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> A few weeks after we started trading with actual money some bookmakers began to severely limit our accounts, forcing us to stop our betting strategy. Isn't t
by conistonwater 9y ago
> A few weeks after we started trading with actual money some bookmakers began to severely limit our accounts, forcing us to stop our betting strategy.
Isn't this like literally one of the oldest tricks in the book? I remember reading Reminiscences of a Stock Operator, which talks in part about early 1900's bucket shops, and the same stuff was there even then. Similar stuff is also mentioned in market microstructure textbooks with market makers on one side and informed traders on the other side.
Is rigged even the right word here? It might be, but did the bookmakers have a responsibility to keep accepting their bets? Is it different from claiming that casinos are rigged?
- dogruck 9y agoCorrect -- the market maker (or casino) is under no obligation to take your action. And, why should they be? The penalty for refusing action is that you take your business elsewhere.
- agilebyte 9y agoSame here. If you have a strategy that wins you money overall, bookmakers either send you a nice email saying your account is closed as they do not welcome professional players or they just severely limit your stakes (think $20 a bet). (Will Hill, Interwetten, Betway are exactly the type of bookies that will close your account as soon as they catch on) Yes, the odds can be exploited and there is a whole bunch of services offering picks, but eventually the sportsbooks catch on and close your account. The sportsbooks that welcome professional players are few and far between and their odds are on point.