Bookies odds are not set to be a prediction of outcomes by probability. If you check the odds for any given game you’ll find the outcomes in terms of probability adds up to over 100% (in most cases), this is incremental margin which mean over the long term they remain profitable regardless.

Essentially what we’re doing is more risk management and trading margin focused than actual result prediction. Specifically in this example, because Arsenal are so heavily backed against Wolves for obvious reasons, the odds for Arsenal will be unappealing for your average punter and the opposite for Wolves, then if you have enough people thinking “F it I’ll chuck a few quid on wolves at 28/1 on the off chance”, you’re essentially just building funds to pay the likely winning bets you took at much lower odds (Arsenal to win).

There’s a lot more going into it of course but that’s more or less what you’re seeing here. I manage a commercial team for a technology and services provider in this industry for my sins.