side bet, may need help with the math

[CrazyEvan]

I noticed at Party Poker they have the side bet of bet on whether or not the flop will be all red or all black saying it pays "8 for 1".

if I pick red, then that's 26 red out of 52 for the first card, 25 out of 51 for the second card and 24 out of 50 for the last. Which equals 15600/132600 = .11764

now if it pays 8 to 1 doesn't that mean that you only have to be right once every 9 times ( or decimal .11111 repeating ). That is assuming that the time you win, you get to keep your original bet. If the side bet will work .1176 and it only needs to work .1111 isn't it positive EV? and if so Why is it offered.

I assume that A) I have misinterpreted there "Pays 8 for 1"
B) have done the math wrong.

Please tell me where I've gone wrong.

P.S. I don't even play on party, just curious.