A FBvian who knows a thing or two about gambling chimes in with this:
I take issue with your proposition that one “should never bet on a team you expect to lose anyway.” Last NFL season is a good example. For the first 3 weeks of the season, the line on the Raiders’ games were way short, so it was a good moneymaker to take the opposition and the points. The Raiders proceeded to absolutely stink up the joint, and by about week 4 or 5 (my memory’s a little hazy on the exact week) the lines had gone completely the other way. Thus, it became very profitable for a short time (caveat: in a jurisdiction in which sports betting is legal) to take the Raiders and the points, even though it was not only expected but practically required that the Raiders would lose, just not by three touchdowns. By mid-season the lines on the silver and black had finally stabilized and all the easy money had been wrung out. But for awhile there, it was very sweet to bet on a team that was expected to lose anyway.
On the other hand, the next time that Paul starts offering up bets, there are a lot of us who would like in on that gig.
He’s right, of course; that’s why I limit my gambling to driving on Gaston Avenue. But I stand by the other two points.