Inside the life of a 'degenerate' sports gambler

Online sportsbooks are structurally engineered so nearly all bettors lose while extracting most profit from the heaviest, most vulnerable users.

• Structural house edge: Nate Silver told Coppins bettors need to win ~52.5% of bets to break even after the 4.5% vig, ~55% after taxes—yet almost nobody hits that rate.
• Winners get punished: Sportsbooks limit bet sizes ($25-$50 caps) or kick off players who consistently win, similar to casinos banning card counters.

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