This effect doesn't go away entirely though (as was admittedly stated in the article). In political betting markets, you can almost always find a +EV bet by be

This effect doesn't go away entirely though (as was admittedly stated in the article). In political betting markets, you can almost always find a +EV bet by betting on the most likely candidate to win because those who are on the side of the underdog always overprice their candidate's chances, some of this can be attributed to buying into the neck-and-neck rhetoric. http://en.wikipedia.org/wiki/Favourite-longshot_bias http://en.wikipedia.org/wiki/Favourite-longshot_bias