This is mostly true. I have bet too much on a few guys that were heavily promoted here (ie, Ghokan Saki) plus lost a few split decisions. I have won some underdogs and lots of favorite and still lost money over time. But I also don't live bet. The bottom line is gambling is a profitable business for the house. If it wasn't they wouldn't exist, gambling companies wouldn't have stock that's traded on the stock exchanges, and tribes wouldn't be opening casinos constantly. It's easy to think that most bettors are just squares that are betting on their favorite team, or their hometown team, or betting on a female fighter because she is hot and that's where the house makes all their money, but I don't think that's as true as we want to think. A lot of sharp bettors lose money in the long run too. I was talking with a cab driver in Vegas who said there are very few "professional" gamblers, or at least professionals that last very long. There are just some that are better than others and some that get lucky. Also remember that if you are very good long term then the bookies will place limits on your bet size which limits your profits. I wanted to be good at picking underdogs, and I can sometimes, but for the most part the lines are set correctly for the house to make a profit and finding that "hidden" underdog is pretty hard. Right now I have traded sports betting for investing in the US stock market. That's risky too but long term should be profitable.