ebitda sorry, but can you explain the "odds" to me? what does 4/9 mean? sorry I never gamble and have never placed a bet

the two most likely outcomes re brexit are 1 and 3 , the bookies think these are “odds on” ie most likely to happen 

Do it in decimal odds or, better, implied probability (which is 1 divided by the decimal odds).

Traditional odds are crap.

The formula for converting traditional odds to implied probability is:

1/[1+traditional odds]

So 4/9 = 1/[1+4/9] = 69% chance

and subtract a bit for the profit margin of the bookie.  Say 2%-5%.

so what % is 5/4?

Do it yourself you lazy git

1/[1+5/4]?

yup

66%?

You are a solicitor aren't you :-)

division comes before addition

1/[1+(5/4)]

44%?

Bingo

\:)/

2019 referendum with UK voting to remain is 3/1 - if you think there will be a 2nd ref this is a good bet.

this is particularly confusing as the OP give the odds for no referendum rather than the odds for a referendum

Current decimal odds on betfair exchange

Will the UK leave EU by 29.3.19?

YES 2.68 (i.e put £1 on get £2.68) back NO 1.56.   NO is therefore strong favourite

Will there be a referendum in 2019?

YES 2.92 NO 1.51.  NO is therefore again strong favourite

perhaps most interesting - parliament to pass meaningful vote first time of asking

YES 8.8 NO 1.11.  NO is overwhelming favourite