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I think betting markets are prone to wishful thinking; there's no guarantee that errors of reasoning toward one side or the other will cancel out, since it's pe
by fdsaaf 10y ago
I think betting markets are prone to wishful thinking; there's no guarantee that errors of reasoning toward one side or the other will cancel out, since it's perfectly reasonable to imagine that errors in one direction are more common.
- maxerickson 10y agoThere's no guarantee, but the bookie is watching his, uh, book and adjusting the odds to make sure the payouts come from losing bets rather than his pocket.
- Lxr 10y agoNot on Betfair, it's an exchange. They make money either way.