In decimal soccer
odds, the probability of success is 1/(decimal odds).
For example, in a game on 12/10/11, Sportsbook.com has the money line for a game:
Southampton (1.60)
Blackpool (5.75)
Tie (3.50)
Using the first equation, the probabilities of each success is as follows:
Southampton 62.5%
Blackpool 17.4%
Tie 28.6%
However, the summation of these probabilities is 108.5% Why is the summation of the probabilities more than 100%? Are my calculations correct or else, what causes this discrepancy?
Thank you.