Gambling with Michael Lewis | Revisionist History | Malcolm Gladwell

[@DeeveOnYT]

Appreciate Michael Lewis Love Malcom Gladwell

[@dangriffin607]

Thanks, two of my favorite authors!

[@haroldcheeseburger]

Thank you Malcolm!

[@sticksteve13]

The number one rule for any gambling association is that the house always wins. Violate that rule and they change the rules to ensure the house wins again. That is why they decided to no longer accept bets from certain players.

[@mikelomez9313]

Personally I do believe I would be kicked off these sites as well but I don't bet large amounts of cash. After 3 years of using FanDuel I'm +$723. I have been steadily increasing the amount I put on these wagers though. I have a pretty simple strategy and that is to try and identify games where the odds makers are trying to steer bets onto one side and then I bet the other side. So essentially I'm betting on what the odds makers are betting on. This way I sort of become the house

[@charlesdehaven2375]

My grandfather was a bookie. In 1960 he took me with him as he worked. He played Pinochle in a tobacco store and went to the race track at night. Several times he took me to a room that resembled the ticker window for the stock market. Instead it showed baseball scores by inning. I never looked at the tape but is seemed real time. Several times he remarked that the inning was getting long which meant one team or the other was scoring runs. He did not lay off his bets with the heavies, but had some kind of relationship. He also had a straight job but did nothing. He sold Moore Business forms, those old triplicate carbons with the big handle for a page size invoice at the paint store etc. He had one customer Remington Arms, and every place that sold Remington he sold the machine and the fan fold paper.

[@mikelomez9313]

This was very informative and answers a lot of questions I had

[@jpotter2086]

20yrs ago I went down a rabbi thole of ranking teams in leagues. Cam eup with a promising approach. Realized thast intrinsic to it was predicting winners at a very respectable percentage. Developed into approaching wagering on a league as if it were a market. Tracking odds over time demonstrated there was a space that could be exploited ... weak favorites lost more often than the betting odds suggested they "should", and soft underdogs won more often than they "should". I opened an ccount with a whopping $600. Over the course of a season, I turned it into $2,000. Small-time but promising. Even though it was small, I started getting calls from the offshore operation. They wanted to ensure that I would continue wagering on the next sport. THey absolutely didn't want me cashing out. .... It was time-consuming, and I realized that it had no future. Your business could be refused, your "play" could be analyzed, etc.

[@scstraus]

Whenever going down a Rabbi hole, always bring some matzah.

[@mangos2888]

This breaks my heart 💔