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## 2. What is a Binary Bet?

Let’s look straight away at a simple example.

#### Example 2.1: a simple binary bet

The bet is:

Bolton will beat Arsenal in their next match

The binary bet price quoted by a betting company is 20/25.

We’ll now look at the bet from the perspective of two different punters.

#### The Bolton supporter

The Bolton supporter thinks that Bolton will beat Arsenal and so “buys” the bet at 25. (The price quoted is 20/25, which means 20 to sell and 25 to buy – one always buys at the higher price and sells at the lower price). This bet then has two possible outcomes:

1. Bolton beats Arsenal: in this case the punter wins, the bet settles at 100, and his profit is 75 points (100-25).
2. 2. Bolton loses or draws with Arsenal

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