Callum Brierley, cycling markets analyst: race odds and each-way terms

Callum writes about how cycling markets are priced, what each-way terms are worth and where a bookmaker's margin hides. Every price on his pages is converted into the chance it implies, and the place terms come before the headline number.

Stakes small, records everything. Betting is paid entertainment with a known cost; the pages explain how a market works so that readers can judge a price for themselves, and they do not tip riders.

A price on a page is either a dated reading of a bookmaker's market or a worked example labelled as one. Licences are read on the UK Gambling Commission public register. Offers are dated on the day they were checked, and the bookmaker's own terms are the ones that count.

When a bookmaker changes its terms after a page was checked, the page is corrected and the new check date replaces the old one. A reader who finds a figure that no longer matches the bookmaker's own terms can report it through the contact page; the terms page is read again before anything on the site changes.

Readings that turned out badly stay in the ledger. A record that keeps only the prices that came good is not a record, and the margin of a market is measured the same way whichever rider won.