Does anyone know how bookies work out odds on an out come?

Say Manchester United are playing Manchester City in a premier league match. That is very hard to call these days for any one including a bookie! So how do they work ou their odds on who will win, if you understand me? Say Manu are given 2.75 and the draw is 3.85 and Man City are at 1.87. Why do the bookies... show more Say Manchester United are playing Manchester City in a premier league match. That is very hard to call these days for any one including a bookie!

So how do they work ou their odds on who will win, if you understand me?

Say Manu are given 2.75 and the draw is 3.85 and Man City are at 1.87. Why do the bookies give odds like this?

Any advise would be great?
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