Haha, this exactly describes arbitrage. My old company was "sent ... updated odds" (well, we scraped their sites often...) and "we would broadcast to the other

Haha, this exactly describes arbitrage. My old company was "sent ... updated odds" (well, we scraped their sites often...) and "we would broadcast to the other companies" by betting on those other companies' sites when the lines crossed, and "This would then converge" because one of the bookies in the arb would move the odds after we hit them (or after we hit them a second or third time...)