Odds Compiling

[Astyanax]

Hi everyone,

i didn't exactly know where to post this so mods feel free to move if it doesn't fit. I have an interview next week for a British Bookmaker in the odds compiling dept.

I know how to compile a book fitting odds to an overall overound percentage. However I have no idea what else I need to know??!! What sort of questions would I be asked?

This is a british firm but they deal with American Sports as well so I have to be aware of nuances in every sport.

How good does my maths have to be?

Are there any sites out there that will help me with exactly what I need to know - I have had a browse but cannot find anything brilliant.

If info is helpful and I get the job I will be happy to send you some money on a poker site (we can agree upon the fee later but I can assure you it won't be pathetic).

Many thanks and looking forward to hearing from you [img]/images/graemlins/tongue.gif[/img]

[Lori]

I'm guessing they'll be asking you questions where you have to think in a hurry and they won't mind the answers so much as how you get there.

What's the odds that the highest temperature in the UK in October is over 72 degrees? (Could there be a problem, what's the warmest part of UK compared to England..etc)

If England and Argentina are equally likely to win the rugby world cup, what prices would you make the last longer bet? (Think homer bets maybe?)

What's the inverse of 1.69
What's the inverse of +200
What's the inverse of 85/40

If you want a 10% overround book and you have an evens fave and a 2/1 second fave, what price is the third runner.


I actually have no idea, but thinking about these surely won't harm you.

Also be willing to discuss betfair and laying off I should imagine. As well as how you do research.
I'd also imagine you should be telling the truth at all times, you're going to get found out pretty quickly in this industry anyway, so honesty from the start makes sense I'd think.


Lori

[Astyanax]

Wow, Thank you very much Lori. I think the answer to your book question is...(I'm just giving you my thought process)

Evens = 2 = 50% , 2-1 = 3 = 33.3% so we need 27% from somewhere which roughly equates to 3-1.

The inverse questions: Is the inverse of 1.69 just to get a 100% book i.e. 2.31??? I'm not sure I've heard that term even though Ive spent a long time around gambling.

I am still looking for some useful websites that explain specific odds compiling techniques (poisson distribution for football matches).

Once again thanks Lori and I hope to hear from others.

[SunOfBeach]

[ QUOTE ]
I'm guessing they'll be asking you questions where you have to think in a hurry and they won't mind the answers so much as how you get there.

[/ QUOTE ]

This is what I was thinking, too. Kind of like the famous Microsoft or I-banking interviews...

[Lori]

[ QUOTE ]
The inverse questions: Is the inverse of 1.69 just to get a 100% book i.e. 2.31???

[/ QUOTE ]

That's what I meant yes (FWIW The answer isn't 2.31, decimal odds are messy)

No need for the thanks, I have to stress it could be entirely wrong, but they can train you in the stuff they want you to do as long as you're smart enough, so I imagine they'll test how you think.

[Lori]

Wiki: Binomial Distribution

This is particuarly useful for correct scores in sports where they play sets/games/legs and each one is pretty much independent.

Snooker is a good one for this, as is darts. Tennis less so because it's more reliant on how well someone is playing on a given day, although it's still an okay starting point as long as you have a good overround in your favour. Calculator is available at the bottom of the Wiki page.

* warning: Remember that games stop when they reach the required score. This means that the chances of winning 3 or more from 5 are not the same as winning 3-0

Of course if you can find a database Baseball EV with a search function, then life is nice and easy.

Otherwise maybe you could make your own using available stats Goldsheet.

As to soccer and suchlike, I can't help much, I tend to assume the starting price is pretty much correct and trade in play, there's way too much to keep up with.
I would assume that bookies have charts for you to compile correct scores/ HT-FT and suchlike with as long as you can set the match price and over under.

Don't go claiming this is the best available site, but somewhere like soccerbase can show you stuff like referees tendencies and the suchlike. There are others, and some are better, but I really don't know which they are.

I'd recommend googling for others for different sports if you feel the need. I suspect they won't test your knowledge of every sporting database on the planet, but I can't see how knowing them could be a bad thing.