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02/19/2009 11:20 AM
Another great read . Modern
economic theory determines that where there is a free
market in which goods and services are freely tradable
the market will generally determine a market price that
is "efficient". On modern betting exchanges the same
forces exist. The betting exchange is simply a meeting
of minds and opinions on which prices are formed. There
is no obligation to accept the offered price...
02/18/2009 6:24 AM
Origination of the article, here . What is a bookie? Many
people ask this question and it was indeed one of the first
"puzzles" I solved when looking at betting exchanges. Curiously I
found no explanations anywhere on the internet or in bookshops. So
here is an explanation....
The art of making a book is
to 'balance' it so that a profit is made no matter what the
outcome. Bookmakers make money by...
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