I noticed that the bookmaker's edge is much smaller when there is a big favourite involved.
For example, when the odds are 1.001 for the fav and 63 for the dog the edge is 1.49%. On the other hand, if you have odds of 1.96 and 1.96 (which to me seems much more fair) the edge is 2.04%.
Is there any explanation for that or am I confused? Thank you.