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Lewis explores professional sports betting — people who make their living by finding edges against bookmakers. The title quote comes from a professional bettor describing why most gamblers lose.
Highlights
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The house edge is invisible but inexorable — it grinds down every gambler who plays long enough
Lewis explains how the mathematical edge built into every bet guarantees that casual gamblers lose over time. The only way to win is to find your own edge, which requires treating gambling as a full-time analytical job.•
States legalized sports betting to generate revenue while knowing it would harm their most vulnerable citizens
Lewis traces how state governments legalized sports betting because they needed tax revenue, while knowing that the social costs — addiction, financial ruin, family breakdown — would fall on the people least able to bear them.