An offshoot of fixed odds betting, spread betting is unique in that it allows punters the option to close their bet at any time during an event, taking a profit or cutting a loss.
Here is an example from the Middlesbrough v Bolton Premiership match on 26 March 2006. Imagine you had expected a high-scoring draw, and decided to bet on a 3-3 scoreline. Before kick-off, you place a bet of £10 at decimal odds of 51.0 (equivalent to a fixed-odds price of 50/1).
So, you will either win £500 or lose £10. But, with Sporting Index, you also have the third option to take your winnings early.
The match gets off to an eventful start with Giannakopoulos scoring after three minutes, and Hasselbaink making it 1-1 in the 8th minute. So far, so good. And by the time the referee blows for half-time, Viduka has made it 2-1 to Boro.
You decide to keep an eye on your bet during the second half and go to the Open Bets page.
Hasselbaink scores again two minutes into the second half, making it 3-1. The value of your bet is now shown as £12.00. Okocha brings the score to 3-2 in the 58th minute, and the value jumps to £65.00.
And then, in the 81st minute, Jaidi levels the score at 3-3! If the score can only stay that way, you will win £500. The value shown on the Open Bets page is now £294.50.
Take It!
Every second that goes by without a goal is good for your bet. By the 88th minute, the value has climbed to £380.00.
This is enough for you. There still looks to be plenty of action in the game and you're worried about a last-minute winner. You press Take It! and your bet is settled for £380.00 (including your £10 stake).
And now you can relax! It doesn't matter what happens in the remaining minutes of the game, the winnings are yours to keep.
Which is just as well. As it happens, Parnaby scores an injury-time winner for Middlesbrough and you would have lost the lot!
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More difficult this. Most people are scum and therefore don't understand a gentleman's game. It is a result binary, no halves. I would advise you to watch the game, know the teams and wait till there is a score difference (+7 pts or +5pts for League. Those of you that are Southern don't bother with league, you probably don't know jack shit) and around 70 mins gone.
'On Tilt' by Iain Fletcher. I first read this book ages ago and have since re-read it, testimony of a decent book I reckon. The book charts a year in the life of a spread bettor. The spread bettor in question is ex-professional cricketer and ex-city broker Iain Fletcher, now plying his trade as a sporting journalist. If you love sport and betting on sport, as I do, you’ll enjoy this book but it is not a 'guide to' more a 'how not to' spread bet. I always respect anyone that has attained a decent level in any sport and Iain recounts tales of time spent in the company of Rob Key, Freddie Flintoff, Andy Gomersall and countless others. Definately worth the cover price.
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