There is always a profit margin added by the bookmaker in these odds, which means that the payout to the successful punter is always less than what they should have received if the odds had reflected the true chances. The odds on display never reflect the true probability or chance of an event occurring (or not occurring). It is relatively easy to predict that Man City will win against Crystal Palace, but would you be willing to risk $100 to make a profit of $61.50? The key is to consider a betting opportunity valuable when the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker. It is not only important to back winners, but one must do so when the odds accurately reflect the chance of winning. Moreover, the odds displayed by different bookmakers can vary significantly, meaning that the odds displayed by a bookmaker are not always correct. Remember, odds change as the bets come in, which means probability estimations vary with time. In nine states, there is some form of pending legislation.
As of 2023, It is still fully illegal in 14 states, including California, Massachusetts, and Texas. states permission to legalize sports betting if they wish to do so.
