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  1. #1
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    Betting with the house

    Anyone else notice that CyBookie is getting filthy rich?

    I am so tempted to just start betting with the house, no matter what.

    I realize that the "Total Staked" likely includes bets that are not yet settled, but at the same time the difference between the "Total Won" and "Total Staked" is growing.

    Currently as of 12:53 pm 12/29/2007:

    Total Staked: 49461983
    Total Won: 21713543
    House earnings: 27748440

    For a ratio of 1.746, or in other words a return on investment of 74.6%.

    I think I really should of kept this to myself.



  2. #2
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    Re: Betting with the house

    Well if I was smart, I would have made it so the "house" pays out to me


    Sometimes it is the people who no one imagines anything of who do the things that no one can imagine.

    ISU MBB: Bigger than a single person, player, or coach.

  3. #3
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    Re: Betting with the house

    Quote Originally Posted by herbicide View Post
    Anyone else notice that CyBookie is getting filthy rich?

    I am so tempted to just start betting with the house, no matter what.

    I realize that the "Total Staked" likely includes bets that are not yet settled, but at the same time the difference between the "Total Won" and "Total Staked" is growing.

    Currently as of 12:53 pm 12/29/2007:

    Total Staked: 49461983
    Total Won: 21713543
    House earnings: 27748440

    For a ratio of 1.746, or in other words a return on investment of 74.6%.

    I think I really should of kept this to myself.
    1) Total won doesn't include the original bet that is paid back.

    2) There is no "juice". The house doesn't take the vegas 10% on losing bets.

    So in summary it is just the way we have bet that is the cause for 6 million in bets won and lost. If this isn't an education in why not to bet on sports considering that everyone's losses would be increase 10%.



  4. #4
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    Re: Betting with the house

    Quote Originally Posted by Jeremy View Post
    Well if I was smart, I would have made it so the "house" pays out to me
    Hey, give me a 5% cut and I won't say a word! We'll call it a "finders fee" or "hush money"



  5. #5
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    Re: Betting with the house

    Most of that is probably coming from everyone here betting on ISU no matter what.

    Not the best gambling strategy, but we're a bunch of homers.



  6. #6
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    Re: Betting with the house

    Quote Originally Posted by chadm View Post
    1) Total won doesn't include the original bet that is paid back.

    2) There is no "juice". The house doesn't take the vegas 10% on losing bets.

    So in summary it is just the way we have bet that is the cause for 6 million in bets won and lost. If this isn't an education in why not to bet on sports considering that everyone's losses would be increase 10%.
    OK, so my revised numbers would look something like this (this is assuming that everything was a 1:1 payout ratio, which I know isn't but its probably pretty close if averaged out)

    Total Staked: 49461983
    Total Won: 43427086
    House earnings: 6034897

    For a 12.2% earning.

    So my grand plan would be a wise investment, but not a get rich quick plan.

    Doh!



  7. #7
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    Re: Betting with the house

    Quote Originally Posted by G-Rock View Post
    Most of that is probably coming from everyone here betting on ISU no matter what.

    Not the best gambling strategy, but we're a bunch of homers.
    I've also witnessed a very heavy Big 12 bias, as well as a anti Big-10 bias.



  8. #8
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    Re: Betting with the house

    I think this is mainly because amateur betters bet the favorite most of the time, especially in games where they know nothing about either team. Dogs have covered most the bowl games thus far, and UCONN is currently beating Wake 10-0. It's tough to take the dog. My motto is just do the opposite of my initial thought, and I'm usually good.



  9. #9
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    Re: Betting with the house

    What Jeremy didnt tell you is that he wrote this program that shaves off fractions of a cent on each credit you earn. Just like in superman 2.



  10. #10
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    Re: Betting with the house

    Or in Officespace...


    have you ever got caught outside In a strong rainfall? Yes or NO. If it"s yes, then you might half felt the pane of hard(tought) rain on you head. If it hurt"s then it"s tough. Yes or no. Okay I'm right and you know it.

    So alothough you attempt"ed to say you didn"t understnad, now you do. Fair enough?

  11. #11
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    Re: Betting with the house

    Before you know it, Jeremy is going to start inviting whales to come for an all expense trip to bet on Cybookie


    Make the world a better place, punch a hawkeye in the face

    Colorado coach Gary Barnett "I thought we had a pretty good mascot. But when we showed up at Iowa State and they had a real tornado, that's the real deal." November 12, 2005



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