i've kept track of every bet i've made since 1999.
i can show you i've lost money betting horses every year except one.
i can't imagine i could make a living doing this. but i haven't extrapolated that conclusion as far as you have. why couldn't someone make a living doing this?
there is no law of large numbers like with most casino games and slots. you are betting against other players. the house takes an egregious rake but there is nothing that says a skilled player can't overcome 15-25% off the top.
i think it would be a miserable grind. i think the emotional toll of a losing streak when it's your livelyhood would be a nuke compared the the m-80 i feel when i lose disposable income.
but it's not beyond imagination that someone smarter than us, more dedicated than us, whose emotions can take the swings, and whose sole focus is racing couldn't make some kind of living at it.
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