What prevents someone from betting $1 on every NFL team to win the super bowl, at the beginning of the season where the odds are all pretty good?
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You absolutely can but you would lose money. It’s called an overround. The the implied probability of all outcomes (every team winning) should add up to 100%. However, bookies use overround (or vig) to make this probability greater than 100% – which then becomes their profit / margin.
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