On a betting exchange the price (the odds that an event will happen expressed as a decimal, 1/(percentage chance event occurring) of a runner can experience a great deal of volatility before the event in question begins. Since very little about the event in question actually changes before it starts the movement in price must be down to pure market forces. This is especially true in the minutes leading up to the start of the event. A prime examples of this are the ten minutes before the start of a horse race or two minutes from the start of a greyhound race.
It is possible to monitor the market in real time (including the currently best available back and lay prices, and the amount of money it is possible to back or lay). Given all of this, what devices from quantitative finance could best be used to predict the immediate movement of the odds of a runner? As with a predictive model of price movements it is possible to trade on a betting exchange as you would a normal stock exchange.