
Implied probability: why bookmaker odds add up to more than 100%
A betting price becomes a percentage with one division. That number describes a price; a complete market and its settlement rules tell you what the percentage leaves out.
Sportsbook markets, accepted bets and the rules that decide settlement.
A scoreboard, an odds quote and a settled bet describe different things. Explore the rules around a wager, the mechanism behind a market and the technology a sportsbook uses to offer it.

A betting price becomes a percentage with one division. That number describes a price; a complete market and its settlement rules tell you what the percentage leaves out.

A drawn cash single can return its stake while an accumulator keeps running. Follow the refund, the reduced price and the match period being settled.

An each-way single pays for a win stake and a place stake. A worked example shows how a paid place can return less than the total cost.

A lay stake can name the backer's bet or the amount you could lose. Display mode, matched quantities and one-market exposure determine which figure applies.

A matched price is not the final credit. Follow the commission base, market netting and account tier before treating an exchange return as money kept.

A one-goal win can settle as a full win, a half win or a push. Read the accepted line, split a quarter stake correctly and separate profit from the money returned.

Rule 4 cuts horse-racing winnings after a withdrawal. Check the deduction table, stake-versus-profit calculation and the different Betfair Exchange formula.

A suspicious betting alert is a reason to investigate, not proof of a fixed match. Follow the data from sportsbook risk desk to sport body and regulator.

An Illinois pricing error shows what happens when related bet legs are treated as independent. Here is why a same-game parlay needs its own quote and settlement rules.

MLB and its authorized sportsbooks capped pitch-level bets at $200 and removed them from parlays. State regulators still decide which wagers may be offered.

A moved line usually changes the next offer, not an accepted ticket. Obvious-error, late-bet and settlement clauses explain the narrow exceptions.

Cash out can vanish while the original bet stays live. See how market suspensions, price moves, data gaps and ineligible legs affect an offer in real time.