Originally Posted by Sunf:
“What do they take into account? is it just dance odds, or popularity? how do they work it out?
Only bet on the horses so, humans is a new ball game Lol”
I believe betting odds (of all kind except one described bellow) are based on balancing the books (hence bookies name).
Many people now believe Susanna will win there fore bet on her. To make sure the betting house doesn't loose money, they have to shorten her odds, and viceversa. That is why they are almost always changing, because it is all depending on what the punters are putting the money in.
It is now the betting houses thinking that someone may win, it is the people who are betting their money. (Unless they are one off random single bets in which case the house does some research to set the odds, for instance you betting that the next prime ministers wife will have a child while at n10, in which case they would look at previous history, age of possible future prime ministers wife...).
Because the outcome of reality competitions is actually decided by people who also may bet (and not by chance or animals), I actually think reality contests are one of the more relieable -ie maybe instead of 1% chance of getting money back! you can have a 10%) things to bet, though I do not bet nor I intend to.