Wednesday, January 25, 2012
Some markets perhaps shouldn't exist
I'm uncomfortable putting the term "market maker" to what bookies do, but I suppose that is their function. I'm also not too happy that fans express their team loyalty by betting on the team. I've got no problem with a neighborly office pool as more social activity than anything else. But in this piece they're talking about big payouts because of very high odds and a high volume of transactions. I don't quite understand why the bookies are exposed this way, but it seems to me other possible shenanigans can readily result as a consequence of such a market.