Quote:
Originally Posted by The Slim Reaper
They don't. They reflect who is betting money on it. Bookies are in the money business, not the consensus business.
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They literally employ researchers and analysts on sport, racing, TV, speciality bets (like politics) etc. They make the odds, and they'll fluctuate depending on bets placed yes, but that's not the only way they'll go up or down.
Trust me, if a video emerges of Trump saying 'all Christians are dumb' or something that will effect the vote, his odds will massively drift. If on election night Biden is 1/50 to win, he'll win, making the odds relevant.
The bookies are in both the money business, and the general consensus business. They're not the be all end all, but they're certainly not irrelevant.