what is the impact of a win for a big Italian team if that team was favourite (or not) from LNG's perspective?

Log,

As I understand it, LNG do not hedge the positions taken by clients and therefore as you pointed out earlier in the thread, when the results go against LNG (i.e. favourites win), LNG's win margin is down, or negative. However this evens out over the season and LNG hope to achieve win margin of 20%-30% (Cliff may be able to provide more precise data).

The exception to the above is when LNG may be carrying a lot of risk on one event, such as Italy in a World Cup final or Milan in a Champions League Final (which LNG famously did not hedge against in 2007). CEO Richard Creed has stated that when so much revenue hinges on one result that they would seek to lay off the risk, but this is not the norm, which is why LNG has the potential to earn greater margins than those bookmakers that do lay off risk.

SM