Comment by bitshiftfaced

This reminds me of an anecdote out of one of Thorp's papers (2007). He joined forces with a computer science Ph.D and started sports betting. They were very profitable, but he listed three reasons why he stopped: 1) it required having someone in Vegas placing bets, 2) he believed it was risky to have someone going around with large amounts of cash in order to make bets, and 3) it wasn't competitive with his stock market trading strategy. He mentions how his belief about #2 unfortunately turned out to be correct, as apparently something happened in another group's operation.