How Bookmakers Make Money

We look at how bookmakers set their odds so that they would make money off the bettors. A bit more on decimal and fractional odds: https://support.skybet.com/app/answer... If you're too lazy to watch the whole thing, you can go to; 0:00 for dice analogy (introduction), 1:53 for dice analogy (trying to make money), 3:08 for dice analogy (adjusting odds), 7:12 for start on part about bookmakers, 9:20 for implied probability and over-rounding, and 13:25 for why bookmakers have to adjust odds. Sources I used: https://en.wikipedia.org/wiki/Mathema... http://www.pinnacle.com/en/betting-ar... http://www.oddsportal.com (where I took sports odds from) http://www.mirror.co.uk/sport/row-zed... https://en.wikipedia.org/wiki/2015%E2...