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by chongli
2478 days ago
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In fact, if you're winning more than you're losing, you're decreasing the profit of the bookie Not if it's a parimutuel betting [1] system, as described in the story. The Hong Kong Jockey Club takes a flat 17% cut. The rest is exchanged between winners and losers. This is no different from playing poker at a casino, where the house collects a rake but otherwise the players only win money off one another. Note how in the story, the Jockey Club contacts Benter and offers assistance rather than blacklisting him. If he were decreasing the profit margin of the bookie, as you call it, they would have ample reason to cut him off. In actuality, he was increasing their profits (but not their margin, which remained a flat 17%) simply by increasing betting activity. This is something poker sites have also hit upon, and as a result they've developed sophisticated rewards programs for their top players. [1] https://en.wikipedia.org/wiki/Parimutuel_betting |
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