Mathematics of bookmaking

Common card · No. 327648

In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The phrase originates from the practice of recording such wagers in a hard-bound ledger (the "book") and gives the English language the term bookmaker for the person laying the bets and thus "making the book". The mathematical basis of bookmaking is the management of risk through price adjustment.

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