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.
The Edges Of Successful Gamblers (In One Sentence)
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.