{"id":606,"date":"2026-03-23T22:07:42","date_gmt":"2026-03-23T22:07:42","guid":{"rendered":"https:\/\/casinobullseye.com\/blog\/trading-room\/"},"modified":"2026-03-23T22:07:42","modified_gmt":"2026-03-23T22:07:42","slug":"trading-room","status":"publish","type":"post","link":"https:\/\/casinobullseye.com\/blog\/trading-room\/","title":{"rendered":"Trading Room: Meaning, Margin Context, and Sportsbook Use"},"content":{"rendered":"\n<p>In sportsbook operations, the trading room is the part of the business that prices events, reacts to betting action, and keeps risk within acceptable limits. It sits behind line movement, live market suspensions, and many of the odds changes bettors see on screen. Whether the sportsbook is inside a casino resort or runs online only, the trading room is central to margin control and liability management.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What trading room Means<\/h2>\n\n\n\n<p><strong>Definition:<\/strong> In sportsbook operations, a trading room is the team, desk, or managed service that creates odds, watches betting activity, adjusts prices and limits, and controls exposure across markets. It combines pricing, margin management, and liability oversight for both pre-match and in-play betting.<\/p>\n\n\n\n<p>In plain English, the trading room is the sportsbook\u2019s control center. It is where traders, risk managers, pricing models, and real-time data come together to decide what odds to offer, how much action to accept, and when a line should move.<\/p>\n\n\n\n<p>The term can describe a physical room, especially in larger retail sportsbooks, but it often refers to a function rather than a location. Many modern operators run a distributed trading desk supported by automated models, feed providers, and platform tools.<\/p>\n\n\n\n<p>Why it matters in sportsbook pricing and risk management is simple: the trading room directly affects the odds customers see, the sportsbook\u2019s theoretical margin, and the operator\u2019s real financial exposure on each event. If the trading room is weak, the book can misprice events, take on poor risk, or fail to react quickly in live betting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How trading room Works<\/h2>\n\n\n\n<p>A trading room usually combines three core jobs:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Price the market<\/strong><\/li>\n<li><strong>Manage risk and liability<\/strong><\/li>\n<li><strong>Keep markets running accurately and efficiently<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Here is the basic workflow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Opening odds are created<\/h3>\n\n\n\n<p>Before a market goes live, traders or pricing models estimate the \u201cfair\u201d probability of each outcome. They use inputs such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>team or player strength<\/li>\n<li>injuries, suspensions, and lineup news<\/li>\n<li>venue, travel, and weather<\/li>\n<li>historical performance<\/li>\n<li>market benchmarks from major books<\/li>\n<li>sport-specific models for props, totals, and in-play states<\/li>\n<\/ul>\n\n\n\n<p>Once the fair price is estimated, the sportsbook adds a margin. That margin is the bookmaker\u2019s built-in pricing edge.<\/p>\n\n\n\n<p>A simple way to think about it:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Implied probability = 1 \/ decimal odds<\/strong><\/li>\n<li><strong>Overround (market margin) = total implied probability of all outcomes &#8211; 1<\/strong><\/li>\n<\/ul>\n\n\n\n<p>For a two-way market priced at <strong>1.91 \/ 1.91<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1 \/ 1.91 = 52.36%<\/li>\n<li>52.36% + 52.36% = 104.72%<\/li>\n<li>Overround = <strong>4.72%<\/strong><\/li>\n<\/ul>\n\n\n\n<p>That 4.72% is the theoretical margin built into the market. It is not the same thing as guaranteed profit. Actual results still depend on where the money lands and what outcome wins.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Limits and acceptance rules are set<\/h3>\n\n\n\n<p>The trading room also decides how much action the sportsbook is prepared to take.<\/p>\n\n\n\n<p>Limits may vary based on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>sport and league<\/li>\n<li>market type<\/li>\n<li>time before kickoff<\/li>\n<li>confidence in the model<\/li>\n<li>data quality<\/li>\n<li>volatility in live betting<\/li>\n<li>bettor profile or account history<\/li>\n<li>operator policy and local regulation<\/li>\n<\/ul>\n\n\n\n<p>A major NFL side may have far higher limits than a lower-tier tennis prop or a niche in-play market. The trading room is balancing competitiveness with acceptable risk.