Crash,
What I meant was that the odds might be against all favourites for example, but within that he might be staking more on the favourites that beat the odds.
A certain type of favourite might return 10% profit at bookies prices, while the rest lose 30%. Ergo he is betting in a positive expectation game even though the overall expectation is negative.
If there was no positive expectation, only the bookies, then nobody would win - ever, overall....and that's certainly not the case.
The bookies expectation is positive, because he puts up odds on every race, whereas the punter can be selective and turn the expectation in his favour.
All the big bookies can actually name many customers who are long time winners. They just don't let them on anymore, because they know they turned the odds in their favour.
So now these winning punters have commission agents who bet smaller amounts on their behalf, in order to get set.
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