Understanding probabilities and the manipulation of odds
When bookies offer you fanciful odds that seem to good to be true, then they usually are. By having a player who is willing to dance to your tune for a kickback, you control the odds and ultimately, the outcome. Spot fixing will always have a market as pe
24-May-2013
Spot-fixing is simply an extension of gambling, and according to Dilip D'Souza in Live Mint, gambling is something which appeals to human nature as it manifests from our greed. When bookies offer you fanciful odds that seem too good to be true, then they usually are. By having a player who is willing to dance to your tune for a kickback, you control the odds and ultimately, the outcome. Spot fixing will always have a market as people who are otherwise informed, will always hedge bets when they see the potential for a great payoff.
The reason bookies might offer such odds--1:1 for the coin, 5:1 for the dice--is that they know their probabilities as well as you do, and naturally they don't want to lose money. In fact, they will likely tweak the odds they offer just enough so they actually make money. That is, after all, why they do what they do. So if you find a bookie offering quite different odds than you expect, it's likely he knows something you don't.