Betfair.net

This chart predicts the winner of the Stanley Cup. The five teams you see are the current favourites.

The percentage values are calculated from the odds, which in turn are created by individuals betting against each other. This is unlike conventional bookies, in which bettors bet against the house, at prices set by the house.

As more people bet on a particular team, the odds are driven lower and lower. As they go down, the market is indicating that the likelihood of that team winning the Cup is going up. Odds can be expressed as a percentage. Lower odds means a higher percentage chance of winning. If a team has a percentage value of, say 12%, it means the market is saying there is a 12% likelihood of that team winning.

As the people betting on the various teams change their minds about who they think is going to win, or new people come into the market betting on different teams, the odds on those teams change. Some get lower, some higher and the teams move up and down, rising into the top five or dropping out of it according to their odds and percentage likelihood of winning.