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I thought with parimutuel betting, the odds change depending upon the gamblers who are placing bets and the house ensuring the house makes money, not the house setting the odds by some insight into the field.

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That's correct but this not a parimutuel wager, it's fixed odds; so if you take Atlanta at 3 to 1, you will be paid 3 to 1 for Atlanta winning regardless of what other folks bet. In parimutuel your payout would adjust according to the rest of the money wagered until the betting closed. Horse race bets are often parimutuel, but most proposition bets such as these are not.

The books can be wrong, and the betting markets aren't perfect but they can be useful tool to gather what the rough consensus is at any given time.

Thanks for the clarification, I thought it was parimutuel and the odds were going to change as more people bet on it.

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