Oddsmakers

Part of speech: noun

Definitions

1. Those who estimate probabilities for specific outcomes and establish betting prices for wagers on various events engage in this practice
2. Entities that determine the likelihood of outcomes and provide corresponding betting odds within gaming contexts participate in this role
3. Individuals responsible for calculating the chances of different results and setting the payout rates in gambling contexts

Etymology: "Oddsmakers" is the plural of "oddsmaker," a plain compound of "odds" and "maker" with no detours in its history. The "maker" half comes from Old English "macian," meaning to make or construct. In Middle English it became "maker," keeping the Old English "-ere" ending that marks a person doing something. Put together, the two parts name people who make the odds, meaning the figures that bettors wager against. The word names a role, built from familiar English parts.

Synonyms: bookmakers, gamblers