I came across an example of a job interview question related to betting and want to ask the opinion of experts as my betting knowledge is very basic.
Here is the question:
"Do you think favorites in the English Premier League are undervalued in the betting market?"
Is this true? if yes, why?
Assuming it is true statement, it would be because the bookies are trying to discourage betting on favorites where the probability of them winning is bigger (giving bettors odds less than the probability of a win) and tempting people to bet on underdogs where the probabilities are lower (giving bettors better odds than the probability of a loss), therefore maximizing their profits.
That would be the gist of it.
Would my guess be close to the answer to this question?
Plus, how this would be relevant in the world of constantly changing odds?