the bookmaker will pay out using his actual odds, an amount which is less than the true odds would have paid, thus ensuring a profit). This is achieved primarily by adjusting what are determined to be the true odds of the various outcomes of an event in a downward fashion (i.e. See Dutch book and coherence (philosophical gambling strategy). : 6 : 13, 36 Making a 'book' (and the notion of overround) Ī bookmaker strives to accept bets on the outcome of an event in the right proportions in order to make a profit regardless of which outcome prevails. The phrase originates from the practice of recording such wagers in a hard-bound ledger (the 'book') and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'. In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. Please help improve this article by introducing citations to additional sources.įind sources: "Mathematics of bookmaking" – news Relevant discussion may be found on the talk page. This article relies largely or entirely on a single source.
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