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Bookmakers offer a betting market when they price the odds of a single event. There are usually many different betting markets on a single sports match or game. The betting market is really the foundation of online betting – and offline – as it the information surrounding an event.
Bookmakers will have thousands of betting markets running at any one time – and the more popular sports and matches will have hundreds of their own. Some are more popular than others but different bettors will be attracted to different markets and look for the value in them.
A very basic example of a betting market is the away win market for a football match. If Manchester United were playing Chelsea the away win market would show the odds for a Chelsea victory. Obviously there would be another market for a home win – and another for the draw. In fact, every detail and event that could happen in the match will have its own betting market on such a big sporting match like this – from total corners to first yellow card.
Even a UK bookmaker will have over 150 different betting markets for a Spanish La Liga match – especially if it involves either Barcelona or Real Madrid. The bookies know that there will be interest in the match and will offer markets on all the events that could occur – or not occur – during the game. Although it seems to strange, politics bets are also usually found in the sportsbooks of online betting sites. You will only have one or two markets on an election, for example, but they will be offered.