Re:FanDuel not honoring bet that would have paid over $82,00...
by dragonwriter on Wednesday September 19, 2018 @05:38PM
(#18027920)
> Whenever there's doubt side with the customer but this was such an obvious error that any reasonable better would have realized it.
But, essentially every bet is exactly the bettor assessing that the odds represent an assessment of the likelihood of an event that is wrong; from the bettor’s position gross errors of the market (the other bettors whose actions are the input to odds-setting) that they should mercilessly exploit are indistinguishable from gross errors of the aggregation system which you suggest they should not.
Especially with a human-in-the-loop system for taking bets, the protection for the oddsmaker should be that their agent refuse to accept bets when there is such an “obvious(ly attributable to the odds-setting mechanism) error”.
But, essentially every bet is exactly the bettor assessing that the odds represent an assessment of the likelihood of an event that is wrong; from the bettor’s position gross errors of the market (the other bettors whose actions are the input to odds-setting) that they should mercilessly exploit are indistinguishable from gross errors of the aggregation system which you suggest they should not.
Especially with a human-in-the-loop system for taking bets, the protection for the oddsmaker should be that their agent refuse to accept bets when there is such an “obvious(ly attributable to the odds-setting mechanism) error”.