How do oddsmaker set their line?

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Upcoming match up Bellator

Gracie +150 to Ken Shamrock -190.

The line is now -103 Gracie to -105 Ken Shamrock. Is the purpose to give a very good line to Royce(real fav) so people will bet a lot more for Royce (driving his odds down to -110 quick), also as fast driving up Ken's odd to nearly even -105 with Royce giving more value on Shamrock with his odds getting better?

Does that method help even out amount bet on each side? It seems for arbitage bet this is perfect, are the oddsmaker doing it for this purpose?

Why not make the line start -110 to -110?
 

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