Pricing up is where, before you look at what the Betfair market is offering, you assign your own odds to each potential outcome, based on the chance you think it has of happening. It is sometimes referred to as creating a “tissue” or a “fair-price book”.
For most punters, this would seem like a fairly pointless exercise: after all, if the Betfair market can tell you the odds, why go to the bother of creating them yourself?
Well, most profitable punters would take the opposite view. Getting into the habit of pricing up events before you look at what the Betfair market says will discipline you to think about each bet you place and whether it represents value, rather than just trying to find random winners.