oddsmaking
Calculating wager probabilities
Oddsmaking is the practice of setting betting odds—calculating the likelihood of outcomes and expressing them as numbers that determine payouts.
Professional oddsmakers work for sportsbooks and casinos, adjusting lines based on statistical analysis and betting patterns: The oddsmaking on this fight has shifted dramatically since the weigh-in.
The term extends to any prediction of probabilities: Political oddsmaking favored the incumbent.
One who takes bets
- sportsbookGambling venue for athletics
- handicapperOne who assigns advantages
- spreadTo distribute widely
- lineContinuous mark or queue
moneyline · over-under · parlay · accumulator · vig · juice · wager · stake
Chance something will occur
- calculationMathematical problem-solving process
- mathematicsScience of quantity and structure
- percentageProportion out of hundred
- ratioComparative numerical relation
algorithm · combinatorics · statistics · outcome · frequency · edge · variance · regression
State of being unprotected
- liabilityLegal or financial obligation
- hedgeBoundary of planted shrubs
- uncertaintyState of being unsure
- varianceSpread around the mean
volatility · bankroll · stake · speculation · limit · cap · layoff · balance
Prediction of future conditions
- projectionSomething that extends outward
- handicappingEqualizing chances artificially
- estimationApproximate value judgment
- trendsPrevailing directions of change
modeling · scenario · analysis · evaluation · assessment · ratings · seeding · simulation
bookmaker
One who takes bets
- sportsbookGambling venue for athletics
- handicapperOne who assigns advantages
- spreadTo distribute widely
line · moneyline · over-under · parlay · accumulator · vig · juice · wager · stake · punter
likelihood
Chance something will occur
- calculationMathematical problem-solving process
- mathematicsScience of quantity and structure
- percentageProportion out of hundred
ratio · algorithm · combinatorics · statistics · outcome · frequency · edge · variance · regression · distribution
exposure
State of being unprotected
- liabilityLegal or financial obligation
- hedgeBoundary of planted shrubs
- uncertaintyState of being unsure
variance · volatility · bankroll · stake · speculation · limit · cap · layoff · balance · management
forecast
Prediction of future conditions
- projectionSomething that extends outward
- handicappingEqualizing chances artificially
- estimationApproximate value judgment
trends · modeling · scenario · analysis · evaluation · assessment · ratings · seeding · simulation · extrapolation