The wording. Basically you need to take into consideration the bookkeepers profits. See GAMBLING odds vs probabilities here: https://en.m.wikipedia.org/wiki/O

The wording. Basically you need to take into consideration the bookkeepers profits. See GAMBLING odds vs probabilities here: https://en.m.wikipedia.org/wiki/Odds#Gambling_odds_versus_probabilities https://en.m.wikipedia.org/wiki/Odds#Gambling_odds_versus_pr... If you want to deep dive you can look into shin probabilities for one model of how to do the calculations.