Beating the Bookies with Machine Learning

"The dealer always wins" is a typical saying in gambling. It reflects the fact that in most games of chance the house (e.g. the casino or the bookmaker) has a statistical advantage. In other words, assuming the betted amount is 1, the house has an expected return higher than 1, in contrast to the gambler who has an expected return smaller than 1. Therefore, if you visit the casino, most likely you will make a net loss in the long run. Sports betting is no different.