Baseball betting odds explained: how to read an MLB price and pick a bookmaker

Updated October 2026

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A baseball betting odd is not a prediction. It is the price a bookmaker is willing to lay on one of several outcomes, and the gap between those prices is where the operator earns its living. The pages below work through what that means in practice for a Great Britain bettor looking at Major League Baseball: which apps put the market on your handset, how the live game gets priced, the shape of the outright market through the postseason, and what each licensed brand is actually offering beyond the headline price. The bookmakers reviewed are the ten whose names appear in the Gambling Commission’s public register as holders of a remote general betting licence for real events; their licence numbers, the holders behind them and what each says about this subject are tabulated below.

Current as of October 30, 2026 against the Gambling Commission’s public register and each operator’s own terms, as a reader would consult them.

The mobile-first MLB market: what the apps actually do

A baseball game lasts around three hours and most of the interesting price movement happens in late innings, on a bench, with one hand free. The shape of the market follows that. A bookmaker whose app is slow to refresh or that hides in-play behind a desktop login is, for this sport, not really an MLB bookmaker. The ten operators reviewed here all run on the Commission’s remote licence, and each one of them ships an iOS or Android client built for that kind of watching.

bet365 sits at the front of the queue. Its app is the most-downloaded sports betting app in the UK App Store, and the global betting partnership with the UEFA Champions League sits behind a product that is, in MLB terms, mostly about depth rather than theatre. The Bet Builder+ tool lets you combine markets from one game into a single bet, available pre-match and in-play, and Super Boosts, Winnings Boosts on Bet Builders and selected singles, plus daily Bet Boosts run across the slate. For an MLB bettor, the practical meaning is that an in-game same-game multi on, say, the Dodgers to win and the total runs to go over, is one tap away and stays one bet on the slip.

888sport covers the same ground in a slightly different arrangement. Its app is built around pre-match and in-play betting, full Cash Out, Bet Builder, racing streams, BetFinder form tools, a live bet feed and daily boosted odds. The MLB experience is consequently closer to a feed than a study: prices refresh, boosts land on the most-bet games, and Cash Out is available without leaving the live tab.

NetBet is the one that leans on the trader side. Daily Boosts and free bet offers sit alongside a Bet Builder whose odds recompute as you change the legs of the multi, and sports stats for the major leagues are baked into the event page. That matters for baseball because the stats on offer — left/right splits, pitcher workload, park factors — are the inputs that an MLB price is being built from, and seeing them on the same screen as the price is the difference between placing a bet and checking one.

Fafabet concentrates on British and Irish racing rather than the MLB slate, but its app is well-built and its best-odds-guaranteed promise on UK and Irish horse racing win and each-way bets from 9am on race days is the kind of bookmaker discipline that travels: if the starting price is bigger than the original price when the race goes off, the bigger odds are paid. The same shop presumably treats an MLB price with the same care, though the BOG promise itself is on racing only.

Lottoland is the odd one out in this group, because its app combines casino, lottery betting, sports betting and scratchcards rather than running a sports-only product. For a baseball bettor that means MLB is on the same app as the lottery slip, and the registration journey is broader. It is licensed by the Gambling Commission for customers in Great Britain and accepts bets on the major US leagues, but the depth of MLB markets is the trade-off against the breadth of the product.

Betmaster is published by Bm Solutions Gb Limited and the app covers football, cricket, horse racing, NFL and esports (League of Legends and Dota 2). Baseball is on the menu, but the depth of the menu is built around American football and horse racing; if the live MLB slate is the reason you are opening the app, this one is not the one that leads the queue.

What the iPad on the sofa needs

Tablet and laptop browsers still do most of the heavy lifting on pre-match study, and three of these brands run product pages that read better on a wider screen than on a phone. The Commission’s licence framework does not distinguish between a native app and a mobile browser, and neither does the law on identity checks — name, address and date of birth are verified before a customer can deposit or gamble, including with a free bet or bonus, on every channel the brand operates. A bettor’s checklist before the first deposit is unchanged by the choice of device.

Live baseball betting: when the price moves

Live MLB is unusual. Unlike football, where the goals are rare and the in-play price jumps on goals, baseball is a sport of small, frequent events — every pitch can change the state of an at-bat and most at-bats change the state of an inning. The price therefore moves in a steady drift rather than in spikes, and the discipline of in-play betting on this sport is the patience to wait for the drift rather than to chase the spike.

