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Think about the odds available, and the likely outcome any kind of game or race. By betting on a random teams or horse to win, you likely have a 45/55 chance of making money. For instance, if real chances of winning are evens, the payout will be .90, or 9/10. This is simply so that the betting agency makes a little bit, which is fair as much as necessary. So over the long term, if only bet even stakes on random teams or horses you are destined to lose.
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