Betting odds are typically determined by the bookmaker or the sportsbook that offers the betting market. The bookmaker will set the odds based on a number of factors, including:
- Probability: The bookmaker will assess the probability of a particular outcome occurring based on various factors such as past performance, current form, and any other relevant data.
- Market demand: The bookmaker will also consider the demand for a particular betting market, which can impact the odds offered. If a lot of people are betting on a particular outcome, the bookmaker may adjust the odds to balance the action on both sides.
- Competitors’ Odds: They will also consider the odds offered by their competitors in the market, and try to offer more attractive odds to attract more customers.
- Historical data: They will also consider the historical data of similar events or matches, and may adjust the odds accordingly.
Once the bookmaker has considered all of these factors, they will set the odds and make them available for customers to bet on. It’s important to note that betting odds are not a reflection of the bookmaker’s belief of who will win, but rather a reflection of the probabilities and market demand.