The mechanics are the same as anywhere else. In-play betting at a GB-licensed bookmaker is offered under the operator’s own licence conditions and customer-protection duties, and the controls are the operator’s, not the Commission’s. In practice that means suspension windows around every pitch in the most-bet markets, a Cash Out button that turns the live price into a guaranteed profit or a guaranteed loss depending on where the bet sits, and Bet Builder markets that can be added to one event during the game. There is no statutory rule that says a bookmaker must offer a market at any particular moment, and the bookmaker’s right to suspend a market to manage its own exposure is the rule.

For a baseball bettor, the practical question is which bookmaker keeps its in-play product alive longest. Most of the brands reviewed here run some form of live MLB; the ones that run it well are the ones whose in-play suspension windows are short, whose Cash Out is available across more markets than just the moneyline, and whose same-game multi tools stay open through the middle innings rather than locking at the first pitch.

Cash Out and the value of taking the price

Cash Out is the bookmaker’s offer to settle a bet before the event finishes, at a price the operator is willing to pay right now. The price reflects where the market has moved and the operator’s own margin, and it is usually worse than the true mid-price of the bet. It is, in other words, a price the bookmaker is happy to take the other side of. A bettor who uses Cash Out regularly is paying for the convenience of locking in a profit or a loss without waiting for the last out, and the cost of that convenience is the spread between Cash Out and a fair mid.

A useful frame: a Cash Out that pays £120 on a bet that would have paid £150 if left to run is, in effect, a £30 premium for certainty. A Cash Out that pays £80 on a bet that would have lost £100 is a £20 saving for the same certainty. The numbers below the Cash Out button do not advertise either side of the deal, and the audit that a bettor runs in their own head is the only one that runs.

Predictions and the discipline of the tip

A betting tip is somebody’s view of an outcome, sold or given away. The page you are reading does not give tips, because the risk of a tip on a page like this is that a reader acts on it and loses real money on the page’s word. What can be done with honesty is to describe the disciplines that make a tip worth reading — and to mark the line between a tip and the marketing claim that a tip exists.

A serious MLB tip is built from the inputs that move an MLB price: starting pitcher, recent workload, park factor, line-up handedness, weather, and the small handful of advanced metrics that an MLB price responds to. The places those inputs live are public (FanGraphs, Baseball Savant, the MLB.com stats page), and the work of building a tip is the work of weighing them against each other. The places they do not live are a tipster’s email list, a tipster’s social feed, and a tipster’s paid subscription. The Commission does not regulate the quality of a tip; it regulates the licensing of the bookmaker the tip is placed with.

The discipline that matters on this side of the market is bankroll. A bankroll is the sum you can afford to lose on this hobby without it changing your week, and the discipline is to stake a fixed small percentage of it on each bet rather than sizing each bet to what you feel. The bookmaker’s edge is built into every price and over a season it accumulates; the bettor’s defence against the accumulation is to stake small enough that the accumulation is absorbed. A tip that promises to beat the bookmaker’s edge is, in the long run, a tip that has not yet met the bookmaker’s edge.

The tip that arrives with an affiliate code

Any free tip, posted publicly, that ends in a recommendation to open an account with a specific bookmaker is, by construction, an affiliate referral. The tip may be a good one and the bookmaker may be a fine one, but the two are not independent. The honest framing is to read the tip, check it against your own work, and only then decide whether the bookmaker on the end of the link is the one you want to use. The Commission’s marketing rules do not require that affiliate content be labelled, and they do require that bonus offers be described in the terms an operator publishes — not in the marketing on the way to it.

Baseball bet types and how the odds are built

The single bet on the outcome of a baseball game is the moneyline: backing one side to win, with no handicap. The favourite’s price is shorter than evens and the underdog’s is longer; the gap between the two prices and the implied probabilities is where the bookmaker’s margin sits. From the moneyline the rest of the market grows: the run line (a handicap of 1.5 runs, the sport’s version of a spread), totals (over/under on the total runs scored by both teams), and the props on individual pitchers, individual batters and team totals.

The run line is, in practice, the most interesting MLB market. Most MLB games are decided by two or three runs, and a moneyline on the favourite reflects that — a -200 favourite is a heavy price that pays back little on a win and a lot on a loss. The run line at -1.5 evens the gap: a one-run game is a loss on the run line, a two-run game is a win, and the price is closer to evens on both sides. The bookmaker’s margin is the same shape as on the moneyline, but the bettor’s risk profile is different.

