Horseplayers: Life at the Track (Ted McClelland)
Chapter 13: Men Betting Badly
McClelland profiles a professional gambler, who insists on anonymity. This professional benefited from placing his bets with off-short phone betting services, which provided its customers with rebates and generally attracted "smarter, better financed, and better informed" bettors than the average bettor.
These phone bettors were also blamed for caused last-second drops in winning odds, which was another source of frustration for everyday retail bettors.
It's a reminder that history doesn't repeat itself, but it does rhyme.
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