Hi all

First time poster, and at the risk of coming off as a math numbnuts, I'll lead off with this question:

I realize, we'd never take this bet, but for the sake of argument let's say we're betting a spot on the Betfair Exchange, where we know that the only two outcomes are both exactly 50%, at odds 2.00 with a commission rate of 5%.

If we win, we get back 1.95 for every unit placed, making the odds in the specific case 1.95. However, a bet never stands alone, and if we make it two bets (or any bigger number, you'd like) to even out the variance, you get 0.975 units for every unit placed.

Thus, my question is when comparing odds to regular bookies, do actually get an odds of 1.95 or 1.975?

My logic, without math being my strong suit, is saying 1.975, but every calculator I can find online says 1.95 and I cannot seem to Google anything else being mentioned anywhere. So am I correct or missing something?