It may appear puzzling at first, but this betting odds guide should help players understand. Over the years, the method sports bookies generate odds and betting lines has changed dramatically.
Old-school Vegas oddsmakers formerly dominated the sports betting market, but much has changed since the introduction of internet sportsbooks and the fine-tuning of sports betting software and algorithms.
What hasn't changed is the main objective set by sportsbooks since the early days of sports betting: to balance the action on both sides of a bet. However, odds aren't intended to reflect the true and exact probability of either event.
After all, making a wager when you believe there is a disparity between the real chance of an event and the implied probability obtained from a betting line is one of the best tactics for acquiring an edge over your online bookmakers. It's important to recognize that the primary goal of oddsmakers is to reduce your sportsbook's risk, not to present an accurate (or likely) image of reality. - like risk managers and expert sports forecasters.
The purpose of odds is to encourage equal action on both sides of a sports line. Ideally, a sportsbook would receive similar betting volume on both sides of a wager and profit 5-10 percent on the juice (or 'vig') whether they win or lose.