The entry into this if statement is confusing

This is an example in a text book I'm studying from, and the line that follows the if statement is giving me confusing results. Shouldn't "if is_odds_on(bet[0]):" prevent everything but (75, 43, 60,) from proceeding to the next line? The exception in "perc_to_prob(bet[0])" is catching "111", why? Thank you.

"""Raising an exception during conversion, where the input cannot be converted."""
# Cut and pasted from a statistics program
def is_odds_on(percentage):
    """Determine whether a percentage probability is 'likely' or not"""
    return (percentage > 50)

# Cut and pasted from a financial program
def expected_gains(amount_bet = 10, amount_to_win = 10, frac = 0.5):
    """For a given fractional chance of winning, and an amount bet, return
    the most likely gains"""
    return (amount_to_win * frac) - amount_bet

# Conversion methods - in both directions
def prob_to_perc(pr):
    """Convert a probability to a percentage"""
    return pr * 100

def perc_to_prob(pc):
    """Convert a percentage to a probability, but raise exception if too big"""
    if pc > 100:
        raise ValueError("Percentage {0:g}% does not give a valid "
                         "probability".format(pc))
    return pc / 100

# Execute this if the program is run directly
if __name__ == "__main__":
    # Some input data
    data = (                          # Percentage change of winning, amount required to bet, amount you'll win
            (23, 52, 274),
            (75, 43, 60,),
            (48, 118, 71,),
            (111, 144, 159,),         # Misprint in the percentage data!
            )

    # Work out how much we'd win if we only placed likely bets
    total = 0
    for bet in data:
        if is_odds_on(bet[0]):
            total += expected_gains(bet[1], bet[2], perc_to_prob(bet[0]))

    print("Total gains: {0:g}".format(total))