If you want to have a profitable bookie business, you need to know how to set sports betting odds. The good news is that the best sports betting software automatically sets the odds for you. However, you still need to know how to do it yourself in case of emergencies.
The bookie pay per head software will place a specific margin on different sports events. For instance, Premier League games will have a 107 percent margin. That way, the sportsbook will earn profits no matter the outcome of the game.
When setting odds, it is vital to keep both sides balanced. Although it is impossible to achieve a perfect book, you should make sure that the built-in margin is in your favor. You need to monitor players’ activities to ensure both sides have an equal amount of action.
Setting Sports Betting Odds
To set sports betting odds, a bookie needs to price up the actual chance of a match at a hundred percent. Then the bookie needs to change the odds based on the established margin for the sports events.
For this article, we look at the Manchester United vs. Manchester City fixture. Too set the margin, list the probabilities for the match:
Man U – 60.5 percent
Draw – 22.5 percent
Man City – 17 percent
Probability of Odds – 100 percent
However, most players are betting on Man U. That’s why you need to make the margin to 107 percent.
Man U to win at 1.54 – the probability of 64.74 percent
Draw at 4.22 – probability of 24.08 percent
Man City to win at 5.40 – probability of 18.19 percent
Although most players will bet for Manchester United, the sportsbook sets the right level for the price. Thus, it will be beneficial for the bookie business in the long run. You can use the PPH software to monitor activities and balance the lines.
How does a pay per head work? How much money do I need to start a bookie business? Be sure to read our tutorials to find the answers to these questions and more.