[OC] Super Bowl Squares Probabilities: Factoring in the last eight years' historically weird NFL scores and Eagles-Chiefs win probabilities (both oft-ignored)__eldorado__ OP t1_j7unrgp wrote
Reply to comment by miclugo in [OC] Super Bowl Squares Probabilities: Factoring in the last eight years' historically weird NFL scores and Eagles-Chiefs win probabilities (both oft-ignored) by __eldorado__
Those are based on current betting markets, which price the Eagles at -125 and the Chiefs at +105. -125 implies a 55.56% chance to win, and +105 implies a 48.78% chance to win. That sums to more than 100%, as the sportsbooks factor in a cut (or "vig") for themselves. So you have to adjust those back down to 100% to determine actual sportsbook-implied probabilities.
[Edit: Added a missing word]
__eldorado__ OP t1_j7uo6dz wrote
Not sure where you're located, but the way betting odds are presented can vary quite a bit from place to place. -125, +105 are "American odds." The tool I've linked to below is a nifty little way to convert these to decimal odds or British odds (both of which are more common internationally), as well as to win probabilities.
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