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02/19/2009 11:20 AM · sawastea
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... Read more
02/18/2009 6:24 AM · sawastea
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... Read more
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