Betting odds in any sport are not true or accurate probabilities. For example, the slowest horse in a race that has no chance of winning doesn't go off at 1 million to 1. They set the odds in a manner to encourage betting and then as the money comes in on a race or any athletic contest, the odds are adjusted to reflect the distribution of the money bet. They do not reflect an accurate mathematical probability of winning. I am not an odds-maker, and other people like iortiz are more knowledgeable about this aspect of sports, but trying to connect betting odds to mathematical probability is fallacious.