Quote:
Originally Posted by thaskalos
If sports-betting is offered at 12-10 after "legalization"...then it will be a worse gamble than horse racing is right now. An first glance the 10% takeout on sports-betting looks inviting, but there isn't enough "room for error" when there are only two betting sides to a wager...and the winning gambler is looking to capitalize on his competition's "mistakes". That's why the short fields that we currently see at the track are the anathema of the profit-seeking horseplayer. The shorter the field, the lesser the betting options...and the more unlikely our chances become of finding an "overlay" by capitalizing on our competition's mistakes.
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It is even worse than thar.
Nobody really beats sports long term even at 11 to 10, because there aren't any information asymmetries. It is the Efficient Markets Hypothesis in pure form.
