Do You Personally Have to be Good at Oddsmaking?
The art of oddsmaking is a science that not every bookie has mastered, and we caution you to be careful. We are not saying to not set your own odds. You may be highly experienced and possibly you have worked as an oddsmaker either in Las Vegas or for an offshore booking site. We still caution you! Your experience matters and it’s well worth noting, however, there are tricks to this trade. As a bookie, if you want to set your own odds you must know these tricks and stay on top of your players at all times.
- Qualify your players: Before you even think of offering odds and a wager to any player, make sure they are qualified to bet the amount they are betting. If they deposit $100 and they want to spend $100, then, by all means, let them spend $100. If they deposit $1,000 and want to spend it all on the first half of an NBA, or NFL game, then by all means, say no! You must set limits and get to know the habits of your players before giving them this kind of liberty.
- We live in the information age and there is such a thing as “smart players”. Not only do you need to set the best lines and odds, but you also need to set limits and qualify each player as to the amount that you will let them spend on what bets.
- Odds making and line moving got its start in Las Vegas and the Stardust (no longer exists) was the home of the original Las Vegas line. Vegas was the king of oddsmaking for many years and what they set was golden and nobody argued with them. The mega books on the strip hired former gamblers to set the lines and they set them with wild abandon. The way they know what lines are worth is by offering an “early line” to a select group of invited players. The oddsmakers then move the lines accordingly and the line sticks but moves during the week or days leading up to the event, based on the money. Whichever direction gets more action, the money is moved in that direction.
- For a very long time, bookies across the USA have followed the crowd. They set the lines in accordance with the “big boys” of Las Vegas. This doesn’t always work for you the local bookie and here is why… The mega-casinos of the strip as well as online – they can afford losses, you can’t. the big bookies set a line to make the public like it. Example: The Patriots – they are always a huge favorite; do they always cover? Not a chance. They often fail to cover, and smart bettors know this. Vegas knows they know this, and they don’t care because they have the cross-action to support both ways of the bet. They are making money on the juice, not wins or losses. You may take a beating on the losses and have very little cross-action.
- Cross-action is your friend and you must have it if you care about winning. The problem, you may have 15-active players. How do you get the cross-action with this amount of people betting against you? You probably won’t. What you must do in the beginning stages of your sportsbook is to fix tight gambling budgets and tight lines. You cannot afford to give money away knowing that it’s probably not coming back to you in the form of cross-action.
Pay Per Head
- Get in now! You must be online, and you must get in with a great pay per head provider that knows the ropes when it comes to setting lines and odds. The best PPH providers will custom-build your personal website and they do everything for you. This includes setting all of the days wagering action along with all of the lines and odds.
We advise this… Forget about setting your own lines and odds. It’s simply too difficult to find any consistency and you can stand to lose a small fortune quickly with just a half of a point here and there. Let the PPH providers do all of the heavy lifting when it comes to oddsmaking. Call the PPH today and ask for a free trial.