| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 1484.1 | You can win, but not much and not likely | CIVAGE::LYNN | Lynn Yarbrough @WNP DTN 427-5663 | Thu Jan 02 1992 11:46 | 11 |
| The relevant theory in handicapping is: The track *always* wins. The payoff
odds are always changed at post time so that no matter which horse wins the
race, the track can pay all winners and still show a profit.
This fact blows any betting scheme based on the *true* odds for each horse
out of the water. A betting scheme based on fixed odds would recommend, at
some point, that you put a lot of money on a "sure thing"; but the track
odds will not pay off equitably when you do it. You may win money on any
individual bet, but the amount you win is determined by how much you and
other smart bettors put into the action; the surer your case, the less your
profitability.
|
| 1484.2 | | CLT::TRACE::GILBERT | Ownership Obligates | Thu Jan 02 1992 12:10 | 1 |
| re .1: That's why it's advantageous to have an 'inside tip'.
|
| 1484.3 | Have I got a horse for you! | BUZON::BELDIN_R | Pull us together, not apart | Fri Jan 03 1992 12:06 | 15 |
| re <<< Note 1484.2 by CLT::TRACE::GILBERT "Ownership Obligates" >>>
>re .1: That's why it's advantageous to have an 'inside tip'.
No, that's why it's advantageous for "your opponent" to have an 'inside
tip' (especially if you are a skeptic). :-)
Successful professional gamblers feed on amateurs who believe they can beat
the track. The professionals make their living by side bets, not from the
track.
ref, a conversation with Jimmy the Greek cited by R. Feynmann in his
autobiography.
|