Re:The rising human cost of sports betting
by sidewndr46 on Tuesday February 01, 2022 @11:55AM
(#30165420)
But if my goal is to minimize risk and I consistently see a single person making winning bets, why would I take that bet? It's just bad business.
Most sportsbooks do eventually limit the bets sizes for consistent winners. But if word gets out, all you do is ban winning bettors and take on losing bettors. No one would want to play with you, and your business suffers. So it's a balancing act.
This is why the popular sportsbooks still allow big bets for reputation's sake.
Well, bookmakers like to minimize their risk. So, suppose Person X is going to bet on team A, but most people have already bet on team B. The bookmaker thinks team A is far more likely to win, but he still takes the bet. Then he goes from being a gambler to having a balanced book and making a known profit regardless of who wins.