Video Summary

Sportsbet's Australian Open tennis promotion is in full swing, but their odds are under scrutiny. A new calculator has been added to the site, allowing users to determine the true odds behind bookmaker odds. The calculator is easy to use, with only four columns to fill in: bookmaker odds, implied probability, true probability, and true odds. For example, using Sportsbet's 1.83 and 1.72 head-to-head odds for the Australian Open, the calculator reveals an over-round of 12.78%, indicating a significant margin added by the bookmaker. This means that 1.83 and 1.72 should be reevaluated as 2.06 and 1.94, respectively. Sportingbet's profit lies in this over-round, making it a poor bookmaker. Comparing to Unibet, known for fair odds on soccer, and Bet 36, which has poor odds, the calculator illustrates the true odds should be 1.94, 3.55, and 3.95 for the Sheffield Wednesday vs Wycombe Wanderers match. While this calculator estimates what the bookmaker thinks the true odds are, not necessarily what they actually are, it's a valuable tool for calculating expected value. For example, in this case, the true odds indicate that bookmakers are adding a significant margin to their bets.