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If “the house always wins”, how do professional gamblers make a living?
Mark Wood
Bedford, UK
The “house” bases its odds on the average of the bets placed. However, it is often the case that a large percentage of the bets have been placed by relatively unsophisticated gamblers. This can lead to situations where the average odds may be significantly different from the odds they face.
Professional gamblers keep a close watch on the situations they gamble upon and seek situations where they figure that the actual odds are in their favour when compared with the bookmakers’ odds.
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