As I reflect on some successful punting at the 2012 US Masters, I feel it necessary to briefly explain the kernel of my profit.
The green book is essentially two bets (one back, one lay) on the same event e.g. Bubba Watson to win the Masters. The reason it’s called a green book is due to the fact that whatever result (win/lose) happens, the punter will make a profit on their trading. This green book phenomenon is due solely to the existence of betting exchanges (I use Betfair but there others such as Betdaq etc. available). On a betting exchange, the option exists for the user to back a bet (as one can do with any traditional bookmaker) or lay a bet. Laying a bet means that the person becomes a bookmaker. They make money if “Player A” loses and lose money if “Player A” wins.
Because of this laying facility, you can create a green book by backing “Player A” to win at a high price and then later laying them off at a lower price. As with all successful trading, there is still a strong element of skill involved, as incorrectly calling the market will prevent you from laying at a lower price.
While the greenbook system is not perfect, it is a robust and reliable method of generating revenue in-play when there is uncertainty about the end result. I welcome any comment about your experiences with the greenbook system or any other systems which may be similar to this.