Encyclopedia > Fixed-odds gambling

  Article Content

Fixed-odds gambling

Fixed-odds gambling is a form of gambling against odds offered by a bookmaker, an individual, or on a betting exchange. It is customary with fixed-odds gambling to know the expected odds at the time of the placement of the wager, however this category also accommodates events in which wagers are struck at "starting price". It is typical for a bookmaker to price up a book such that the net outcome will always be in his favour, i.e. the sum of all possible outcomes will be in excess of 100%. The amount of the sums wagered in excess of 100% represent profit to the bookmaker in the event of a balanced book. This excess is known commonly as an overround.

With the advent of internet and exchange betting, the possibility of fixed-odds arbitrage actions against bookmakers and exchanges has opened up significantly.

All Wikipedia text is available under the terms of the GNU Free Documentation License

  Search Encyclopedia

Search over one million articles, find something about almost anything!
  Featured Article
Canadian Music Hall of Fame

... Neil Young 1983 Glenn Gould 1986 Gordon Lightfoot 1987 The Guess Who[?] 1989 The Band 1990 Maureen Forrester[?] 1991 Leonard Cohen 1992 Ian and Sylvia[?] ...

This page was created in 36.9 ms