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Gambling Ethics

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Prospect
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Posted: #1
Wanted to get everyone's opinion on a "Gambling Ethics" situation I have going right now. Basically, I am gambling with 3 local bookies, who all have their own websites, and the odds are way different on many games. For example, if the Yankees are playing the Red Sox, 1 site will have the Yankees at +150 on the Money Line, and another site will have the Red Sox -135 on the Money Line. So if I put $1000 on each team, its like making a no risk bet for a chance to win $150 or 15% of whatever you are betting. My question I guess is: Is this wrong to do? Is it essentially "Scamming" my bookies? Would the bookies be pissed if they found out I was just playing one against the other? Don't get me wrong, I'm not going to stop doing it, cause i'm making a good living off it, and it beats getting a job, just wanted to know everyones opinion on it. Thanks
 
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Posted: #2
Utilize all of your resources I say.

If I lived in Vegas and one casino had a line quite different than another casino you better believe I would be "diversifying my portfolio"
 
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Posted: #3
Maybe they do things different in FL. If you put 1k on the NYY@+150 and BRS@-135 ,if the sox win you win approx.740 and lose1k on yanks.If yanks win you make 500.How do you not lose 260 if the fav wins?Bookies aren't going to be pissed,you aren't making a good living off it, and you may need to get a job but you do need to stop posting on Covers.com and wasting all our pixels. 3years and 7 posts,rad you keeping all your good things to yourself?
 
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Posted: #4
 
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Posted: #5




 
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Posted: #6
Quote Originally Posted by 666LES:

Maybe they do things different in FL. If you put 1k on the NYY@+150 and BRS@-135 ,if the sox win you win approx.740 and lose1k on yanks.If yanks win you make 500.How do you not lose 260 if the fav wins?Bookies aren't going to be pissed,you aren't making a good living off it, and you may need to get a job but you do need to stop posting on Covers.com and wasting all our pixels. 3years and 7 posts,rad you keeping all your good things to yourself?
Yea Florida is way different.
 
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God I love this site.
 
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covers.com


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Posted: #9

Quote Originally Posted by 666LES:

Maybe they do things different in FL. If you put 1k on the NYY@+150 and BRS@-135 ,if the sox win you win approx.740 and lose1k on yanks.If yanks win you make 500.How do you not lose 260 if the fav wins?

Please read his post and then read yours again. 

 
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Posted: #10

Quote Originally Posted by rad5577:

Wanted to get everyone's opinion on a "Gambling Ethics" situation I have going right now. Basically, I am gambling with 3 local bookies, who all have their own websites, and the odds are way different on many games. For example, if the Yankees are playing the Red Sox, 1 site will have the Yankees at +150 on the Money Line, and another site will have the Red Sox -135 on the Money Line. So if I put $1000 on each team, its like making a no risk bet for a chance to win $150 or 15% of whatever you are betting. My question I guess is: Is this wrong to do? Is it essentially "Scamming" my bookies? Would the bookies be pissed if they found out I was just playing one against the other? Don't get me wrong, I'm not going to stop doing it, cause i'm making a good living off it, and it beats getting a job, just wanted to know everyones opinion on it. Thanks

I would, have, and do take advantage of situations like that.  Especially if I feel good about the side with the 'bad' line.  But the situation is best if the bookies do not know each other and no chance they compare notes. 

 
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Posted: #11
Quote Originally Posted by Raiders22:

I would, have, and do take advantage of situations like that.  Especially if I feel good about the side with the 'bad' line.  But the situation is best if the bookies do not know each other and no chance they compare notes. 


What's advantage ? 

Either you break even or lose $150!!!

  
 
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Posted: #12

rad5577,

Nothing wrong with what you're doing. In Vegas pre-internet and pre cell phones out of state bookies and sports service operators had guys checking the lines at different books all the time.

Some of the biggest action in ton was at Little Casesar's (I'm pretty sure that's where the late Bob Stupak made his million dollar bet on Cincinnati in the Super Bowl).

There was a bank of pay phones behind the casino and always a bunch of guys making calls or waiting for a call. If some poor naïve tourist tried to make a call they'd all yell at them, "Hey I'm waiting on a call."

 

 

 
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Posted: #13
Screw ethics when it comes to making money .. 

This is why live betting is the greatest thing since sliced bread. You can hedge your bet a lot of the time and make a killing.
 
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Posted: #14
Quote Originally Posted by 666LES:

Maybe they do things different in FL. If you put 1k on the NYY@+150 and BRS@-135 ,if the sox win you win approx.740 and lose1k on yanks.If yanks win you make 500.How do you not lose 260 if the fav wins?Bookies aren't going to be pissed,you aren't making a good living off it, and you may need to get a job but you do need to stop posting on Covers.com and wasting all our pixels. 3years and 7 posts,rad you keeping all your good things to yourself?

I'm sorry if I confused or offended anyone by posting this original question. I don't post a lot on covers cause i'm just not very message board savy. However, I'm a little surprised at the lack of understanding of my system and multiple people saying id LOSE $!!??? To be clear for the people who did not understand, there is NO WAY you lose doing this. You bet $1000 on the Yankees to win $1500, you bet $1350 on the Red Sox to win $1000. If Yankees win, you win $150($1500-$1350=$150. If Red Sox win, you break even($1000-$1000=$0). Its a pretty simple Money Line bet, I'm not sure why multiple "gamblers" didn't understand it(Second2-Numbers). And no, its not different in Florida(666LES).
 
