How do bookmakers determine the odds?

Question

Like, for example, how are they so certain that Alexandra from Big Brother has a 125-1 odd of winning, and a 4-5 odd of getting booted this Friday? Is it just by doing a survey?

Answer 1

determining Odds for anything,,,  I mean Anything,  is based entirely on Attempting  to split bets 50-50.  

so in the attempt to do that with your big brother show, they just watch the show, and guess at what would be a good number, as you watch dont you KINDOF know who will get voted out??  well that person is going to be a HIGH ODDs.

with NFL and NBA and Bases, they use a few formulas to find that number,,,

again, the whole attempt is for them to set the odds to SPLIT the betting equally,,,

gl

tater