Quote:
Originally Posted by fuzebox
You can't compare sports betting to the casino's predetermined house edge... Sportsbooks structure their payouts to take a small comission for taking the bet, they don't care who wins or loses.
Edit: just noticed I won. Cheers BP  Nice meeting you in Vegas. |
I can compare them in the fact that they both make millions of dollars, therefore the vast majority of their customers lose money.
I understand a casino has odds on the different games, black jack, craps, roulette, etc... which their odds are even better if the person playing goes against the odds. either way the player might win a couple hands, but eventually they lose it all back. If they even win in the first place. The people who claim they beat the casino are in denial. You might win one or two trips, but you will lose money over the long run. Unless you are a group of MIT, card counting kids, then your odds of winning increased but are still not great.
You are right sports books in most cases try to even the money out on both sides so they can take their typically 10% rake. So in an ideal world if 100K is bet they make 10% before the game is even played. They get all of the money from the 50% who lose and they payout 40% of the money, the 50% who won just keep betting till they lose it all back.
The best games to play IMO would be poker, where the house just takes a rake, and you are playing against other people. In most cases you can count on 25% of them being idiots and blowing their money because they don't know what they are doing, then if you are really good and better then everyone else you can get the odds tilted in your favor. But even then you still need some luck.