Quote:
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Originally Posted by Racer
In racing\betting all the bookie needs is time.
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Must have been in the UK Racer?
Yes, the bookie requires time because the odds are in his favour and against the punter regardless of who wins or losses on a particular day. The only criteria being that his liability has a ceiling on it.
Which is why staking plans will not work in a negative expectation, unless there is some edge within.
A bookie could lose of course if he were hit by a number of stings where his odds were greater than the horse's chance even though his book had a margin in it, it just depends on whether he is a gambler or bookmaker
That's why there are limits at casinos and at racetracks to make sure that the rorts and shifty's can't send an otherwise profitable business broke.
Top Rank could well be winning using a staking plan in a negative scenario over 16 years, because his staking plan stakes more on the horses that are positive expectation, he may not (or his method) that this is in fact the case, the way the cards or his method have fallen.