Quote:
Originally Posted by spadebidder
Bookies aren't in the business of risking their own money, they balance things so the bettors pay each other (and the lines change according to the demand on each side). They overround the odds to make their profit, so the lines add up to over 100%, and the overround is their profit. The "juice" in bookmaking is the overround, that is the cost you pay for them to provide you the betting service. It isn't parimutual betting, where an actual vig is added on the top. It's a totally honest way to run a business and there is nothing hidden about it. Crooked bookies, or bookies who overround more than the competition, will see their customers going to other vendors. Your worldview of crookedness in business seems to extend to everything.
He's a standard paranoid guy. I don't care if someone wants to believe everything is a massive crooked conspiracy, all I ask is that these mastermind criminals in his world do things that are much easier to make a ton of money based on his beliefs.
Bucketfoot Bookie A: Hmm, the Bills are going to win this week, so lets just make the lines more favorable on the Jets to get more Jets action.
Bucketfoot Bookie Apprentice: Wouldn't we just make more if we bet a lot on the Bills with other bookies and sports books? We would get better odds as well, right?
Bucketfoot Bookie A: Son, that aint how we do things around here. We need to do it my way since that is how we can screw customers. All the bookies do it.
Bucketfoot Bookie Apprentice: Gee, I have a lot to learn on how to make money in a criminal way.