Totals are the other half of the conversation. A baseball game has a strong median around eight to ten runs and a long tail in either direction, and the over/under line is the book’s read on where the median sits for this particular match-up, in this particular park, against these particular starting pitchers. The line moves before the game and the in-play line moves again; the line that matters to the bettor is the one they actually take.

Same-game multis combine markets from one game — moneyline, run line, totals, pitcher strikeouts, first-five-innings line — into one bet. The price is the product of the individual prices after the bookmaker’s margin is layered in on each, and the margin on the multi is therefore wider than the margin on any of its legs alone. A same-game multi is a more expensive way to bet the same view.

A worked example of margin

Take an illustrative two-way market priced at 1.90 / 1.90 in decimal odds, the equivalent of 9/10 in fractional form. The implied probability of each outcome is 1 ÷ 1.90, which is about 52.6%. Add the two implied probabilities together and you get about 105.3%. The bookmaker’s payout share — the share of every pound bet on this market that comes back to bettors as winnings, on average — is 1 ÷ 1.053, or about 95.0%. The margin is 1 minus the payout share, which is 5.0%.

The exact number depends on the price the bookmaker is actually offering. A bookmaker running the same market at 1.95 / 1.95 has a smaller margin (2.5%); a bookmaker running it at 1.85 / 1.85 has a larger margin (7.5%). A baseball moneyline, where the favourite is heavy and the underdog is long, carries a wider margin than this; an evenly-matched game priced near evens carries a margin of a few per cent either side of this 5.0% worked example. The point of the arithmetic is not the exact percentage but the shape of it: every price on the book carries a margin, and the margin is the same number read from the other side.

How a winning bet pays back

Return on a winning single is stake multiplied by the decimal odds; the profit is the return minus the stake. A £10 single at decimal odds 3.75 returns £37.50 and pays a profit of £27.50. A £10 each-way single (two £10 bets, so £20 staked) returns £37.50 on the win part if the selection wins and a fraction of the win odds on the place part if it places; on a horse race the place fraction is set by the race’s place terms, and on a baseball bet each-way is rarely available because there is no place market to settle against.

A combination bet multiplies the odds of its legs into one price. A double at decimal odds 1.80 and 2.50 has a combined price of 4.50; a treble is calculated that this way again across three legs. An accumulator (“acca”) is a combination of four or more, and the longer the acca the longer the price — and the wider the bookmaker’s margin, because the margin on each leg compounds into the price of the whole.

Sports and tournaments: the MLB calendar and beyond

Major League Baseball is the centre of the baseball betting calendar. It has 30 teams, 29 in the United States and one in Canada, split evenly between the National League and the American League. Each team plays 162 regular-season games across a six-month schedule that opens in late March or early April and closes at the end of September. The postseason sends six teams from each league — three division winners and three wild cards — into a four-round tournament in October, ending with the best-of-seven World Series between the two league champions.

The New York Yankees have won the most World Series titles, with 27. The 2025 World Series was won by the Los Angeles Dodgers, who beat the Toronto Blue Jays four games to three, clinching on 1 November 2025 with a 5-4 win in 11 innings in Game 7; Yoshinobu Yamamoto was the MVP. The shape of the 2026 postseason market therefore opens with the Dodgers as the defending champions and the Blue Jays as the team that took them to a deciding game.

Around MLB the international calendar runs through the World Baseball Classic (the national-team tournament that the World Baseball Softball Confederation governs, the international body of baseball), the Japanese Nippon Professional Baseball league, the Korean KBO League, and the Caribbean and Latin American winter leagues. GB bookmakers carry the majors, the WBC and the NPB on their MLB tab; the Korean and Latin leagues are thinner and depend on the bookmaker.

In-season vs. off-season betting

The MLB season is the long part of the calendar; the off-season is the short one. In-season, the daily slate is the market: moneylines, run lines, totals, props and same-game multis on each day’s games, with the heaviest volume around the playoff races from July onwards. Off-season, the market collapses to outrights — World Series, pennant, division — and to free-agent and trade market props, which most GB bookmakers do not list as betting markets at all.

