How Bookmakers Lose Money – William Hill

William Hill (WMH) issued a trading statement yesterday (9/1/2017) which was effectively a profit warning. They said margins were hit by "unfavourable football and horseracing results". It is one of the longest standing myths in the gambling world that bookmakers can lose money when the favourite horses romp home, or the heavily backed but unexpected football teams win. My grammar school maths teacher taught me how to construct a "book" 50 years ago, so that by setting the odds on all horses ...
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