Risky Business with Nate Silver and Maria Konnikova cover image

Odd Lots: Nate Silver and Maria Konnikova on the Art of Election Betting

Risky Business with Nate Silver and Maria Konnikova

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Betting Dynamics: Bookmakers vs. Prediction Markets

This chapter examines the contrasting mechanisms of bookmakers and prediction markets in establishing odds and probabilities for betting. It highlights the active role of bookmakers in adjusting odds based on betting behavior, whereas prediction markets rely on collective input and diverse strategies from participants. Additionally, the discussion includes the nuances of betting on speculative events and the implications of insider information, emphasizing the regulatory challenges within these markets.

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