Kotigre wrote:
The sportsbook really does have a very small hold on all of the money that goes in and out of the sportsbook. If its a place like bodog with 10% juice, they probably keep hold about 5-6% of the money. If you have a discount lines place like pinnacle, about 2% hold.
Now, These are big places so they probably get about $85 millions of action in a year. so you are still making about $5 million a year minus about 1.5 millions to pay for your staff, facilities, and whatever else, you are still holding a nice chunk of change at the end of the year.
Of course, small books are books that just started are a totally different thing.
You have to keep in mind If you pick 10 games most people on the average will have a more or less even shots of winning an even amount of games.
Winning 8 out of 10 games, its pretty hard to do but losing 8 out of 10 games is also pretty hard to do.
Reason people lose is no because they just lose all of the time. People win and then lose and then win and then lose. In the long run though, the pattern won´t hold and you dont have enough capital to keep betting so you cant make your money back.
Big sportsbooks are like banks. As someone pointed out before, they just manage the money to their advantage meaning that they know that its impossible for everyone to withdraw all of their money at once. So they use the player´s money and do whataver they want with it keeping enough money on hand every month to pay out their players.
If all of the players decided to take out all of their money at once like in the savings and loans problems back in the days then the sportsbook would collapse.
You are right though, they are better ways to make cash but to each his own.
And by the way, Calvin´s whole empire is on the verge of collapse if you haven´t heard. advertisers are dropping him, he is laying off 100s of people, his playes have not been getting paid and his non betting ventures have been running at a loss.
and the whole Forbes article, well, lets just say that Forbe didnt do a very good job getting the facts about him. Especially since he is the one that contacted them.
With all due respect these lengthy essays from the monger board, gambling industry "in the know" crowd are starting to get boring. The pitch sounds the same as the pay sites that lure in fools, link them to online books and take a cut on their loses....
As to Calvin Ayre, last I "heard" he is working on his second billion and spends $200,000 on his vacations, one of which was recently showcased on "Lifestyles of the Rich and Famous." I seriously doubt the guy is going to be hurting any time soon...
