What are ‘Fixed Odds’?
‘Fixed odds’ are the odds offered by a bookmaker on an outcome of an event, against which players can make bets to try and achieve a profit. These odds are based on the chance of success for the outcome, with an allowance made for the bookmaker’s profit. Fixed odds betting can refer to any starting price or live price bet, including the broad range of accumulators, each-ways, handicaps and money lines which are offered as bets for customers to try their luck at.
‘Fixed Odds’ Explained
Sports betting, including popular football and horse racing bets, is a form of ‘fixed odds’ betting. Fixed odds are the odds posted by the bookmaker, available live or at the start of the event, against which a player could choose to make a wager and possibly win a return on their stake in the process. The bookmaker owns and writes the book against which the bets are taken, setting the fixed odds rate and taking bets on either side of the line in order to keep a balance. The book writer must also factor in a profit for themselves, and must be sure not to take too many bets on one side so they can afford to pay the book.
Fixed odds can fluctuate – the price at which a bet is taken might be set at that point, but it might also change in the lead-up to the event. Players can usually choose whether to take the live price or the starting price. The odds available usually give a good indication as to the likely outcome of an event, though handicap bets were introduced to level the playing field and give each competitor – and therefore each arm of the betting book – a chance of making the win.
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