Quote: Red John "I often see the Demmys around Salford. You can tell it's them from the personalised number plates on their Bentley/Roller (one's got a Bentley, one's got a Roller).
I often walk past the bookies near us, and none of the people in there look like they've ever been within 100 yards of a Bentley/Roller with personalised number plate, nor ever will be.
The bookies know what they're doing.'"
Actually the bookies don't have to know what they are doing, or have priced things correctly. They merely need to have a balanced book so that whatever happens they take the edge.
There are times when the bookies don't appear to have priced things correctly, which is where the punter with a bit more knowledge can get an edge over the long-term.
In fact what the punter needs is not exactly more knowledge than the bookie, but more knowledge than the average punter. This is where betting on obscure games or on sports/teams where you have a very decent edge on the market is the way to go.
It still only gives you an edge though..and you'll need to bet over the long-term and win to prove that you really have the edge..