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Betting activity is monitored in real time<\/h3>\n\n\n\n<p>Once bets start coming in, the trading room watches for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>one-sided money on a particular outcome<\/li>\n<li>sharp or respected action<\/li>\n<li>market movement at other sportsbooks<\/li>\n<li>news that has not fully hit the market yet<\/li>\n<li>correlated exposure across related bets<\/li>\n<li>unusually large or suspicious betting patterns<\/li>\n<\/ul>\n\n\n\n<p>This is where liability management becomes visible. If too much money lands on one side, or if the room believes the current line is no longer accurate, it may react.<\/p>\n\n\n\n<p>Common responses include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>moving the odds<\/li>\n<li>moving the line or total<\/li>\n<li>lowering limits<\/li>\n<li>temporarily suspending the market<\/li>\n<li>refusing clearly stale prices<\/li>\n<li>hedging externally, where permitted and practical<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Prices are adjusted, not just \u201cbalanced\u201d<\/h3>\n\n\n\n<p>A common misconception is that the trading room only tries to balance money equally on both sides. In reality, that is only part of the picture.<\/p>\n\n\n\n<p>A sportsbook may move a line because:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>it respects the bettors who just bet into the market<\/li>\n<li>new information changed the fair probability<\/li>\n<li>other market-makers moved first<\/li>\n<li>its own liability is too concentrated<\/li>\n<li>it wants to stay competitive rather than stale<\/li>\n<\/ul>\n\n\n\n<p>Sometimes the room will accept an imbalanced book if it thinks its price is still strong. Other times it will move aggressively because the risk is no longer worth carrying.<\/p>\n\n\n\n<p>That is why line movement is not always a simple story of \u201ctoo much money came in on Team A.\u201d The trading room is combining opinion, information, market signals, and exposure.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. In-play trading adds speed and volatility<\/h3>\n\n\n\n<p>Live betting makes the trading room much more dynamic.<\/p>\n\n\n\n<p>In-play traders and systems must react to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>goals, cards, penalties, and ejections<\/li>\n<li>injuries or substitutions<\/li>\n<li>time decay<\/li>\n<li>possession and field position<\/li>\n<li>pace, shot volume, and match state<\/li>\n<li>feed latency and data quality<\/li>\n<\/ul>\n\n\n\n<p>When something major happens, markets are often suspended for a few seconds while prices update. This is a normal trading-room function, not necessarily a technical fault.<\/p>\n\n\n\n<p>Most modern operators use a hybrid model:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>automation<\/strong> handles fast repricing across large numbers of live markets<\/li>\n<li><strong>human traders<\/strong> oversee exceptions, integrity issues, and unusual exposure<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. Settlement and post-event review are supported<\/h3>\n\n\n\n<p>The trading room does not always handle final settlement directly, but it usually influences:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>market rules and naming<\/li>\n<li>result source selection<\/li>\n<li>void and palpable-error procedures<\/li>\n<li>resettlement decisions<\/li>\n<li>post-event review of performance and exposure<\/li>\n<\/ul>\n\n\n\n<p>If a market was misconfigured, suspended late, or graded incorrectly, the trading room often works with operations, compliance, and customer support to resolve it.<\/p>\n\n\n\n<p>In short, the trading room is where sportsbook pricing, risk control, and real-time decision-making meet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Where trading room Shows Up<\/h2>\n\n\n\n<p>The term appears most often in sportsbook settings, but the exact setup varies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Retail sportsbook in a land-based casino or resort<\/h3>\n\n\n\n<p>In a casino sportsbook, the trading room may support:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>odds boards<\/li>\n<li>teller windows<\/li>\n<li>self-service kiosks<\/li>\n<li>event scheduling and market availability<\/li>\n<li>live line updates during major games<\/li>\n<\/ul>\n\n\n\n<p>The actual traders might be on-property, in a central hub serving multiple locations, or working for an external managed trading provider. From the guest perspective, the visible part is the counter or screen. Behind it, the trading room is deciding what prices appear and when they change.