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So why don't you have a crack at your Carlton friend for suggesting as much?Just the usual Fudgey - I didn't invent statistics so I stick with the textbook stuff.
Odds are a 'market' clearing mechanism for speculation - probability is not a 'market' - even though common (lay) usage of the word sees people falling into the error of failing to see the difference.
There is no bid/ask spread with probability theory.
And... what is the probability of Carlton missing the top 8 from here, if it's not 1% to 2% (to cover agencies' margins?