How Do Betting Firms Set Odds?

Betting odds are established in different ways depending on what sport is being assessed, one bookmaker has claimed.

Betting odds for horse racing are set in different ways to sports such as football, according to William Hill's public relations manager Jennie Prest.

Horse racing odds are apparently created by a panel, which chooses a favourite and an outsider, and then puts a percentage next to each runner, which is then turned into a price.

Alternatively, football odds are established based more on opinion, recent statistics and previous matches between teams, Ms Prest states.

Explaining further, she said: "It's not as mathematical as you think it is. It's basically a mixture of opinion and it's a case of assessing every runner in the field."

Furthermore, Ms Prest claims there is always a selection of people who choose what the odds are going to be - it is never just one individual.

Screen Digest has predicted that the UK online gambling market is going to increase from £660 million in 2005 to £1.6 billion in 2010.