It’s no exaggeration to say that the advent of internet betting fundamentally changed the gambling industry forever.
If you’re old enough, you might recall the unique culture of the local bookies: the smoke, the noise, the surprising level of optimism amid the constant reality of seemingly endless losing streaks.
The problem was back then, the bookmaker’s over-round – or the ‘house edge’; the unfair advantage that a bookmaker has against you.
Even the most finely-tuned betting system, or the most exacting pre-race analysis, would fall victim to the unfavourable odds that the bookie, needing to make a profit, offered to his weary and frustrated clientele.
But something wonderful, glorious – and entirely out-of-the-blue – was about to happen. And that thing was called the Betting Exchange. (more…)