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Online sportsbook<\/h3>\n\n\n\n<p>In an online book, the trading room is even more central because it must manage:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>thousands of pre-match and in-play markets<\/li>\n<li>fast updates across web and mobile<\/li>\n<li>account-level risk rules<\/li>\n<li>cashout pricing inputs<\/li>\n<li>same-game parlay and prop availability<\/li>\n<li>platform uptime during heavy demand<\/li>\n<\/ul>\n\n\n\n<p>Here, \u201croom\u201d often means a software-led risk and pricing operation rather than a literal room full of traders.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Shared trading across retail and online channels<\/h3>\n\n\n\n<p>Many operators run one sportsbook brand across:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a casino sportsbook<\/li>\n<li>an online app<\/li>\n<li>mobile betting<\/li>\n<li>kiosks at partner venues<\/li>\n<\/ul>\n\n\n\n<p>A single trading room may power all of them. That means one decision on pricing or suspension can affect multiple channels at once.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">B2B systems and platform operations<\/h3>\n\n\n\n<p>Smaller or regional operators do not always run their own in-house traders. Instead, they may use:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>managed trading services<\/li>\n<li>odds-feed suppliers<\/li>\n<li>white-label sportsbook platforms<\/li>\n<li>outsourced risk management desks<\/li>\n<\/ul>\n\n\n\n<p>In those cases, the \u201ctrading room\u201d may belong to a third-party supplier. The operator still sets commercial and compliance policies, but the supplier may handle line creation, monitoring, and some liability controls.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why It Matters<\/h2>\n\n\n\n<p>For bettors, the trading room explains a lot of everyday sportsbook behavior.<\/p>\n\n\n\n<p>It helps explain why:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>odds drift or shorten<\/li>\n<li>a spread moves from -3 to -3.5<\/li>\n<li>a market disappears briefly in-play<\/li>\n<li>max stakes change<\/li>\n<li>one sportsbook hangs a different number from another<\/li>\n<li>a live price returns lower than expected after a major incident<\/li>\n<\/ul>\n\n\n\n<p>Understanding this does not guarantee better bets, but it does help readers interpret sportsbook behavior more realistically. Not every line move is \u201csharp money.\u201d Not every pause is a glitch. Not every limit is arbitrary.<\/p>\n\n\n\n<p>For operators, the trading room is core revenue infrastructure.<\/p>\n\n\n\n<p>A strong trading room helps a sportsbook:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>offer competitive odds<\/li>\n<li>protect theoretical margin<\/li>\n<li>manage one-sided exposure<\/li>\n<li>avoid stale pricing<\/li>\n<li>keep markets live reliably<\/li>\n<li>scale across sports, events, and channels<\/li>\n<\/ul>\n\n\n\n<p>Without disciplined trading, a sportsbook can lose control of liability quickly, especially in live betting or during high-volume events.<\/p>\n\n\n\n<p>For compliance and operational risk, the trading room also plays an important role.<\/p>\n\n\n\n<p>It may contribute to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>suspicious betting pattern review<\/li>\n<li>event-integrity escalation<\/li>\n<li>market restrictions by jurisdiction<\/li>\n<li>audit trails for price changes and suspensions<\/li>\n<li>consistent application of house rules<\/li>\n<\/ul>\n\n\n\n<p>In regulated markets, the sportsbook must often show that markets were offered, priced, and settled under documented controls. The trading room is part of that control framework.