Why do Different Bookies Offer Different Odds?

Odds Differences Between Betting Sites

When you’re looking to place a bet it is standard practice to have a look around the bookies that you have accounts with to see who is offering the biggest odds. You will find that BetVictor may have the best odds for one bet but the next time it is Ladbrokes who offer the best value. In such a competitive marketplace there isn’t one bookie who always offers the biggest odds. But why is it that the odds between rival companies always seem to vary?

Bookies Balance Profits With Attractiveness

When setting odds, the best bookies take many things into account. At the basic level the odds that are given to any particular runner in a market reflect the chance of that runner winning according to the bookies. They take things like form, ability and weather into account as well as doing a lot of statistical analysis.

As well as trying to predict what will happen, the bookies have to ensure that they are making a profit and that they are attracting enough customers. While they factor in an over-round into their prices to make their money, they cannot be too stingy because nobody would bet with them. Also they try to operate within certain levels of risk by balancing the books. If they take too much money on one selection they risk making a loss on that market if the wrong result happens and, of course, too many losses can have a big impact on their profit margin.

So when you are looking to place a bet, there is a lot of work and planning that have gone into all the prices you see.

Competition Rules in the Gambling World

The other major factor affecting the price is the competition between rival betting companies. The gambling industry is huge but there are a finite number of customers to attract. If one bookie gets a reputation for offering poor prices there are plenty of other companies for customers to choose. While the odds vary from book to book they generally do so by fairly small amounts and it is not rare to see almost every bookie offering the same odds on one selection in a golf tournament for example.

Bookies use a large array of free bets and enhanced odds to compete with their rivals without having to necessarily change the odds that they are offering. Money back specials for accumulators are a very popular way for the bookies to stand out from the crowd but still keep their pricing strategy consistent.

Terms Can Vary From Bookie to Bookie

Another reason that bookies offer different prices from one another is the place terms that the markets pay out to. For example, one bookie may offer better odds than another on a horse race but only pay out each-way bets for three places while another offers slightly less value in terms of the odds but pays out four places. As well as horse racing you’ll find this sort of variance in golf markets and long-term outrights.

The beauty of the gambling industry being so competitive is there is nothing stopping you betting with any bookie you fancy. With so many options you can pick and choose whoever is offering the biggest odds bet by bet and we’ll always highlight the very best odds and enhanced prices right here, making your job even easier!