The rule for the bettor is to check the calendar before staking. A World Series future placed in February is a futures bet that sits for eight months; the price on it moves as the season unfolds, and the bookmaker’s right to settle on a final result is not the same as the bookmaker’s right to keep your money on a suspended market.

The Top 10: how the licensed bookmakers line up

The ten operators below are the ones whose names appear in the Gambling Commission’s public register as holders of a remote general betting licence for real events, in the order set by research and listed by the Commission’s account number alongside the licence holder and the operator’s own position on baseball. Each is a legal route into baseball betting in Great Britain; the differences between them are in product shape, market depth and the terms they put on the welcome.

The licence numbers above can be checked against the Commission’s public register by business name, trading name, domain or account number — that is the test of who holds a GB licence. A bookmaker whose name does not appear there is not licensed to take bets from customers in Great Britain, regardless of where it is based or what other regulator it sits under.

How the table sorts itself

The brands above are not ranked. The order is the one research sets, and the differences between them are in product shape rather than in which one is “best” at baseball. Matchbook is a betting exchange, where the price on a market is set by the back-and-lay of other customers and the operator takes a commission rather than a margin; the other nine are sportsbooks, where the price is set by the operator and the margin sits inside the odds. A bettor who is comfortable laying an underdog at a price other customers are willing to take the other side of is on a different product from a bettor who wants the operator to give them a price on the Dodgers.

The welcome terms are a different axis again. BetGoodwin’s “Bet £10 & Get £15 in Free Bets” is split across three bet types (a £5 sports bet, a £5 acca and a £5 Sub-Cover bet), which is a tidy way to expose the new customer to the breadth of the sportsbook. Betboro’s matched free bet up to £25 has a tighter set of qualifiers — three selections at 1.60 or higher is a multi, not a single — and a tighter ceiling. The other eight brands carry their own welcome terms in their own pages; what is shown above is the description, not the headline price, and the description matters more than the headline.

The legal frame: who may take your baseball bet in Great Britain

The Gambling Act 2005 is the statute that licenses the whole commercial gambling market in Great Britain, and the Gambling Commission is the regulator that issues the licences. Since the Gambling (Licensing and Advertising) Act 2014 an operator whose remote facilities are used in Great Britain needs a Commission licence wherever it is based — a Curaçao, Maltese or Gibraltar licence is not a substitute, and a brand licensed in any of those jurisdictions is not licensed to take bets from customers in Great Britain unless it also holds a Commission licence. The Commission’s public register is the test of whether a brand holds one; the search can be done by business name, trading name, domain or account number.

There is no statutory list of permitted sports or markets. A bookmaker licensed to take bets on real events under the remote general betting standard may offer any market it chooses, within its licence conditions and the Licence Conditions and Codes of Practice. That is why a GB bookmaker may offer markets on US politics, TV shows, novelty events and esports alongside the sports: there is no statutory prohibition, and the operator’s discretion is the limit. Baseball is squarely inside the permitted set.

Identity verification is the rule. Name, address and date of birth are verified before a customer can deposit or gamble at a GB-licensed site — even to use a free bet or bonus. There is no anonymous play at a licensed operator, and a brand that promises anonymity is not a licensed operator in Great Britain. The verification is a one-off, and once it is done it does not have to be done again at the same brand.

The minimum age is 18. Credit cards are banned for gambling in Great Britain (since 14 April 2020), including credit-card-funded payments through an e-wallet; debit cards and bank-based payments are not covered by the ban. The player pays no tax on betting winnings in Great Britain — General Betting Duty is the operator’s tax on gross profits, currently 15%, and a remote betting rate of 25% applies within it from 1 April 2027 on bets that are not on UK horse racing, pool betting, in-person betting or self-service betting terminals in licensed premises.

What an unlicensed brand costs you

A GB licence is compulsory at the point of consumption. An operator that takes bets from customers in Great Britain without holding the licence the Act requires is committing an offence under section 33 of the Gambling Act 2005. The offence is aimed at the operator; the customer is not prosecuted for betting with an unlicensed brand. The cost of betting with one is the loss of the protections a licensed operator is required to provide.

