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What do you call bets where you can trade and cash out early?

For example, recently I saw an Olympics2021 bet, where the current "share" price for the bet is $0.70 and will "expire" to $1 if the Olympics goes ahead, otherwise expires to $0. The current price bring traded is essentially the current odds, and you can long and short to predict human psychology and cash out early if you are happy with your profits.

What do you call this type of bet trading? There must be some name for it?

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    I’m voting to close this question because questions about gambling or wagering are specifically off-topic. May 8 at 20:48
  • This is called a prediction market.
    – Flux
    May 9 at 3:59
  • @Flux Prediction market / Binary options sounds like the terminology I was looking for thanks May 9 at 10:06
  • I think the terminology I was looking for was "exchange betting" or "betting exchanges" Sep 18 at 21:33

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