real and accurate probability of either outcome.
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