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Only time you will need to take notice of the odds is when suddenly one of the managers drop to 1/10 and by that time it is to late for anyone looking to make a few bob.
Sherwood now 11-2 second favourite from 33-1 for the job on 12:06 - May 8 by mo_itfc
They probably slashed the odds due to the news he's in the running.
I'd like to think we as a group aren't numbskull enough to want him as our manager! So wouldn't bet on him.
I am not a betting person but I would assume that people bet on what they think might happen/expect to happen rather than what they particularly want to happen.