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  1. A Government licence Cover the draw is required for a bookmaker to field on a racetrack. Often punters who could not get to a horse race meeting would bet with illegal bookmakers, known as SP bookmakers. SP stood for starting price, and they would offer the official starting odds of a runner. Because these were often not known until well after the race meeting was finished, SP bookmakers would usually have a settling day, when all punters would come and settle their bets and the winning ones receive their payouts. https://binarytradingfactory.com/cover-the-draw-review/
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