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The odds are calculated in real-time based on how many fans pick a particular outcome.
If 60% of fans have Fighter 1 to win and 40% Fighter 2 to win, the odds are 1.6x and 2.5x respectively. In addition, if 25% of fans have Fighter 1 to win by KO/TKO, 25% for by Submission and 50% by Decision, then the odds are 4x, 4x and 2x respectively for Fighter 1.