Single word request for a betting strategy where two players work together, take opposite sides of a bet, and realize a net gain/loss of 0 (or close to 0).
Theoretical example: In the championship game, the Bulls are playing the Bears. "Tony" and "Raj" are working together: Tony bets USD100 on the Bulls, while Raj bets USD100 on the Bears. One will win, one will lose.
- The Bulls win? Tony wins $100, Raj loses $100, Tony pays Raj $100, and both players realize a net gain/loss of 0.
- The Bears win? Raj wins $100, Tony loses $100, Raj pays Tony $100, and both players realize a net gain/loss of 0.
(Of course, in reality, there will be fees, a vigorish, and other risks that cost...)
What is the term to describe this?
Aside: Why would be people do this? At face value, it seems pointless, but it's incredibly useful. It can be creatively used in many ways; for example: to avoid a variety of fees, hold positions without actually selling them out, and accrue playing time for perks. Generally this strat can be used to move money through "bets" or "wagers," which typically face a whole different set of regulations than standard withdrawals.