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Related Terms and Common Confusions<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>Term<\/th>\n<th>What it means<\/th>\n<th>How it differs from trading room<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Odds compiler<\/strong><\/td>\n<td>Person or model that creates initial prices<\/td>\n<td>One component of the trading room, not the whole function<\/td>\n<\/tr>\n<tr>\n<td><strong>Risk management<\/strong><\/td>\n<td>Broader discipline of controlling exposure and protecting profitability<\/td>\n<td>The trading room performs day-to-day sportsbook risk management, but the term is wider<\/td>\n<\/tr>\n<tr>\n<td><strong>Liability<\/strong><\/td>\n<td>Potential loss the sportsbook faces if a certain outcome wins<\/td>\n<td>Liability is what the trading room monitors and manages<\/td>\n<\/tr>\n<tr>\n<td><strong>Margin \/ overround \/ hold<\/strong><\/td>\n<td>Built-in pricing edge or retained revenue concept<\/td>\n<td>The trading room sets and protects margin, but it is not the margin itself<\/td>\n<\/tr>\n<tr>\n<td><strong>Line movement<\/strong><\/td>\n<td>Change in odds, spread, or total<\/td>\n<td>Line movement is an output of trading-room decisions<\/td>\n<\/tr>\n<tr>\n<td><strong>Trading desk \/ odds desk<\/strong><\/td>\n<td>Common synonym for the sportsbook pricing and risk team<\/td>\n<td>Usually used interchangeably with trading room<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n\n<p>The most common misunderstanding is that a trading room is just a physical room where people watch screens and \u201cbalance the book.\u201d In modern sportsbook operations, it is often a distributed, technology-heavy function. And its job is broader than balancing action: it prices markets, manages exposure, handles volatility, and enforces market controls.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Practical Examples<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Example 1: Pre-match spread with growing liability<\/h3>\n\n\n\n<p>A sportsbook opens an NFL spread at:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Home -3 at 1.91<\/strong><\/li>\n<li><strong>Away +3 at 1.91<\/strong><\/li>\n<\/ul>\n\n\n\n<p>That market carries a theoretical overround of about <strong>4.72%<\/strong>.<\/p>\n\n\n\n<p>Now suppose the book takes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>$80,000<\/strong> on Home -3<\/li>\n<li><strong>$20,000<\/strong> on Away +3<\/li>\n<\/ul>\n\n\n\n<p>If the home team covers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>potential winnings owed to home bettors = <strong>$80,000 \u00d7 0.91 = $72,800<\/strong><\/li>\n<li>the sportsbook keeps the losing away stakes = <strong>$20,000<\/strong><\/li>\n<li>net result = <strong>$20,000 &#8211; $72,800 = -$52,800<\/strong><\/li>\n<\/ul>\n\n\n\n<p>So even though the market was built with margin, the book can still lose heavily because the action is lopsided.<\/p>\n\n\n\n<p>The trading room now has several options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>move to <strong>Home -3.5<\/strong><\/li>\n<li>keep -3 but shorten the home price and improve the away price<\/li>\n<li>lower limits temporarily<\/li>\n<li>accept the view if it still likes its number<\/li>\n<li>hedge some exposure elsewhere if allowed and sensible<\/li>\n<\/ul>\n\n\n\n<p>This is the core point: margin helps over time, but liability management matters event by event.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Example 2: Live soccer market after a red card<\/h3>\n\n\n\n<p>A match is trading in-play with the home team slightly favored. In the 18th minute, the away team gets a red card.<\/p>\n\n\n\n<p>The trading room response may look like this:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>suspend relevant live markets<\/li>\n<li>confirm the event through trusted data feeds<\/li>\n<li>update the model for team strength, time remaining, and match state<\/li>\n<li>reopen with a shorter home price and lower limits<\/li>\n<li>monitor whether the market is stable enough to keep open<\/li>\n<\/ol>\n\n\n\n<p>If the data feed is delayed or conflicting, the market may stay suspended longer. That is a risk-control decision, not just a pricing choice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Example 3: Casino sportsbook with a strong local bias<\/h3>\n\n\n\n<p>A retail sportsbook inside a casino resort takes heavy public betting on the local college team every weekend. Even when the wider market is stable, that book may show slight price shading against the local side because it expects recreational customers to keep backing it.<\/p>\n\n\n\n<p>The trading room is not merely chasing equal money. It is anticipating customer behavior, protecting against one-way exposure, and still trying to keep its price close enough to the broader market to remain credible.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Limits, Risks, or Jurisdiction Notes<\/h2>\n\n\n\n<p>The way a trading room operates can vary a lot by operator and jurisdiction.