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All About The Odds
by Paul on 04/16/09 at 12:38 PM ET
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from Terry Frei at ESPN,
The odds are out from the various legal sports books and online sites, and they generally quote the Red Wings and Sharks as co-favorites to win the Stanley Cup, at around 7-2.
Perhaps there are already yells from fans of other teams about the oddsmakers’ showing them “no respect.” But the oddsmakers don’t worry about “predicting” anything other than the wagering patterns of the public, and then adjusting their odds if it turns out their initial guesses were wrong.
Plus, any cursory crunching of the numbers will show that if the odds are converted to percentages, they’ll add up to considerably more than 100. Among other things, it usually means bettors aren’t getting long enough odds on the true long shots.
continued with Frei’s own spin…
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