1. See the odds and the size of the prize
2. Place your bet (along with your identifier)
3. See if you won, and how much

1. Public (anyone can see the total size of the prize, anyone can see the odds)
2. Players (you place your bet along with your identifier)
3. Bookie (you decide on odds, you manage the bets, you assign winnings, but don't take any cut)

https://help.smarkets.com/hc/en-gb/articles/214058369-How-to-calculate-implied-probability-in-betting https://www.quora.com/How-do-gambling-companies-calculate-odds