Were Leicester’s chances really 5000/1?

Leicester City’s season-start title odds of 5000 to 1 have been liberally used by the media to illustrate the magnitude of their success. But do these represent the genuine likelihood of their achievement? Certainly, the very fact that bookies were prepared to offer this price shows that they rated the likelihood as 5000 to 1…

League probability projections – why so volatile?

This season’s Premier League title race is captivating. Four teams, led by unfancied Leicester City, all have a reasonable chance of winning. How do we know this? Firstly, betting markets give us a good guide to the likely champions. But there are also now many models that calculate the probability of season-end outcomes by simulating thousands…