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Odds define the likelihood of an outcome for each side of a competition. When talking about sports betting odds, they're often explained with a simple "number to number" explanation, with the unfavorable outcome preceding http://forum.dmec.vn/index.php?members/reutedtewor1975.149671/, the favorable one. For instance, if the odds of winning a contest are 3 to 1, the chances of losing are effectively three times greater than the odds https://app.brancher.ai/user/8PfcLy4FyTx2 of winning. For example, a bet placed at +200 in American odds (2/1 in fractional or 3.00 in decimal) has a 33.33 percent implied winning probability. A bet placed at -200 in American odds (1/2 in fractional or 1.50 in decimal) has a 66.67 percent implied winning probability. The bookmakers look a lot at the other competing bookmakers' odds. Both to be competitive, but also to read trends. If a neighbour suddenly lowers odds on a particular song, it can either mean that the neighbour's customers have bet more on this song, or maybe the neighbour has some insider information that you don't have. Therefore, it is better to "play safe" and follow the neighbour than risking a loss on a song. This mechanism is often referred to the "Lemming effect".