New bets are made with new lines/odds. The old bets stay intact at the odds at which they were bet. In other words, the bets are not like horse racing bets. They are not parimutuel.
Technically, there is or could be a resale market, but most people would just use the old bet, if they have the best of it, as leverage to create an advantageous position. For example, if I had procured the Steelers at +6 1/2 (which I would have bought to +7) before Brady was suspended, I could now take New England -2 for some amount and set up a "middle shot." Or I could just sit with Steelers +6 1/2 and have the best of it.
We need to have dinner and a two-hour briefing sometime so you have the basics of this stuff down. I could do a little mini-lecture for you, and you'd pretty much have a handle on most of it.
P.S. Invite Rob so he can tip me after the lecture.
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