Reply #7: I think it's normalized to a value of 100 [View All]

[Dogmudgeon]

If the price (Ask) is 80, the conventional odds fraction would be 80:(100-80), or 4:1 in reduced form.

The equation is Ask:(100-Ask)

You can use the same formula for Bid prices.

"Ask" translated to journalese is "The odds the British Turf Accountants (legal bookies) are giving".

"Bid" translated to journalese is "The odds the market is reflecting".

I think that's how it works, anyway. What kind of odds will you give me on that? :)

--p!
Ten to one this gets corrected before 1630h EDT.