Mathematics Of Bookmaking
In betting parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The term originates from the practice of recording such wagers in a hard-bound ledger (the 'book') and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'.
Read more about Mathematics Of Bookmaking: Making A 'book' (and The Notion of Overround), Overround On Multiple Bets, Settling Winning Bets, Algebraic Interpretation, Settling Other Types of Winning Bets
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