> If they were not book making and sports betting would not work. Why not? Taking parimutuel wagers [1] is guaranteed [2] to make money. [1] http://en.wikipe

> If they were not book making and sports betting would not work. Why not? Taking parimutuel wagers [1] is guaranteed [2] to make money. [1] http://en.wikipedia.org/wiki/Parimutuel_betting http://en.wikipedia.org/wiki/Parimutuel_betting [2] In most US jurisdictions, the organizer taking a percentage of the pot is either illegal, or requires the organizer to pay millions for a gaming license. Of course, you also have costs and taxes, like any other business. Mathematically the pool is guaranteed to make money as long as there's at least one paying customer; whether the business makes money is another question. (Another path would be to operate without approval -- illegal gambling is one of the most common forms of organized crime. It obviously has its own set of challenges, including the possibility of jail time and physical danger from competitors and customers. On the whole, it's not a market you should consider entering if you value your freedom and your life.)