How does a Bookie set the odds in Live-Betting?

[addz123]

I've always wondered how exactly bookies (yes that's right i said bookie not sportsbook pls don't ban me) determine the odds for various matches and events. Do they have a panel of experts who offer the statistical probabilities of outcomes happening and then just add a standard margin?

Even if that was plausible, what I still can't get my head round is how they constantly change the odds in Live-in-Play betting. Who decides these and how can they have someone possibly change every single odds during the game when there are so many being played simulataneously in the weekends?

Seriously, who and how do they decide when to change the odds from 2.1 to 2.0 when a team is playing slightly further up the pitch? How big is the team who changes the odds. And what exactly are their qualifications before doing so?

The only thing I can assume at the moment is a kind of super computer that is leased from MIT or NASA.

I'd be grateful is an aff manager could take the time to explain.
I also intend to follow it up with an article.

[Flushdraw]

Good idea for an article. I'd love to hear some thoughts on this.

[faststeady]

they subscribe to bet radar, and follow the asians and exchanges

[ianw]

It depends on the company or individual involved. Some I have worked with set their own odds. They usually always start off from the price that the game started at and then shorten the draw in and push out the other 2 teams as the game progresses, until someone scores... after a goal is scored the market is reset and priced up to the over-round % the firm bets to.
It would also maybe effect the in running market say if the firm had laid one team heavily during the lead up to a game, they likely would be less willing to lay above the market during in play to try and level out their liability somewhat.

Now many use in running software that predicts the price of pretty much everything, like next goal, time of next goal, how next goal will be scored etc based on the outright 90 minute odds (if we are talking about football, sorry soccer

Others as mentioned use betradar and/or just copy Stan James / Chandlers and other well known in-running firms where real people make the odds.