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 The Real Odds

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Real-Odds
What are the real odds, Olso called true odds ?
The real odds are the mathematical odds without the bookmakers profit !

In a soccer match, for example, the real probabilities of each of the 3 possible outcomes (home-win, draw and away-win), based on their relative abilities may be 50%, 30% and 20%.
The total of these three percentages is 100%, thus representing a fair 'book'.

The real 1X2 odds of winning for each of the three possible outcomes are 2.00 , 3.33 and 5.00 respectively.
In order to generate a profit on the wagers accepted by the bookmaker he may decide to increase the values to 53%, 33% and 23% for the three , representing 1X2 odds against of 1.89 - 3.03 and 4.34
These values now total 109%, meaning that the book has an overround of 9% (109 − 100).

This value of 9 represents the amount of profit for the bookmaker if he accepts bets in the correct proportions on each of the 3 possible outcomes.
The art of bookmaking is that he will take in, for example, \$109 in wagers and only pay \$100 back (including stakes) no matter which team wins or a draw.
This is a low overround for 1X2 betting.

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