Does anyone know how I would calculate the cumulative odds of any of the 8 top ranked NFL teams to win the Super Bowl based on the current Vegas NFL futures? I'm planning to bet BIG on Buffalo this year and would like to hedge my bet by betting on the other 7 top rated teams so my bet is basically a risk free bet (not truly risk free of course, but if I do have a 93.6% chance of breaking even, it's pretty much risk free).
I calculated the odds at 93.6% that one of the top 8 teams will win the championship based on the odds linked below. Is this right?
https://www.vegasinsider.com/nfl/odds/futures/
I added up the denominators of all of the fractional odds and arrived at 1501.5. Then I added up the denominators of just the top 8 team's fractional odds and arrived at 95.5. Then I subtracted the total of the top 8 teams from the total (1501.5) and got 1406. Then I divided 1406 into 1501.5 and got 93.6%. I think this math is correct.
Also, does anyone know of any teams that were not top 8 in the power rankings at the season start who ended up winning the SB? 2007 Giants is all I can think of, but I'm sure there are others.