Originally Posted by oxygenjj:
“So tell me why , if baloney topping the vote week in week out why is that not reflected in the betting markets, why are his betting odds to win so high ????”
It's a common misconception that bookies' odds are somehow determined by some team of experts in back rooms with inside information, actually calculating the real chances of someone/something winning an event.
In truth, though there's an element of that when a book first opens, afterwards it's purely determined by the amount of money being placed by the punters, with the bookies making many complex calculations and raising or lowering the odds to ensure that whoever wins, they'll make a minimum profit margin (usually 30%). So, if baloney's odds to win are high, that basically means not much money is being placed on him... of course, if the bookies
did have inside information (strictly illegal, of course), they might bring down the odds artificially to curb their exposure...