 Mathematics of bookmaking

The mathematics of bookmaking, often referred to as sports betting mathematics, involves the statistical and probabilistic principles used by bookmakers to set odds and manage risk. Here are some key concepts: 1. **Odds Calculation**: Bookmakers set odds based on the probability of a specific outcome occurring. These odds can be presented in different formats (decimal, fractional, or moneyline) and reflect the bookmaker's estimate of the probability of an outcome.