- See the odds and the size of the prize
- Place your bet (along with your identifier)
- See if you won, and how much
- Public (anyone can see the total size of the prize, anyone can see the odds)
- Players (you place your bet along with your identifier)
- Bookie (you decide on odds, you manage the bets, you assign winnings, but don't take any cut)
https://help.smarkets.com/hc/en-gb/articles/214058369-How-to-calculate-implied-probability-in-betting https://www.quora.com/How-do-gambling-companies-calculate-odds