Comment Re:This is just embarrassing (Score 1) 40
The only people for who gambling is profitable are the book keepers. They don't care who wins or loses because they get their cut either way.
This isn't really true. It's true that bookmakers do their best to set the odds so that they get about the same amount of money betting either way. In that case, they get their vig and do well no matter what the outcome. They don't always succeed, though, so there are cases where there's a lot more money on one outcome than the other and the bookmakers wind up having to cover the other side themselves. Being able to get the bets to balance is a skill, and bookmakers who don't have it can and do go out of business.
It's also possible- though harder these days- to make money by being a contrarian. The betting lines are set based on the bookmakers' predictions of how the public will bet, not on their best guess of the true odds of the contest. If you are good at recognizing cases where the public at large bets their biases rather than the objective odds, you can make money. For example, there are some fans who will bet for their team out of affection rather than good judgment. When one team is much more popular than the other, that can meaningfully shift the odds. It's possible to make money by finding those cases and betting for the less popular team.