Define Your Edge
By edge, I mean advantage over the market that allows you to take prices greater than the chance of the outcome of an event occurring.
(In One Sentence) Successful Edges
Alex Bird – stood on the winning line and had an immediate and unique view of photo finishes.
MIT Blackjack Team – pioneered card counting and used maths to bet when they had an advantage.
Bill Benter – modelled horse racing data using mass variables highlighting when the price available to bet on the outcome of a horse race was greater than the true chance.
Courtsiders & Fast Pictures – a time advantage over other players betting into a market
Barney Curley – trained the horses and had access to information not available to others making the market.