The market has to face two sets of probabilities and gets "skurred" of one of them.
But what about Pinny?
-165
+135
That's a hold of 4.6% and at this point and notice they have a no vig line of -146/+146
Crazy.
When I first made this post I didn't put the no vig price, I wrote that Pinny didn't want action from anybody. I deleted that and changed the info.
I wanted to come back to it after we saw the close.
Look at that line, look at what Pinny dealt all day, and the close.
Given the circumstance described, you can see Pinny didn't want any action form anyone on either side of the market. One way to look at it is that they didn't stop the dog the got thier fill of the favorite and went to -165 to cut it off.
The spent all day avoiding action once they were satisfied and weren't about to show the dog action they did receive, but could endure because of the favorite action from earlier.
There are tells, and sometimes the market simply shows it's cards. Having the patience to wait for those times is essential.
Pinny was happy with theoretical hold % they were showing and avoided any movements that would tip money one way or the other, but mostly toward the dog.
Alright enough and good night.
@purplegrape