Because the job entails working with numbers on a daily basis, someone with statistics experience or education may find it easier to become an odds compiler. Some college may be required to work as an odds compiler in larger casinos or sports betting establishments. A person who wants to work as an online odds compiler must have excellent computer skills.
With the rise of online sports betting, odds compilers, also known as betting traders or bet placers, have become more in demand. Many countries may have job opportunities for someone who wants to work as an odds compiler. Compilers for the internet may work for themselves or for an online betting company.
Before applying to become an odds compiler in a casino, a person may want to gain experience in the gaming industry. Working in a sports book, or a place where gamblers can place bets and receive winning tickets, can provide experience and knowledge of the betting industry. Many casinos have entry-level positions in their sports betting departments where you can gain experience.
To set odds for a variety of sporting events, an odds compiler uses statistics and past performance. Fixed odds indicate that the bettor can win, lose, or tie. This is the most popular type of betting, especially among novice gamblers. Fixed odd compilers may include wagering on a specific number of points scored or the score at specific points during a game, such as halftime in football.
Other gaming employees who work as odds compilers create spreads for customers to use when placing bets. Based on the number of points that could be scored and a variety of other aspects of the game, these odds usually favor the weaker team. These wagers can become so specific that they include things like which team will score first.
To increase profits and control liabilities, most odds compilers need a good understanding of risk management. They frequently work alone, calculating odds for a variety of sporting events, including horse racing, using statistical databases. In some cases, odds compilers may be in charge of analyzing competitors.
Weekends are typically required for these jobs, as that is when the majority of sporting events take place. A candidate for the position of odds compiler must be able to work under pressure and meet deadlines. He or she usually has a math background or has worked with odds before.