Re: Tuan Le and The Grinder
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Taking way the worst of it <> unprofitable. Just because the risk/reward ratio is undesirable, doesn't mean he isn't making money on the deal.
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The way I intended it, "taking way the worst of it" did mean literally unprofitable. As in -EV.
To make 100% backing deals for major tournaments profitable long-term for a backer, you'd either have to give a tiny percent to the horse, put the horse on a salary (perhaps with promise of a better future deal with good results), or deduct losses against wins over literally years and years before you pay out.
The backing deals where people sell percentages of themselves make a lot more sense.
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