On different monitors, I have the Test match mkts up .. (Tomorrow, Pak play Eng in Dubai), and am thinking about some bets.
For the uninformed, a test match is scheduled to last 5 days, and will result in either :
Team A win
Team B wins
Its a Draw (no-one wins)
Its a Tie .. (about a 3000/1 chance)
Cricket markets get a lot of liquidity from India, where, they are conditioned to having a position around the Draw. This causes it to be over-bet .. but, with new cricket laws/more aggressive play, there are currently less draws than the mkt thinks = Value to oppose.
Some stats :
Since the last cricket World Cup, there have been 23 tests .. for each, the Draw price normally starts about 3.25, but often trades below 2.0
4 have finished on Day 3
6 have finished on Day 4
5 have finished on Day 5
and there have been 5 draws .. so, the true probability is 5/23 or, close to 5.5 (9/2).
Present odds for the game tomorrow :
Some people would be laying 3.5 the Draw ...
Now for the lemon :
On the poker, there was a water-dispenser .. and there was a sign saying, dont put lemons in styrofoam cups.
The lemon contains limonene, better known as Citra-solv, and this will dissolve the syrofoam.
Its not hazardous to health, but, eventually, it will dissolve the cup, leaving u with a 'non-toxic' substance like model-airplane glue ..
See .. u learn something every-day.