Sway said:
Okay so what's the difference with odds and ratings? Odds are sort of based on ratings...
Yes it is based on rates. But just think in this way.
When 100 people put money for turkey claiming that she will win, then turkey's odds become 1/33. It means that you put 1 for turkey and if she wins you get 33.
On the other hand 5 people put money on UK claiming that he will win. Then the odds become that 1/85. Because less people think that it will win the contest so it lessens its chance to win. And when it wins the contest, it becomes a very big surprise and the people who put money for UK win a lot of money.
More better , less odds.
But the rates are different.
You rate like this:
12 Sweden
10 Denmark
8 Malta
....
..
.
The other people do the same . And a result occurs then.
Like this:
Sweden 100
Denmark 89
Belgium 78
...
..
.
Malta 5
And then you look at this table and think that "Oh Gosh Belgium is OVERRATED. It received so many points Even it does not exist in my top 10. And Malta is so UNDERRATED. It was in my top 3. But people did not vote for her in the way she deserved.",
The difference between odds and rates is this.
