> The big betting venue in Europe (at least back when I knew things) is an exchange, though. They take no outcome risk and make money either way, though typical

> The big betting venue in Europe (at least back when I knew things) is an exchange, though. They take no outcome risk and make money either way, though typically more if the underdog wins. Yes, they can't lose, but they still penalize big winners by taking a larger cut of their profit, compared to regular bettors.