It is actually written for trading, but the parallels to gambling or our world are amazing. A FROG recommended read. Lawrence Harris Professor of Finance, USC. The Winners and Losers of the Zero-Sum Game: The Origins of Trading Profits, Price Efficiency and Market Liquidity. Outstanding paper...Best Wishes...OF
I don't know if I have read that particular piece, but have read plenty of stuff on it. To be honest for about 98% of the readers here most of it will go sailing over their heads. But intuitively most people that have some knowledge about how to beat sports betting understand the concept of zero-sum games, or in this case less than zero-sum games. You don't beat the bookie, you beat the other bettors in the long run. The bookie is just a fee collector, to win in the long run you have to understand the game and apply your knowledge better than the others participating in the market.
Exactly Bill, I think it is even more relevant on the exchanges. But this paper goes into depth the difference between traders, why some succeed and some do not. I find it very informative and reread time and again. But I am always trying to learn that razor's edge that seperates succes from failure. Well, good talking to you, need some sleep. Best Wishes Bill...OF
A bookie that carefully balances his action is going to win (unless stiffed by his credit players, or running with too much overhead and bonuses).
It is possible (though incredibly unlikely) for everyone to bet one side of a game and win. Sometimes superbowls get very one-sided and it's either big win or loss for the book (rather than just taking the 5% juice).
miaplus3 is right. In wagering against the book, the book is taking a risk and is not collecting a direct fee. The juice is like a fee, but actually just moving the odds in the book's favor by charging the player a premium.
It is possible (though incredibly unlikely) for everyone to bet one side of a game and win. Sometimes superbowls get very one-sided and it's either big win or loss for the book (rather than just taking the 5% juice).
miaplus3 is right. In wagering against the book, the book is taking a risk and is not collecting a direct fee. The juice is like a fee, but actually just moving the odds in the book's favor by charging the player a premium.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by RobFunk:
sports gambling isnt a true zero sum game.
I play +7.5 you play -6.5 . . game lands on 7. book provides money to both players from X ammount of money, which could be from any number of sources and not neccisarily other wagers.
cute, but nice try.<HR></BLOCKQUOTE>
Zero sum must include the bookies and the players.
Try again.
sports gambling isnt a true zero sum game.
I play +7.5 you play -6.5 . . game lands on 7. book provides money to both players from X ammount of money, which could be from any number of sources and not neccisarily other wagers.
cute, but nice try.<HR></BLOCKQUOTE>
Zero sum must include the bookies and the players.
Try again.
