Odds Compiler Explained
In the world of betting, an odds compiler is an individual who sets the odds for different events, such as for sports games or horse races. An odds compiler is hired by a bookie or a betting exchange, and it’s these odds that the average bettor places wagers on. Beyond this, odds compilers also monitor how profitable their operations are, as well as monitor the accounts of the bettors they provide the odds for.
How Odds Compilers Work
Odds are determined and calculated through a variety of different factors by analysing the fluctuations of the market. Where some markets are considered highly statistical, others are based around experience, insight, and a degree of intuition. Bettors must never make the mistake of thinking that an odds compiler creates odds based on pure statistics, however, as many compilers will use the financial position of the bookie or exchange they are working for and alter the odds in their favour. Among their other duties, odds compilers can also be used for consultation purposes, where a compiler can give their view on an odd and whether to accept or reject a bet regarding the odds in question. This is done to ensure the bookie or exchange do not incur high losses or liability when a large bet is made.
The profession of odds compiler is almost completely dominated by men, and there is only one confirmed female odds compiler in the UK, known as Helen Jacob.
The Average Odds Compiler
One of the first things people would notice about an odds compiler is their proficiency with numbers and mathematics. An odds compiler has to sort through thousands of different numbers every day, notice patterns and trends, and work out the best odds with the information they have available. Most odds compilers use more than one computer screen at a time, each with a number of programs, excel sheets, and pages of data that would confuse most people. Extremely complicated algorithms and equations litter the average odds compiler’s computer screens, and are all used to create odds.
One tool almost all odds compilers use frequently is a comparison program, where the compiler can monitor the odds being released by other compilers, as well as the odds on the market at any given time. This allows the compiler to make sure that the odds that they put up are cohesive with other odds, as any variations can cause the bookie or exchange the compiler works for lose large sums of money. Odds compilers monitor the global market, the total scores on bets, goals, and different match prices in order to make informed decisions on a daily basis. The choices they make can essentially make or break whomever they are working for, and there are many people who watch the market closely, ready to jump at any mistakes that are made by the compilers.
Odds Compiler Summarised
Odds compiling is a stressful, highly-strung job only applicable to those extremely proficient with numbers. While betting itself can be a complicated affair for many, it’s far less difficult to the sheer amount of information an odds compiler has to work with every day.