ESPN is airing a special about Jimmy "the Greek" Snyder, basically a "life and times" type special. I watched it the other night and noted a few inconsistencies with the gambling information they provided.
Bookmakers set betting lines to get even action on both sides
While this is usually true for most bookmaking businesses, it is not always true. Books will line shade (shading the line against a public favorite that will likely get bet more than an underdog) and take a position if they believe it is profitable. The idea that a bookmaker can't also be a gambling venture is incorrect. While lots of bookmaking operations will strive for equal action, this is not always the case.
Jimmy the Greek mentions betting his entire bankroll on a bet many times during his career
I am not challenging the validity of this statement, I merely want to note that in a non-perfect arbitrage situation, your expected growth on a bet where you wager your entire bankroll is -X (where X is your bankroll).........meaning, these bets will make an advantage gambler go broke.
Jimmy's story is both interesting and complex. I enjoyed watching the piece, it was clear that he understood how to gain an edge (in various walks of life), but he misunderstood risk management (ie making comments that lead to his demise). I think people should watch it and understand how helpful the NFL Today was in getting Professional Football to the forefront of the American Sports lexicon.
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