Duke of Marmalade
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1.63 is .63/1; 4/7 is .57/1, similar but, as usual, Betfair slighty better oddsFor some reason I cannot get my head around the way odds are quoted. Is this 1.63 the same as the 4/7 Paddy Power is offering. Calculated as 1+ (4/(7+4)).
The probability of a Tory majority has to be less than one. So I think the above suggests that, in the bookmakers opinion, the probability of a Tory majority is 0.63. Is that correct.
If so, in my opinion, the bookmakers are too generous to the Tories
1.63 = 100/1.63 = 61% chance
4/7 = 700/11 = 64% chance
Probably the best way to see Betfair quotes is to regard the price of each event as 1 and the Betfair quote is what the event will pay if it comes up. Thus Betfair is 1.63 Buy and 1.65 Lay, meaning if you buy the event for 1 and it comes up you get 1.63 i.e. a profit of .63 and if you Lay (sell) it for 1 and it comes up you will pay the buyer 1.65 i.e. a loss of .65
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