Re:The rising human cost of sports betting
by slig on Monday January 31, 2022 @01:42PM
(#30152169)
Does your program looks at past results and infers who's going to win somehow?
[ Parent
| on HN ]
Re:The rising human cost of sports betting
by gostsamo on Monday January 31, 2022 @01:45PM
(#30152220)
most likely this is betting arbitrage. check the odds on different bookmakers and try to find an opportunity where you can bet on both sides and win regardless.
Re:The rising human cost of sports betting
by majani on Monday January 31, 2022 @02:20PM
(#30152798)
Yup, especially in games like basketball where no draws are allowed
Shouldn't the bid-ask spread eat all of that profit, and more?
Re:The rising human cost of sports betting
by gostsamo on Tuesday February 01, 2022 @12:53AM
(#30159074)
No, you don't do it on random. Let's say you are looking at basketball game X vs. Y.
Bookmaker A is giving odds X win 2.5 and Y win 1.33
Bookmaker B is giving odds X win 1.55 and Y win 2.10
What you do is bet on X in A and on Y in B. Let's say that you invest $2000 ($1000 in each bookie). If X wins, you loose $1000 on Y, but you win $2500 from X. Total profit = $500. If Y wins, you loose $1000 on X, but you win $2100 on Y with net profit of $100.