Calculating the Odds

W. C. Varones has a pair of posts summarizing the odds at TradeSports for the Democratic and Republican 2008 nominations, calculated at the midpoint of the bid / ask spread. He also notes a way to make free money (read his post for more). Here are the top five from each list (W.C has the complete rundowns):

Democrats:

Contender	Odds
Hillary Clinton	1.1 : 1
Mark Warner	8.1 : 1
Joe Biden	8.2 : 1
John Edwards	15.5 : 1
Al Gore	15.8 : 1

Republicans:

Contender	Odds
George Allen	4.1 : 1
John McCain	4.4 : 1
Bill Frist	7.2 : 1
Rudy Giuliani	7.2 : 1
Mitt Romney	10.4 : 1

I think the traders are overenthusiastic for Frist on the Republican side, and Gore on the left...how about you?...