This doesn’t mean that a favourite with one bookie becomes the underdog at another, more that there will be a slight difference in the odds that are on offer. However, comparing the odds for the same sporting event from different betting companies can present an opportunity because the bookies have an alternative view, or may have made an error. It’s a complex subject, but you can learn everything you need to know by reading our guide to probabilities, odds and overrounds. This is because the betting company includes an overround in their pricing which gives them an edge as it replaces the true odds of each outcome with their own odds. For example, backing the favourite to win, underdog to win and the draw in a football match would ensure the bookie rubs their hands with glee as they take your money. Because of how bookmakers set their prices, you are guaranteed to lose money if you bet on each outcome within an event at the same bookmaker.
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