Mathematics of bookmaking

Bookmaking is when a person or company makes money from betting on sports or other events. In a bookmaker's set of math equations, the odds of each outcome are calculated and then the bookmaker adds a small fee for each bet placed. Let's say you want to bet on a football game. You can look at the odds that the bookmaker has calculated and see which teams have a better chance of winning. Depending on how much you are willing to risk, you can choose to bet on either team. The bookmaker will then take the money you put down and add a fee. This fee is called the 'juice' or 'vig' and is added to the bookmaker's profit. So, the higher the risk you take, the more the bookmaker makes.