system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: How do bookmakers calculate odds in play? Like how do they decide what odds to give on a certain person to score or an event to happen in such quick time?
gpt
Vegas has the sharpest minds coming up with the best statistical models that cover every facet of every single event that occurs in competition.

Even with that, it's all about getting money to be as 50/50 as possible. Sportsbooks earn on the juice. If one side is getting too much action, they will hedge by revising the odds to incentivize bettors to drop money on the other side. 

Accurately forecasting the probability of potential outcomes isn't even close to as important as getting money to come in 50/50.

You can make a living (or at least a nice side income) as a sports bettor if you can come up with a model that *can* somewhat accurate predict probabilities and use that to take advantage of inefficient lines (which 100% do exist because vegas isn't trying to predict outcomes but get 50/50 action).