Sports betting is all about the odds. Understanding how sports betting odds work and set the line works is incredibly important for those placing bets. Here, at Gambler Saloon we’ve created this handy guide to help you through it.
When we find odds with good value, we don’t think much, and we place our bets. But who are the people setting the lines for us to play, and how exactly do they do it?
Below you’ll find all you need to know about who sets the lines…
Who Sets the Lines?
Bookmakers have a number of people in the house who work hard to set the lines. They consider a range of different factors to make them both appealing and profitable for themselves. After all, they are a business and the main goal of any business is to make money.
The main aspects they consider are as follows:
Sportsbook vs Public
That might mean that players will back the Eagles whether the Point spread favors them by 6 points or 8.5. So, in this instance, the Sportsbook would be inclined to give themselves more of an edge.
Of course, there’s a lot more science behind it too. Indeed, brands will use Artificial Intelligence and many different formulas. This is to analyze form, previous results, standings, power rankings and much more to predict who is favorite for a game and how many points should be in the spread.
The aim is to find a sweet spot and encourage bets from both sides.
What other Sportsbooks are Pricing?
Sportsbooks will also monitor other sportsbooks and adjust their odds accordingly. This can be for a number of reasons. Firstly, in case something has gone wrong and one brand is offering vastly different lines and odds to another. Secondly, to tweak their odds to encourage punters and offer them a better deal for playing.
That’s why it’s always important to shop around as a punter.
NBA is one of the most popular league where almost all sportsbooks accept the bets. Want to know who is offering the best odds? Check NBA expert picks and parlays.
Is this the Case for Every Sport?
Every oddsmaker and line setter will follow a similar formula, often with their own unique process.
It is almost an art and one of the most important roles in the Sportsbook industry. It’s rare they get it wrong. However, many punters still look for this and use strategies such as Arbing and matched betting to make the most of that and guarantee a profit.
Is soccer your favorite sport? Bet on your favorite team and players by checking our free soccer picks.
When can you Beat the Linemaker?
Of course, sport is an unpredictable beast and that’s why we love it. There’s always the opportunity to beat the bookie by betting on an underdog. However, it’s rather what has happened on the field of play which has upset the odds, not the Sportsbook themselves.
It has been known to beat the bookies by mistakes in the odds though. This usually happens when the bookies need to produce odds in a quick turnaround such as during college games or tournaments where matches come thick and fast.
These are well worth looking out for and producing a strategy to boost your chances of profit.