A licensed operator is bound by the Commission’s social responsibility code, the safer-gambling tools (GAMSTOP, deposit limits, timeouts), the £150 financial vulnerability check (LCCP condition 3.4.4, in force since 30 August 2024, applying to deposits minus withdrawals in a rolling 30 days, since 28 February 2025), the 10x cap on bonus wagering (in force since 19 January 2026) and the Commission’s complaints and dispute-resolution route. An unlicensed brand is bound by none of those. A customer of an unlicensed brand has no British consumer redress if funds are withheld, no approved dispute-resolution body to escalate to, no GAMSTOP coverage and no British consumer law to lean on. The Commission’s enforcement is disruption — cease-and-desist notices, search-engine referrals, work with registrars, hosts and payment providers — rather than blocking, and the customer of an unlicensed brand has, in practice, no British route back into their money if the brand decides to keep it.

Responsible gambling: the safeguards on a GB-licensed site

GAMSTOP is the national multi-operator online self-exclusion scheme and a mandatory licence condition for online operators since 31 March 2020. A customer who registers with GAMSTOP is excluded from every GB-licensed online operator for a chosen period — six months, one year, five years, or five years with auto-renewal — and after the minimum period the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to remove it. GAMSTOP covers online sites and apps; betting shops use a separate service.

Deposit limits are a customer’s own setting, imposed by themselves on themselves. Every GB-licensed remote operator is required to offer a gross deposit limit on a fixed time frame (the Commission’s Remote Technical Standards, RTS 12); the first changes applied from 31 October 2025 and a second phase was postponed to 30 September 2026, with whether it is live not established. The Commission’s own framework is a deposit limit the customer sets, not a ceiling the regulator imposes; the operator’s role is to make the limit easy to set and to honour it once set.

Financial vulnerability checks (LCCP condition 3.4.4, in force since 30 August 2024) apply at licensed remote betting operators when a customer’s deposits minus withdrawals exceed £150 in a rolling 30 days (the threshold has applied since 28 February 2025). The check is a public-record check — bankruptcy or county court judgments — not an income check and not a credit reference check. Financial risk assessments (the “affordability checks” of the press) have been announced in a staged plan, with no start date, and should be written about as “announced, staged, no start date”, not as if they are in force.

The help lines are open. GamCare runs the National Gambling Helpline. NHS gambling clinics treat problem gambling as a health condition. Gamblers Anonymous runs local meetings. GambleAware funds treatment and research. None of them is a regulator and none of them is a bookmaker; all of them are free to contact, and a customer who finds their betting has stopped being fun has, on this side of the market, somewhere to go.

Crypto and anonymity at the baseball betting site

There is no statutory rule in Great Britain for or against cryptocurrency deposits at licensed operators, and the Commission’s public framework does not name any coin. In practice, GB-licensed remote operators accept debit cards, bank-based payments (including the open-banking rails Trustly runs), and a handful of e-wallets; crypto-native deposits are not a standard feature of the GB-licensed set.

The more important point is the one on identity. Name, address and date of birth are verified before a customer can deposit or gamble at a GB-licensed site, and source-of-funds questions at higher spend are normal under the money-laundering rules. A bet placed with bitcoin at a GB-licensed operator is not anonymous in any meaningful sense, because the operator has the customer’s verified identity even when the rail is pseudonymous. A “crypto baseball betting site” that promises anonymity is, by construction, not a GB-licensed operator, and the cost of betting with one is the loss of the GB protections set out in the legal frame above.

The page that lands on a reader searching for “crypto baseball betting” therefore has the same answer as the legal frame: a GB-licensed bookmaker takes the bet, verifies the customer, and the rail the deposit arrives on is the customer’s choice within the operator’s own payment terms. The marketing word “anonymous” on a betting site is, in Great Britain, the marketing word for “unlicensed”, and the protections around an unlicensed site are the ones you have already lost.

Bonuses and free bets: what the headline price actually buys

A welcome offer is a marketing claim. It is also a contract — the small print is binding on both sides, and the small print is where the cost of the offer lives. The headline price on a welcome is the price the operator wants the customer to remember; the actual cost is in the wagering requirement, the minimum odds, the deadline, the cap on free-bet winnings and the markets that count.

A matched free bet up to £25 on a £10 first deposit looks like a £25 gift. It is a £25 gift conditional on a first bet of between £5 and £25 with three or more selections at decimal odds 1.60 or higher, settled only when the bet has been settled, with the free bet paid only if the qualifying bet loses. The gift is paid as a free bet, and a free bet’s stake is not paid back with a win — a winning £25 free bet at 3.75 returns £93.75 in profit, not £118.75. The arithmetic of a free bet is in the next paragraph; the human shape of it is that a welcome offer is worth the price of the qualifying bet the customer would have placed anyway, plus the value of the free bet the operator hands over if the qualifying bet loses, minus the cost of the wagering if any is attached.

