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What is Trading?



How do shopkeepers, market stall  traders, share  traders etc. make profits? They buy whatever 

they are selling at wholesale or at prices lower than that at which they can sell those products. 

How does all of this fit into gambling markets? 

Just a  few  years ago  someone named Andrew Black, who used  to  trade on  the Stock Market, 

buying and selling shares, had the idea of applying the principles of his profession to gambling. 

He believed,  that  instead of punters being  restricted  to  a one­way gamble  (“Backing”  to Win) 

with  the  traditional  high  street Bookmakers,  it was  possible  to  put  people  in  touch with  each 

other to enable them to buy and sell betting odds. His idea was to set­up a Betting Exchange. 

Although  there  are  now  several  of  these  exchanges  to  be  found  on  the  Internet,  by  far  the 

biggest is Betfair; the brainchild of Andrew Black. 

How does all of this fit into gambling markets


This person is the intermediary (The Betting Exchange). The Betting Exchange is bringing the BACKER and 

the LAYER together to strike a bet and will safely keep agreed bet funds in a Bank Deposit Account, until the 

result of the bet is known. 

He will take £100 from the BACKER and £450 from the LAYER until the result of the event is known. 

If the BACKER WINS, the Betting Exchange will transfer £550, less a small commission % (maximum of 

5%) ,into her account. This £550 is made up of winnings of £450, which the LAYER has had to pay out, and her 

original stake money of £100. The LAYER does not receive anything back into his account. 

If the BACKER LOSES, she has nothing deposited back to her account, but the LAYER gets to keep the £100, 

less a small commission %(maximum of 5%), put up by the BACKER, and this amount is duly deposited into 

his account together with the “collateral”  of £450 he had to deposit with the Betting Exchange for safe keeping. 


When  trading  in  this way  you will  have  to  get  used  to  the  role  you  are  playing. Are  you  a 

BACKER or are you a LAYER? 

The  purpose  of  this  manual  is  to  explain  the  principles  of  trading  in  odds  by  bringing 

BACKING and LAYING together to generate “no lose” and “guaranteed profit” situations. 

There  are  various  aims when  trading  odds which will  be  explained  in  turn.  Throughout  this 

manual  the basic principles will be explained through horseracing examples and  it will  then be 

in  your  hands  how  far  you wish  to  apply  the  knowledge  gained  to  the market(s)  you wish  to 

enter. You may have specialised knowledge  in a particular sport, which will help you  to  judge 

which way a market is moving, and as you will learn later, this can be more valuable than trying 

to pick winners or losers. 



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