Odds are the likelihood of an event occurring, usually expressed as a ratio or fraction. They are used in betting to determine the potential return on a wager. In order for a bet to be successful, the odds must be in favour of the bettor.
For example, if a bettor chooses to bet on a horse race, the odds of the horse winning will be displayed in the form of a fraction. If the horse has an 8/1 chance of winning, this means that for every £1 bet, the potential return will be £8.
Who Are Handicappers?
A handicapper is someone who evaluates the likelihood of an event occurring and then creates odds based on their assessment. Handicappers are professionals who are employed by bookmakers to assess the probability of an event occurring and then create odds that bookmakers can use to set their betting lines.
How Do Handicappers Make Odds?
Handicappers make odds by taking into account various factors that could influence the outcome of an event. This includes the form of each team or athlete, the venue, weather conditions, injuries, and any other factors that could influence the result.
1. Form
The form of each team or athlete is an important factor for handicappers when creating odds. They look at previous results, recent performances and any other relevant information to assess how likely each team or athlete is to win.
2. Venue
The venue of an event can also be a key factor for handicappers when making odds. Different venues can have different conditions that can favour or hinder certain teams or athletes, making them more or less likely to win.
3. Weather
Weather conditions can also have an impact on the outcome of an event, and handicappers must take this into account when making odds. If the weather is forecast to be particularly hot or cold, this can have an effect on the performance of athletes or teams and could lead to an unexpected result.
4. Injuries
Injuries can also play a part in determining the odds of an event. If a key player is injured, this can significantly reduce the chances of a team or athlete winning, and handicappers must take this into account when making odds.
5. Other Factors
Handicappers must also consider any other factors that could influence the outcome of an event, such as fatigue, home advantage, and any other relevant information.
Types of Odds
There are several different types of odds that can be used by handicappers when creating odds for an event. The most common types of odds are fractional, decimal, and American.
1. Fractional Odds
Fractional odds are one of the most commonly used odds and are often used by British bookmakers. They are written in the form of a fraction, and indicate the potential return for every £1 bet. For example, 8/1 odds mean that for every £1 bet, the potential return will be £8.
2. Decimal Odds
Decimal odds are another type of odds and are used by bookmakers across Europe. They are written in the form of a decimal, and indicate the potential return for every £1 bet. For example, 2.50 odds mean that for every £1 bet, the potential return will be £2.50.
3. American Odds
American odds are the third type of odds and are used by American bookmakers. They are written in the form of a positive or negative number, and indicate the potential return for every $100 bet. For example, +200 odds mean that for every $100 bet, the potential return will be $200.
Factors That Influence Odds
Handicappers must consider various factors when creating odds for an event. These include the form of each team or athlete, the venue, the weather, injuries, and any other factors that could influence the outcome of the event.
Odds Movement
Odds can move due to a variety of factors, such as an unexpected result, a key injury, or an influx of money from bettors. Handicappers must keep an eye on the odds to ensure that they remain accurate and reflective of the likelihood of an event occurring.
Advantages and Disadvantages of Handicapping
Handicapping can be a beneficial tool for bettors, as it can provide an insight into the likelihood of an event occurring and can help bettors make informed decisions. However, handicapping can also be time-consuming and requires a great deal of knowledge and experience.
Conclusion
Handicapping is an important part of the betting process, as it helps to determine the odds of an event occurring and allows bookmakers to set their betting lines. Handicappers must take into account various factors when making odds, such as the form of each team or athlete, the venue, the weather, and any other relevant information. Additionally, they must keep an eye on the odds to ensure that they remain accurate.