For the most part, people who book action for a living know what they’re doing. These are individuals tasked with setting lines and odds that will not only balance the money wagered on a particular event, but will also turn a profit for their respective employers. Big mistakes in the oddsmaking department can lead to five, six and even seven-figure losses. Added up over time, those mistakes and subsequent losses can result in unemployment.
Oddsmakers take a variety of factors into consideration when setting the lines for a given event. Not only are an individual or teams true chances of winning taken into account, but the public’s perception of said individuals and teams also plays an integral role. This is the reason why Tiger Woods is regularly posted as one of the favorites to win any of golf’s four Major Championships, despite the fact that the 36-year-old hasn’t won a Major since his U.S. Open victory in 2008. The betting public just loves to throw down cash on Woods.