Experience or education in statistics might help someone become an odds compiler because the job involves working daily with numbers. Some college might be required to find work as an odds compiler for larger casinos or sports betting venues. A person hoping to become an online odds compiler needs strong computer skills.
Odds compilers, sometimes called betting traders or bet placers, have become more in demand with the growth of online sports betting. Job opportunities for someone who wants to become an odds compiler might be available in many countries. Online compilers might work on their own or for an Internet betting company.
To get a job in a casino, a person might gain experience in the gaming industry before he or she applies to become an odds compiler. Working in a sports book, or place where gamblers can make wagers, taking bets and paying out winning tickets might provide experience and knowledge of the betting industry. Many casinos offer entry-level jobs in sports betting departments where experience can be gained.
An odds compiler uses statistics and past performance to set odds for a wide range of sporting events. Odds might be fixed odds, meaning the bettor can win, lose, or tie. This form of betting is the most popular, especially with novice gamblers. Fixed odd compilers might include betting on a certain number of points scored or where the score stands at individual segments of a game, such as half-time during football.
Other gaming employees who become an odds compiler devise spreads that a customer can use to place a bet. These odds usually give the advantage to the weaker team, based on the number of points that might be scored and a wide range of other aspects of the game. These bets can become so specialized as to include which team scores first.
Most odds compilers require a good understanding of risk management to increase profits for the company and control liabilities. They often work alone, using statistical databases to determine odds of many different sporting events, including horse racing. Odds compilers in some areas might be responsible for analyzing competitors.
These jobs typically require working weekends, when most sporting events take place. A person hoping to become an odds compiler must be able to withstand pressure and meet deadlines. He or she typically has some background in math or experience setting odds.