The Difference Between a Bet and a Position
Two things that look identical from outside and behave nothing alike. The distinction is the most useful one I know.
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The Edge Is Not the Odds
People assume a casino wins on mathematics. The mathematics is the smaller half, and the larger half is unglamorous.
Read articleWhy the House Never Needs to Guess
A casino has no opinion about tonight. That is not confidence — it is the whole architecture, and it took me years to understand why.
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