The process behind live odds
The fundamental elements behind leading live odds services
Before diving into the important factors of choosing a competitive live odds service, first, let’s understand what live odds are. Odds provide a measure of the likelihood of a particular outcome. In sports betting, live odds update in the build-up to an event and also while the event happens. Players who are losing on one bet can take another to cancel out their loss and to make the most of the new situation. Live odds are common in sports betting and are available throughout the game until close to the end of the match. Sports odds data is a range of statistical analyses implemented to set perfectly balanced odds that would be beneficial to the bookmakers in any outcome of the situation.
It is hard to understand odds when you don’t know how to calculate them, so let’s go through their types together to find out how odds work. We’re going to take a look at three of the most common odds types: American bookies most usually use Moneyline odds, while Europeans use decimal odds and British bookies use fractional odds
Fractional odds are the ratio of the amount (profit) won to the stake; Decimal odds represent the amount one wins for every $1 wagered; and American odds, depending on the negative or positive sign, either indicate the amount one needs to wager to win $100 or the amount one would win for every $100 staked.
So How Exactly do Bookmakers Set Their Live Odds?
The way that bookmakers calculate their live odds and betting lines has changed drastically with the emergence of online sportsbooks and sports data-providing companies.
So how exactly do sportsbooks and data-providing agencies generate their live odds?
Most bookmakers trust data-providing agencies to provide their live odds. The common method is that live odds can be given to bookmakers with clear fractions and bookmakers can add their profit margin to the odds. The second option is to give bookmakers the maximized odds with margins included. With major sporting events, the margin is typically around 5 %. Other bookmakers set odds based on a mixture of statistical probabilities of other bookmakers. The centerline of competitive live odds is the balance that lays both in the players’ and bookies’ interests.
What Do Bookmakers Look For In Live Odds Feed Providers?
In the foreseeable future, sports data-providing companies will grow their business relating to technology growth and digital solutions.
The preeminent role in live odds feed goes to speed because speed helps bookmakers avoid losing to betting arbitrage and by that, minimize the losses. To avoid being a victim of betting arbitrage, betting operators also choose odds closer to each other. Another essential factor is the accuracy of live odds. You may have noticed that the live odds offered on sporting events often change over time. This may be happening because more information is available, or the circumstances have changed: the team plays better or worse than expected. However, long odds will fall pretty quickly if too many people start betting on them. Accuracy also helps to avoid losses and bet stops.
The odds betting market is yet another important aspect to take into consideration. The wider the market, the bigger the monetization. Here is how it works. It allows benefiting on odds that players normally wouldn’t consider. With an augmented range of options, it arouses interest and even engages new players. Another aspect that helps sports business monetization as well is the offered sports types: the more, the better. Most data-providing companies focus on live odds feed to gain the dominant market share. A small part of the competitiveness of live odds services goes to covered languages. The more people understand what odds are in front of them, the more likely they will bet on them.
While we are on the same page about competitive live odds services, let’s take a look at FeedConstruct’s odds feed. FeedConstruct brings fans closer to the sports they love by offering sports content driven by the latest observations and information, technology, and digital solutions. FeedConstruct can bridge the gap between the real and the virtual world and give fans a more in-stadia experience. With 2000+ odds markets, 120+ sports types, and 45000 live matches, FeedConstruct is ahead of most competitors in the sphere.
Live odds services promise to have a future filled with inevitable modernization, and the sports data-providing companies with elevated technological resources will lead the market.
Written by Sofi Grigoryan
Sofi Grigoryan is a content writer at Feedconstruct - the top company specialized in delivering sports data. Having a deep understanding of the sports data landscape, Sofi uses her skills to create both compelling and informative content.