Online Betting Routes Around Bookies
from the those-market-things... dept
There used to be a lot of hype about how the internet was going to do away with the need for "middlemen". It turns out that never happened, because there actually are reasons why many middlemen exist. However, if the internet can make things more efficient, or move some of the burden around, then it probably does make sense. That appears to be what's happening in the UK with an online betting site that takes bookies out of the equation and lets people connect directly to one another to make bets on sporting events. Whereas a bookie makes money on the odds they set, this site just takes a commission off of winnings, letting the people making the best set their own odds. In other words, it's a real exchange, modeled on the stock market, with buyers looking for sellers (and vice versa) as opposed to one central bookmaker taking bets based on odds they set.