Betting

[mike_corkcity12]

Ok, so here are the odds on Skybet.

Cardiff 23/10                   Draw 23/10          Fulham 11/5

Now it is my understanding that the odds reflect the probability of an event happening.

So Skybet think Cardiff have a 41% chance of winning, a draw at 41% and Fulham to win at 41%.

How does that make sense though? As if you add the 3 probabilities it goes over 100%.

Cheers

[Blanco]

Odds don't really work like that. I understand what you're getting at though.

[st andrews]

So they make us favourites

thought cardiff would be seeing they are at home

[MayoDomo]

It adds to over 100% so the betting company makes money.

[mike_corkcity12]

Odds don't really work like that. I understand what you're getting at though.

Could you elaborate? Genuinely interested, but google isn't turning up what I am looking for.

[MayoDomo]

Odds don't really work like that. I understand what you're getting at though.

Could you elaborate? Genuinely interested, but google isn't turning up what I am looking for.

If all the odds added up to 100%, and people bet with a corresponding distribution, the betting company would only break even. As a result they need to shift the odds in their favour so they make money regardless of the outcome. For instance If you put 5 pounds on each result for the Cardiff/Fulham you would win one bet and lose the other two, making 6 pounds, but losing 10, losing 4 pounds in total. (11 - 5 - 5 - 5 = -4) Betting odds always add up to somewhere around 110% to 130%, while real odds always add up to 100%. Does this clarify?

[mike_corkcity12]

Odds don't really work like that. I understand what you're getting at though.

Could you elaborate? Genuinely interested, but google isn't turning up what I am looking for.

If all the odds added up to 100%, and people bet with a corresponding distribution, the betting company would only break even. As a result they need to shift the odds in their favour so they make money regardless of the outcome. For instance If you put 5 pounds on each result for the Cardiff/Fulham you would win one bet and lose the other two, making 6 pounds, but losing 10, losing 4 pounds in total. (11 - 5 - 5 - 5 = -4) Betting odds always add up to somewhere around 110% to 130%, while real odds always add up to 100%. Does this clarify?

Thank you very much! That has cleared it up.

[davew]

If correct get your money on Cardiff, sounds too good to be true, meanwhile I will check Stan James odds.

[davew]

Sorry the odds you have quoted must be wrong, Cardiff 11/10 which are about right!