It is determined by assessing various factors such as the likelihood of an event occurring, the amount of money wagered, and market conditions. Prices can fluctuate based on the volume of bets placed and new information about the event. A shorter price reflects a higher chance of winning, while a longer price indicates a lower chance.
Price Example
For example, if the price for a team to win is set at 2.5, a bet of $100 would return $250 if that team wins.