There’s not a bookmaker in the world that pays out before the event.
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Intrade isn’t a bookmaker ... they don’t set odds ,, just collect monthly membership fees from users ... it is completely possible that people bought obama at a lower price and sold at a higher price ,, it’s really like a stock option that either settles at $0 or $10 ,, the difference is there is no marketmaker... it’s strictly between the members agreeing on prices .. in that way it’s a great place to make money on a far off eventuality when you expect the story-line to change. buy-sell-buy again-sell again ...
That sentence wasn’t about intrade, it was about Paddy Power.