Trading Room and Gambling
Trading rooms are also used in the sports gambling sector. The term is often used to refer to the liabilities and odds setting departments of bookmakers where liabilities are managed and odds are adjusted. Examples include internet bookmakers based in the Caribbean and also legal bookmaking operations in the United Kingdom such as William Hill, Ladbrokes and Coral which operate trading rooms to manage their risk. The growth of betting exchanges such as Betfair has also led to the emergence of "trading rooms" designed for professional gamblers. (reference: Racing Post newspaper 19/7/07) The first such establishment was opened in Edinburgh in 2003 but later folded. Professional gamblers typically pay a daily "seat" fee of around £30 per day for the use of IT facilities and sports satellite feeds used for betting purposes. Today there are eight such trading rooms across the UK, with two based in London - one in Highgate and one in Canary Wharf.
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Famous quotes containing the words trading, room and/or gambling:
“His farm was “grounds,” and not a farm at all;
His house among the local sheds and shanties
Rose like a factor’s at a trading station.”
—Robert Frost (1874–1963)
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—Virginia Woolf (1882–1941)
“Someone once asked me why women don’t gamble as much as men do, and I gave the common-sensical reply that we don’t have as much money. That was a true but incomplete answer. In fact, women’s total instinct for gambling is satisfied by marriage.”
—Gloria Steinem (b. 1934)