WAGERBIRD® Alpha Academy · SMT 101 Principles of Sports Markets
Included with every Alpha Terminal planLesson 05
Operator Margin
The implied probabilities in a market add up to more than 100%, and the excess is the operator's margin. This lesson shows how to measure that margin and how to remove it to estimate the market's fair probabilities.
WAGERBIRD® ALPHA ACADEMY
Included with every Alpha Terminal plan.
Read the full Academy with an active seat: Alpha Plus ($99/mo), Alpha Pro ($199/mo), Alpha Max ($349/mo), or Alpha Desk ($2,995/yr). Want to read a sample first? SMT 101 Lesson 01 is open to everyone.
SMT 101 · Principles of Sports Markets (9 lessons)Full course syllabus ↗
- 01Market Structure and Settlement· Open to everyoneRead ↗
- 02Market Types and PayoffsRead ↗
- 03Price Notation (American, Decimal and Fractional)Read ↗
- 04Implied ProbabilityRead ↗
- 05Operator MarginRead ↗
- 06Price Formation and MovementRead ↗
- 07Market Efficiency and the Closing PriceRead ↗
- 08Position Sizing and Capital AllocationRead ↗
- 09Applied Session: The Odds Screen and the BoardRead ↗