<\/p>\n\n\n\n<p>Important differences include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>whether the sportsbook runs trading in-house or outsources it<\/li>\n<li>which sports and market types are legally allowed<\/li>\n<li>live betting permissions and delays<\/li>\n<li>maximum stake and payout rules<\/li>\n<li>void, palpable-error, and resettlement procedures<\/li>\n<li>data-source and integrity requirements<\/li>\n<\/ul>\n\n\n\n<p>Common mistakes include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>assuming every line move means \u201csharp money\u201d<\/li>\n<li>confusing theoretical margin with guaranteed profit<\/li>\n<li>thinking every sportsbook uses the same trading model<\/li>\n<li>ignoring house rules for niche props or live markets<\/li>\n<li>expecting identical pricing across retail and online channels<\/li>\n<\/ul>\n\n\n\n<p>Before acting on a price, readers should verify:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>market rules<\/li>\n<li>settlement rules<\/li>\n<li>whether the market can be voided under specific conditions<\/li>\n<li>maximum payout limits<\/li>\n<li>in-play delays or restrictions<\/li>\n<li>any jurisdiction-specific betting restrictions<\/li>\n<\/ul>\n\n\n\n<p>Those details may vary by sportsbook, platform provider, and local regulation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FAQ<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">What does trading room mean in sports betting?<\/h3>\n\n\n\n<p>It means the sportsbook function that sets odds, monitors bets, moves lines, and controls exposure. It may be a physical desk, a remote team, an outsourced service, or a technology-led mix of all three.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is a trading room the same as risk management?<\/h3>\n\n\n\n<p>Not exactly. Risk management is the broader discipline, while the trading room is the operational unit that applies it through pricing, limits, market control, and liability decisions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why does the trading room move betting lines?<\/h3>\n\n\n\n<p>Usually because of new information, respected betting action, market movement elsewhere, or growing liability on one side. A line move is not always just an attempt to \u201cbalance the book.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Do all sportsbooks have their own trading room?<\/h3>\n\n\n\n<p>No. Some large operators run in-house trading desks, while others use managed trading services from B2B suppliers. From the customer side, both can look similar.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Can the trading room suspend or limit a market?<\/h3>\n\n\n\n<p>Yes. That is a standard part of sportsbook operations, especially in live betting or when data quality, integrity concerns, or exposure levels make a market unsafe to offer at the current price.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final Takeaway<\/h2>\n\n\n\n<p>A trading room is the sportsbook\u2019s pricing and risk nerve center. It creates opening odds, applies margin, watches market movement, manages liability, and keeps pre-match and live betting under control.<\/p>\n\n\n\n<p>For bettors, understanding the trading room makes odds changes, suspensions, and stake limits easier to interpret. For operators, a disciplined trading room is essential to offering competitive markets without letting one event, one price error, or one-sided action damage the book.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In sportsbook operations, the trading room is the part of the business that prices events, reacts to betting action, and keeps risk within acceptable limits. It sits behind line movement, live market suspensions, and many of the odds changes bettors see on screen. Whether the sportsbook is inside a casino resort or runs online only, the trading room is central to margin control and liability management.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[139],"tags":[],"class_list":["post-606","post","type-post","status-publish","format-standard","hentry","category-sportsbook-betting"],"_links":{"self":[{"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/posts\/606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/comments?post=606"}],"version-history":[{"count":0,"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/posts\/606\/revisions"}],"wp:attachment":[{"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/media?parent=606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/categories?post=606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casinobullseye.com\/blog\/wp-json\/wp\/v2\/tags?post=606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}