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So whenever you get a well backed early favourite doing well in one of these markets then there is massive value (e.g. 3/1 shots available at 5/1) backing one of the other contenders as the bookies give great bets away in order to balance their liability? This seems unlikely to be true.

This has come up a few times and I don't understand it. Why would professional bookmakers take bets at the wrong price? If we are really 3/1 then why lay us at 9/2 and 5/1? Surely this same situation occurs in the majority of longterm betting markets. Why can't I retire early based on this...

Your stats definitely warrant asking the question. The bookies still have them down as significantly the best team (MUCH better than us) but I am struggling to agree.