Re:America’s bad bet on sports gambling
by rileymat2 on Friday September 02, 2022 @06:37PM
(#32696484)
Is this true if they are not the counter-party, but the facilitator?
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Re:America’s bad bet on sports gambling
by whartung on Friday September 02, 2022 @06:40PM
(#32696519)
Sports (parimutuel) gambling is different from casino gambling. There's no "house margin", rather they simply impose a fee (percentage) on the bet.
It's why on a 1:1 bet, you'd lose money, as the sportsbook tend to take something like 10%. Even though the odds are 1:1, your $1 bet would net $0.90. ($1.90, you'd get your dollar back.)