Professional sports betting has gone through big changes driven by technology over the last ten years similar to that which the hedge fund industry has gone through. Complex algorithms and physics PhD's try to model when a market becomes out of sync with reality and the opportunity is then seized on.
Here is Bloomberg's recent piece on a tennis bettor Elihu Feustal who does just that - http://www.bloomberg.com/news/2014-01-15/tennis-quant-s-system-doubles-his-money-without-knowing-players.html
Bob Voulgaris, likely the biggest basketball bettor on the planet - http://www.businessinsider.com/sweat-in-the-game-a-gamblers-grind-in-the-nba-2011-4
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