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I was astounded when I heard of a Bet Angel user complaining that the book over-round was not fed through to the Bet Angel spreadsheet template. Talk about wanting to be spoon-fed! This is exactly the kind of calculation that the spreadsheet feature is made for. But you do have to do this yourself!
Let's have a look how.
Here is a snapshot of a horse race. It has six runners.
You can see here that the favourite has a current back price of 1.57 decimal. This works out at an implied probability of 63.7% (1/1.57) that this selection will win this event.
The seond favourite has a current back price of 5.6. The implied probability of this selection works out as (1/5.6) or 17.9%.
If we do the same calculation for the remainder of the field we will have all of the implied probabilities for each market selection.
To work out the book percentage all we need to do is add all these figures together.
You can see here that the favourite has a current back price of 1.57 decimal. This works out at an implied probability of 63.7% (1/1.57) that this selection will win this event.