Guest slot: Peter Smith’s guide to betting odds and value
What do we mean by odds, percentages and the overround? To a betting man, the odds are everything. This may appear obvious but believe me it is often ignored in practice. I suspect this is because our grasp of odds, the implied percentages and our assessment of whether they offer value is somewhat intuitive. But try taking a more analytical approach and you may be surprised at what you find. Start with the simple match bet between two contestants of…