By Mike Smithson
Read or Download The Political Punter: How to Make Money Betting on Politics PDF
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Extra info for The Political Punter: How to Make Money Betting on Politics
Sample text
Using the telephone or online services of a traditional bookmaker All the major bookmaker firms have big telephone and online operations where you call, find out the odds, make your selection and normally use your credit or debit card to pay your stake. The range of markets is usually larger than you would find in a high street bookmaker. To make a bet you need to open an account – the call centres are usually fairly slick in doing this quickly. 1_withindex:Punter 22/3/07 14:59 Page 36 ❘T HE POLITICAL PUNTER giving your credit card details each time you phone.
Credit account spread betting Advantages • All the main benefits of deposit account spread betting, except that you do not have to put money upfront. • Ideally suited for long-term markets like general election outcomes where you can buy and sell as market sentiment changes and cash in your profits years before the outcome is known. 1_withindex:Punter 22/3/07 14:58 Page 32 ❘T HE POLITICAL PUNTER Disadvantages • The downside risk is significant, and so a very disciplined approach to risk management is required.
The IG in IG Index stands for Investing in Gold. This entrepreneurial approach led to Wheeler becoming very rich; at one stage he was the biggest donor to the Conservative party. His basic concept was to create a betting market which operated in a similar manner to trading in stocks and shares. By the early 1990s this had evolved into sport and then political markets. There are now about a dozen spread betting firms operating in the UK and each follows fairly closely the original concept. Spread betting – how it works Spread betting is easiest to understand when the outcome is linked to a number such as how many seats a particular party will win at a general election.