Question by Ranger4402: A Question About Bookmakers?
As I understand Sportsbooks and bookmaking, the goal is to have equal money bet on both teams. When the wagering is equal on both teams then the bookmaker can’t lose.
Yesterday on 60 Minutes they featured one of the most succesful sports gamblers of all time. The teaser said he was so good some sports books won’t take his bets. That can’t be true unless his wagers are so large he puts the sportsbook in a lopsided position?
Best answer:
Answer by pdq
I watched that program. Fascinating.
Indeed his wagers ARE so large that they DO put the sports books in a lopsided position. To get around the sports books knowing that it is him, the program explained that he has a huge crew of people making various bets on his behalf. They explained that the amounts of his bets are so big that his action alone is enough to affect the lines on the games.
In fact, the program described how this guy sometimes uses that to his advantage. For example, if he wants to bet a lot on the favorite, but he doesn’t like the line, he’ll place about ,000 or so on the underdog until the line moves down enough. Once the line moves to what he believes is favorable, he will then blast the casinos with every mule he’s got. He’ll get a couple hundred thousand bet on the favorite faster than the casinos can change the line back again!
He’s doing something right if he can afford an 8-million dollar private jet for he and his wife!
What do you think? Answer below!