Crash, haven't got the figures in front of me but I rememeber reading several times that the one area that is vulnerable for the bookies is actually odds on favs, i.e. the loss (if all are backed) is very small which leaves an opportunity for the astute backer (looking for value etc) as you yourself said getting 1/1 about a 1-2 chance is EXCELLENT value!

I'm not saying youre wrong but 50% does not sound right as I know it's just less than 50% for 1-1 money chances.
Makes you think about the miniscule edge that the casino has on odds/evens, or black/red doesn't it?