Uploaded July 2016 | Updated September 2026, 2 hours ago

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We look at how bookmakers set their odds so that they would make money off the bettors.

A bit more on decimal and fractional odds: support.skybet.com/app/answers/detail/a_id/37/~/fraction-and-decimal-pricing

If you're too lazy to watch the whole thing, you can go to;
- 0:00 for dice analogy (introduction),
- 1:53 for dice analogy (trying to make money),
- 3:08 for dice analogy (adjusting odds),
- 7:12 for start on part about bookmakers,
- 9:20 for implied probability and over-rounding, and
- 13:25 for why bookmakers have to adjust odds.

Sources I used:
en.wikipedia.org/wiki/Mathematics_of_bookmaking
pinnacle.com/en/betting-articles/educational/how-bookmakers-make-money

oddsportal.com (where I took sports odds from)

mirror.co.uk/sport/row-zed/how-odds-leicester-winning-premier-7736523
en.wikipedia.org/wiki/2015%E2%80%9316_Leicester_City_F.C._season