lefty27 commented on the blog post Irish Bookmakers: Matt Damon Has Same Chance of Becoming President as Newt Gingrich
“I put the odds on anyone but Barack Obama getting the Democratic nomination at about a million to oneThey may not, however, be the most astute judges of the American political system”
Jane, bookies create betting odds to entice people to place bets with them on both sides of a proposition. It’s not based on outcome. They are looking for a number that will get half the punters to bet for, say, Rick Perry and the other half to bet against. The bookies make their money on the vigorish.
That being said,I will say that I am impressed with the low odds on some of these characters are getting. I think I will join the site as some of these bets are absolute locks. Thanks for posting.