Hi,
New to the forum and tried searching for this topic since it's a very basic question but couldn't find anything so here goes. How do the sharp bookies adjust their odds? Is it as simple as aiming for a balanced book, so e.g. a moneyline in basketball at 1.2-5.2 would mean there's been 4.33 times more wagered on the favourite outcome (5.2/1.33)? If this is true, wouldn't a favourite-longshot bias exist even at the sharp books since most of the money is wagered on the favourite and there's no reason to think the smart money is on the underdog?
If this is NOT how the odds change then how?
Edit: So I'm not interested in how odds are formed initially but how they change depending on how much is bet on each side.
New to the forum and tried searching for this topic since it's a very basic question but couldn't find anything so here goes. How do the sharp bookies adjust their odds? Is it as simple as aiming for a balanced book, so e.g. a moneyline in basketball at 1.2-5.2 would mean there's been 4.33 times more wagered on the favourite outcome (5.2/1.33)? If this is true, wouldn't a favourite-longshot bias exist even at the sharp books since most of the money is wagered on the favourite and there's no reason to think the smart money is on the underdog?
If this is NOT how the odds change then how?
Edit: So I'm not interested in how odds are formed initially but how they change depending on how much is bet on each side.