I have to admit that I have no idea when it comes to betting and odds
So is $2.75 good
It seems to me Centrebetis hedging its bets 
(see I am trying to sound knowledgable but I know I am failing miserably 
)
$2.00 is evens (1/1).
There are 16 clubs and 8 will funnily enough finish in the top 8. That's a 1 in 2 chance or probability p=1/2 or 0.5 of making the top 8 if all 16 clubs were rated equal.
The Odds are a ratio equal to the probability against an event occurring (1 - p) divided by the probability in favour of the same event occurring (p).
Odds of making the top 8 = (1 - p)/p = (1 - 0.5)/0.5 = 1/1.
So in terms of money you win a $1.00 plus the original $1 you bet = $2.00.
If the probability was say a 1 in 5 chance (p=1/5 or 0.2) then the Odds would be (1 - 0.2)/0.2 = 4/1 against. So the payout would be $4 plus the original $1 bet = $5.00.
So at $2.75 we're rated 7/4 to make the finals. The Blues are 5/1
while Geelong are 1/5 or 5/1
on.
ps. apologies to a certain someone for the maths lol
