by Pari-mutuel betting
Bookmakers take their(punters) money off the top, and the rest is distributed equally among the winners, so the punter is competing against others!
The odds are purely a function of betting volume’s reaction, so the bookmaker is playing safe in this type of betting and
the final payout is not determined until the pool is closed
Fixed Odds Betting
A combination of data science and current punter’s pool money produces fixed odds
In fixed odds betting, the payout is agreed upon at the time the bet is sold.
Odds are fixed in the sense that, once they are declared by bookmakers a few days before the event, they remain fixed throughout the betting period until the event takes place
The bookmaker offers odds for each possible outcome in a match and the punter will determine which ones are worth betting on
And here odds are a function of betting volume’s reaction without exceptions, because of guaranteeing the “fixed” revenue for the gaming operator
Of cause, this way requires a much more skilfully approach and caution than
