I truly don’t have any clue here.
So, say RKC gets the likelihood 6-4 of winning boston, does that mean that his possibility of winning are out of 6, aka two from 3, aka 2/3, aka about 66%??
And RKC small, say, has odds of 25-1 is similar to stating 4 out of 100, aka 4%????? If this is so, who the hell came up with these odds? The Brojos pulled these amounts for the sake of it and sat together for a pint?
For helping me out thanks. Will return to toddler play group.
You have got it pretty close. However, what those recorded odds are actually saying is when the odds are N-M is a prosperous wager of M dollars will win you N bucks. So 25-1 means you bet 1 dollar on RKC, he wins, you win $25. Not precisely the chances of them winning because the home pads it into their favor.
Who sets the worth? Originally a statistician or even»bookmaker», but as people actually place bets the odds shift in favor of whoever is having the maximum bets put on them and from people not being wager on, or so the house proceeds to minimize its odds of losing money as consensus builds among those putting their cash on the line.

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