Via Barry Ritholtz (author of Bailout Nation)
Meta
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Recent Posts
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- Why some people are more innovative — [VIDEO]
- Forbes editor deciphers Steve Jobs’s Apple. — [VIDEO]
- Jason Ruspini rebuts Eric Zitzewitz on the regulation of political prediction markets. — [COMMENT]
- Eric Zitzewitz petitions the CFTC in favor of real-money prediction markets about politics. — [TEXT]
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- The Tragedy of the Commons — [VIDEO]
- Guy Kawasaki on Steve Jobs — [VIDEO]
- Inside Apple — [VIDEO]
- Mitt Romney’s taxes — [LINKS]
- A critique of Apple’s multimedia iBooks. — [LINK]
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- Apple Education Push — [LINKS]
- Water Crystals — [DOCUMENT]
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- Alain Soral is France’s most dangerous intellectual… (dangerous for the French plutocrats, that is). — [VIDEO]
- Computers thru time — [CHART]
An interesting case. Obviously the Ladbrokes policy of not taking accumulator bets on “novelty wagers” is reasonable, for just the reason noted, pricing them is much more complicated than pricing accumulator bets over independent events and they didn’t have a mechanism to price them fairly. (This is, of course, exactly what created the opportunity that the bettor was pursuing.)
I wonder, has the company ever repaid a wager that was erroneously accepted contrary to policy after the events wagered upon had concluded? Or is their real policy to take the money and keep it if the wager doesn’t pay, and offer a very small payout as ‘settlement’ when such wagers actually turn out to win? Perhaps they want to argue, after the fact, that the payout should be at an amount closer to a fair bet on this series of non-independent novelty bets. But, of course, the bettor was attractor to the accumulator bets specifically because he saw an opportunity for a big payoff.