[00:00] Today we're talking to Jonas, an ex-trader from Bet365 who mostly focused on in-play golf. 99.5% of people end up losing money when it comes to betting. So why does this happen? Well, firstly, the bookies have the house edge, that in their favor. So if they think
[00:15] something's a coin flip 50-50, they're not going to be $2, $2, they'll be $1.99. Secondly, the bookies use betting flows from customers to inform their pricing. When they profile customers, they'll work out who's got a slight edge over the bookies.
[00:27] and then whenever those bets come through, they'll massage their pricing around. The third point I'd say is, even for those who find an edge in the short run, those edges often don't last forever. That's another thing working against the punter.
[00:39] And the fourth one I'd say is, community biases. If for some reason humans aren't born natural, professional bettors or punters, and that results in the loss of discipline.