What are the odds? An insider perspective from the political betting market

Bookmakers’ odds are becoming an increasingly used source in the coverage of political events – in press, television news and particularly digital press. Yet we rarely discuss how these odds come about. Here, Jamie Loughead outlines the difference between the expertise of the traditional bookmaker and the ‘wisdom of the crowds’ of the newer betting exchanges and provides insights into his work for a well-known British bookmaker.