The betdata probability score (BPS) is our proprietary score for representing for a possible outcome in a political or sporting event the probabily of that outcome occuring. We create our data as follows:
Our state-of-the-art technology gathers in real time publicly available prices published by a range of major global betting exchanges. For each outcome in each market, we calculate the midpoint of the spread between the bid/ask prices.
We blend the odds from each exchange using a proprietary volume-weighted calculation to provide our unique snapshot of the market price for a given event at a particular moment.
We express our data as a proability score of an outcome, as implied by our blended market odds. You may note that the probabilities for outcomes displayed do not sum to 100%. We track all outcomes that we consider possible, but only display outcomes that currently have a probability of at least 3%. The 'missing' probability can be considered the chance of an outsider win or black swan event.