ManlyBacker link said:
[quote author=bob dylan link=topic=184174.msg284545#msg284545 date=1281875350]
[quote author=ManlyBacker link=topic=184174.msg284526#msg284526 date=1281871535]
[quote author=bob dylan link=topic=184174.msg284443#msg284443 date=1281852951]
Libs/Nat $3.60
Labor $1.36
Market is 101.3%
I come up with around 112% BD. I always find the 'odds on' calcs difficult. Let me know how you got to 101.3% as I always like to know more about odds. Cheers.
[/quote]
To be truthful I copied it straight from Betfair.
But 20 odd years working part time for bookies and and pro punters I can help you out here I think. Off the top of my head I now $3.60 is old odds of about 11/4, and $1.36 is roughly 4/11 which I know is 100% market.
$3.60 = 27.77% (100/3.60)
$1.36 = 73.53% (100/1.36)
Hey 27.77 plus 73.53 = 101.3
http://www.onlinegambling.com/sports/odds-converter-calculators.htm
[/quote]
Thanks heaps BD for taking the time and posting that link.
I had a late night brain freeze and instead of adding one to the traditional odds (before dividing into 100) I was deducting 1. Doh!
Incredible that bookies can run a book at just 1.3% all the same.
[/quote]
Betfair is not a Bookies style betting outlet it is a betting exchange where the participants can either be the bookie or the punter ie you can back to win or lose.
It is the worlds biggest betting community with over 15 million bets placed each day.
They make their money by taking a commission from all winning bets, 5% is the norm for betfair.