When you are betting on sports or horses or dogs, you are playing the same game as betting on individual companies in the stock market. In all cases the odds/price is set by the all of other bettors, so essentially you are betting against the crowd. This type of betting lends itself to manipulation by large players who can move the odds/price.
That's what happened to our economy and why my game of choice is craps, where the betting and odds are between me and God.
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