Not really...in a highly liquid market like relegation, betting odds behave like prediction markets with house margin.Gambling odds are not prediction models. They represent where bets are being placed and thus the feelings of bettors and the machinations of oddsmakers. They are not intended to serve as prediction modes, but are intended to encourage betting and to balance the gambling company's risk profile in the way they prefer.
The odds are set using models and then people try to exploit any differences resulting in an equilibrium similar to a prediction market.
With a market like relegation odds it's very competitive and so it should be quite reflective of the actual chances (plus the bookmakers cut).
