Discrepancy in Soccer Betting Probablilities

[waealu]

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.

[buby74]

Welcome to the think tank you have just learned how bookies make their money

[WDR]

108.5% is not bad, i have seen worse

[wrongturn]

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.

It is same reason that it gives us -110 (US odds) on each side of every bet. You add them up it is more than 100%. Shocking!