How to read odds?

[Nancy Adams]

I have a table of odds expressed as 500/1 (for instance) for extreme
underdogs the NCAA basketball tourney.

For a favorite, the odds are 5/2

If the odds are 5/2 then I think the break even win probability
(ignoring the vig)
must equal 2/(2+5)

In other words 5/2 means 5-2 odds.

It that correct?

[Gary Collard]

Yes, thus a $100 bet placed on that team would win $250 (plus the $100
back, so a total of $350 but $250 net).

And that includes the vig, on odds bets the vig is already included in
the odds. Unlike spread type bets, which will be a handicap and for
which you pay vig on either side of the bet.

--
Gary Collard
SABR-L Moderator
gmcollard at yahoo dot com
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