
Originally Posted by
RagBone
Odds posted have only a fleeting relationship to the likelihood of something happening. They are more of a tool that bookies use to moderate the number and amount of bets they are receiving on a certain team.
If there is too much money being bet on Vancouver, the odds are lowered to discourage betting on the Canucks. If not enough is being bet on the Kings, the odds go up to encourage more bets.
The ideal result for the bookie is that all bets even out exactly. They still make their money on the vigorish with no real financial exposure.