It's less of an indication of bookies' predictions and more of an indicator of bettors' predictions. A bookie isn't trying to gamble on the outcome; they're tr

It's less of an indication of bookies' predictions and more of an indicator of bettors' predictions. A bookie isn't trying to gamble on the outcome; they're trying to get the bets to all balance out so that no matter what the outcome they take in enough money from the losers to pay the winners with some profit leftover. As more people bet on a specific outcome, they will lower the odds to make sure that the pool of money taken in is still big enough to pay out if that outcome happens.