Betting with the house

[herbicide]

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.

 

[Jer]

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

 

[chadm]

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%.

 

[herbicide]

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

Hey, give me a 5% cut and I won't say a word! We'll call it a "finders fee" or "hush money"

 

[G-Rock]

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.

 

[herbicide]

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!

 

[herbicide]

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.

 

[Kinky F]

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.

 

[bos]

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.

 

[markshir]

Or in Officespace...

 

[DMBclone]

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