I am wondering how to convert sport odds to the percentage format.
There's this example:
Odds for the home team victory: 2.50 Odds for the draw:`3.25 Odds for the away team victory: 3.00
To convert these odds into percentages, I can do this:
1/2.50 = 0.40 => 40% that the home team wins 1/3.25 = 0.31 => 31% for draw 1/3.00 = 0.33 => 33% that the away team wins
But if the percentages are added, then:
40% + 31% + 33% = 104%
What am I doing wrong that the sum is not equal to
100%? Is the procedure I follow wrong?