A “Bet £10 & Get £15 in Free Bets” offer breaks the £15 into a £5 sports bet, a £5 acca and a £5 Sub-Cover bet. The customer is being steered towards three different bet types — a single, a combination and a specific market — and the value of each free bet depends on the price the customer takes. A £5 free bet at 4.00 returns £15 in profit; a £5 free bet at 1.50 returns £2.50 in profit. The customer has a choice on each free bet, and the choice is the value.

The promotion rules in force since 19 January 2026 cap wagering requirements on bonuses at 10x (a £10 bonus at 50x is now £100 of bets, not £500). Mixed-product promotions — an offer that requires gambling on two or more product types such as betting, casino, bingo and lottery — are banned. Whether the cap applies to free bets with no wagering condition, and any cap on the money value of a bonus, are not established in the framework as it stands.

The arithmetic of a free bet

The value of a free bet whose stake is not paid back is the free-bet amount multiplied by (odds minus 1), divided by the odds, multiplied by the payout share of the market the free bet is placed on. For a £10 free bet at decimal odds 4.00 on a market with a 95% payout share (a margin of 5%), the calculation is £10 × 3.00 ÷ 4.00 × 0.95, which is £7.13. That is the average value of the free bet across many bets at that price on that market; the actual return on any one free bet is either zero (the bet loses) or £30 (the bet wins and the stake is not returned), and £7.13 is the figure the offer is worth on average.

A £5 free bet at 4.00 on the same market is worth half that, £3.56. A £5 free bet at 1.50 — the minimum price most bookmakers will allow on a free bet — is worth £5 × 0.50 ÷ 1.50 × 0.95, which is £1.58. The shape of the calculation is that the value of a free bet rises with the odds the customer takes and is bounded by the market margin; the customer who always takes the shortest price on a free bet is converting the free bet into a small fraction of its headline value.

Frequently asked questions

Where can I bet on baseball in Great Britain?

At any bookmaker licensed by the Gambling Commission to take remote bets on real events. The ten operators reviewed above all hold that licence; the Commission’s public register is the test of who else does. A “baseball betting site” that does not appear on the register is not licensed to take bets from customers in Great Britain, regardless of where it is based.

How does a baseball bet actually work?

A single bet on the outcome of a game is a moneyline — backing one side to win. The run line is a handicap of 1.5 runs. The over/under is on the total runs scored by both teams. Same-game multis combine markets from one game into one bet. Each market is priced in decimal odds, and the return on a winning single is stake multiplied by the decimal odds.

What markets are on a baseball game?

Moneylines, run lines and totals are on every MLB game a GB bookmaker lists. Props on individual pitchers (strikeouts, earned runs), individual batters (hits, runs, RBIs), team totals and inning-by-inning lines are on the bigger slates. Outrights on the World Series, the pennants and the divisions run from spring training through to the postseason.

How do I check that a bookmaker holds a Gambling Commission licence?

The Commission’s public register can be searched by business name, trading name, domain or account number, and the search returns the licence number, the categories on the licence and the licence holder behind it. A bookmaker that holds a remote general betting standard (real events) licence is authorised to take bets on baseball. The register is the test; a brand that cannot be found on it is not licensed for this market.

How is the return on a bet worked out from the stake and the odds?

Return is stake multiplied by the decimal odds. Profit is return minus the stake. A £10 single at decimal odds 3.75 returns £37.50 and pays a profit of £27.50. A combination bet multiplies the odds of its legs into one price — a double at 1.80 and 2.50 has a combined price of 4.50, and a £10 stake at that combined price returns £45.

What is the bookmaker’s margin and how can it be seen in the odds?

The margin is the share of every pound bet on a market that the bookmaker keeps, on average. It is calculated from the prices on offer: take 1 divided by the decimal odds on each outcome, add the implied probabilities together, and the payout share is 1 divided by that sum. The margin is 1 minus the payout share. A market priced at 1.90 / 1.90 has an implied probability of about 52.6% on each side, summing to 105.3% — the payout share is about 95.0% and the bookmaker’s margin is 5.0%.

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