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Posted: #15
Quote Originally Posted by rad5577:


I'm sorry if I confused or offended anyone by posting this original question. I don't post a lot on covers cause i'm just not very message board savy. However, I'm a little surprised at the lack of understanding of my system and multiple people saying id LOSE $!!??? To be clear for the people who did not understand, there is NO WAY you lose doing this. You bet $1000 on the Yankees to win $1500, you bet $1350 on the Red Sox to win $1000. If Yankees win, you win $150($1500-$1350=$150. If Red Sox win, you break even($1000-$1000=$0). Its a pretty simple Money Line bet, I'm not sure why multiple "gamblers" didn't understand it(Second2-Numbers). And no, its not different in Florida(666LES).
It's no fun if you have to explain it to them
 
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Posted: #16
just keep playing and diversifying. nothing wrong with that.
 
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Posted: #17
You are helping the bookies balance their action, unless one of the bookies is just making up lines out of thin air.
 
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Posted: #18
Quote Originally Posted by rad5577:


I'm sorry if I confused or offended anyone by posting this original question. I don't post a lot on covers cause i'm just not very message board savy. However, I'm a little surprised at the lack of understanding of my system and multiple people saying id LOSE $!!??? To be clear for the people who did not understand, there is NO WAY you lose doing this. You bet $1000 on the Yankees to win $1500, you bet $1350 on the Red Sox to win $1000. If Yankees win, you win $150($1500-$1350=$150. If Red Sox win, you break even($1000-$1000=$0). Its a pretty simple Money Line bet, I'm not sure why multiple "gamblers" didn't understand it(Second2-Numbers). And no, its not different in Florida(666LES).


We'd kill for those situations in Vegas. You can occasionally find a hedge of two or three cents - Team A -107 at one book and +109 at another, but they're few and far between. They don't last long either, and it's quite possible by the time you place your bet and run next store, the line will have already moved.

And as Thorpe said above, you're most likely doing them a favor. The main reason the one site would have Boston-165 is if he was getting hit on Boston bets, so for you to come in and bet the Yankees is cutting his exposure. Likewise, the site that has Boston-135 may be getting hit with bets on New York and you're helping him out.

One other thing you could do is to track each site's lines and compare them to the consensus line to see how each one does when there's a difference of 10 or 15 cents or more. It's possible that one of the sites will do much better than the other and you can slant your hedges in that direction, although it's hard to say without seeing some actual numbers.

But to answer your original question, no, you're definitely not doing wrong or unethical.



 
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Posted: #19
Nothing wrong with this whatsoever. You have exposed something and you might as well manipulate it in your favor whenever the opportunity arises.
 
MVP
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Posted: #20
if u did any diff u be a shmuck...rape em 15% at a time

bigFnPOO
 
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Posted: #21
Quote Originally Posted by rad5577:


I'm sorry if I confused or offended anyone by posting this original question. I don't post a lot on covers cause i'm just not very message board savy. However, I'm a little surprised at the lack of understanding of my system and multiple people saying id LOSE $!!??? To be clear for the people who did not understand, there is NO WAY you lose doing this. You bet $1000 on the Yankees to win $1500, you bet $1350 on the Red Sox to win $1000. If Yankees win, you win $150($1500-$1350=$150. If Red Sox win, you break even($1000-$1000=$0). Its a pretty simple Money Line bet, I'm not sure why multiple "gamblers" didn't understand it(Second2-Numbers). And no, its not different in Florida(666LES).

My bad ,

I was thinking +150 and -165 

I re-read your posted.

Thanks,
 
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Posted: #22
As long as you're not dealing with a fly by night bookie , it would suck if the one with the bad lines closed shop and sticks you
 
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Posted: #23
How can I sign up online for these two locals? Do they have deposit options on their site or is it cash hand to hand type transactions? 
 
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Posted: #24
Quote Originally Posted by 666LES:

Maybe they do things different in FL. If you put 1k on the NYY@+150 and BRS@-135 ,if the sox win you win approx.740 and lose1k on yanks.If yanks win you make 500.How do you not lose 260 if the fav wins?Bookies aren't going to be pissed,you aren't making a good living off it, and you may need to get a job but you do need to stop posting on Covers.com and wasting all our pixels. 3years and 7 posts,rad you keeping all your good things to yourself?


Your bet should be 1350 to win 1000, and 940 to win 1410. That way you win $60 either way as an arbitrage of 2.6% regardless of outcome. Set a threshold to determine your cutoff point. For me, 2.6% is too low. There are some numerically impaired people in this thread. As far as the bookies go, if they are on the ball, they move their lines in relation to the amount of action they have gotten, and in your case, you are buying the "cheap" side of the line and actually doing them a service.


 
 
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Posted: #25
Quote Originally Posted by esplanade:



Your bet should be 1350 to win 1000, and 940 to win 1410. That way you win $60 either way as an arbitrage of 2.6% regardless of outcome. Set a threshold to determine your cutoff point. For me, 2.6% is too low. There are some numerically impaired people in this thread. As far as the bookies go, if they are on the ball, they move their lines in relation to the amount of action they have gotten, and in your case, you are buying the "cheap" side of the line and actually doing them a service.



 I did this years ago for a short while when the books had significantly different lines on games.  But the offshores quickly wised up, and the gaps by betting both sides become almost non-existent.  

I would find the biggest difference on the board, and bet 1K or so on each side, and try to get $50 or so profit on paper from the game, regardless who won.      
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