[david-gpu]

My intuition is that it is a lot like sports betting: many laypeople bet for what they hope will happen, rather than trying to beat the market earnestly.

The winners, as you point out, are the house and those with insider knowledge.

[tyre]

It’s extremely like sports betting, because the vast majority of their volume is sports betting.

[Ylpertnodi]

... like a horse that is held back for a while and comes in at 23-1.a