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@cliveo
Bookmakers' odds reflect the money placed as well as perceived probability. Any British athlete or team will always have more Brits backing them and therefore will be at lower odds with British bookmakers than actual probability might suggest. That said, a winning bet at poor odds is better than a losing one at long odds.
Bookmakers like it when favourites lose. Bookmakers make more money than punters. If you enjoy gambling, my advice is that you become a bookmaker.