Betfair Trading on Celebrity Big Brother: An example of Betting on TV Shows

Like all trades, we want to start off with a back or a lay bet on a selection. I decided to start with a back bet because the prices of a lot of the contestants were over 10.0 so a lay bet would mean a very high initial liability. I placed a back bet on Verne Troyer because he was the favourite and judging by the crowd reactions when he went into the BB house - the audience would like him (this was confirmed after reading a few big brother forum posts about him on fan sites) and thus not vote him out. He also seemed friendly and unintimidating so there was less chance of him being nominated in the first place by his fellow housemates.

My aim was to place a back bet on him and then wait a few weeks so that his price would decrease (as other contestants would be voted off) for an easy lay bet and profit equalisation. However, a few days into the competition, Verne's price began to drift and I thought the end was near so I closed off the trade and decided to place the remaining funds from the bet into Terry Christian at 7.8 who was beginning to shorten. This proved to be a success and I placed a lay bet at 4.3 to get a nice profit and green screen. With nothing showing on Verne - who had shortened to 1.68 by now (yes, maybe I should've waited it out since i backed him at a nice 2.44) - I decided to shift some profit from La Toya Jackson to the rest of the selections by placing a lay bet on La Toya whom I think has very little chance of winning but I may be wrong...anyway who cares...the point is that the screen is completely green now and a profit is going to be made no matter who wins Celebrity Big Brother. Screenshots from the trades are shown below:

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