The bookies give Prodi 1/4 Berlusconi 5/2 ignoring the bookies cut that would mean Prodi wins with probability 0.8 and Berlusconi with probability 0.286. the probabilities add up to more than 1 because the bookies gotta eat. Prodi/(prodi+berlusconi) = 74%.
The parimutual odds are almost exactly actuarially fair Prodi 0.26/1 Berlusconi 3.7/1 corresponding to Prodi wins with probability 0.794 Berlusconi wins with probability 0.213 Prodi/(prodi+berlusconi) = 78.8%
I wonder why anyone bets with bookies ? Maybe betfair is a scam and they take your money and don't give you any if you win. posted by Robert
permalink and comments3:51 AM