Word: betting
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...forged it by co-founding, with Ed Wray, London-based Betfair, the peer-to-peer cybercasino that has done for gambling what eBay did for garage sales. On Betfair there's no house; the site's 250,000 registered customers simply post their bets and wait for someone to take them on. Betfair charges a commission on each winning bet; the more you bet, the lower the commission. When the site was launched in 2000, with $1.8 million raised from Black's and Wray's network of contacts, it was taking less than $90,000 in weekly bets...
Some traditional bookmakers charge that Betfair's practice of allowing bets on losers as well as winners might facilitate corruption by encouraging competitors to throw events for financial gain. Says Graham Sharpe, spokesman for old-style bookie William Hill: "If you have a bet on an exchange, you don't know who it's with. If [the person] is offering extravagant odds, you don't know why." Black counters that his site makes strange betting patterns easier to identify. He points out that Betfair has signed agreements with, among others, the Jockey Club in Britain and the English Football Association...
...gamble. The next wager he'll need to make is when to take Betfair public, something he insists won't happen for at least 18 months. "We've got to knock the company into shape," Black says. "We want to get the timing right." It's the biggest bet of all, and not something even a seasoned gambler would take lightly. --By Jennie James/London...
...making money in a sideways market is called pairs trading, a technique often used by hedge funds. A pairs trade hinges on identifying two stocks that tend to move together but for some reason have gone opposite ways. Buy the stock that has lagged and sell short (a bet it will decline) the stock that has zoomed ahead. "You have to believe the historical relationship will re-emerge," says Seth Weiss, co-founder of Denver-based Pairs Trading. The direction of the market won't matter. As the two stocks fall back in synch, the pairs trade hits pay dirt...
...wouldn’t bet against her,” Williams said...