House punt

In a pure game of chance, if played long enough, everyone reverts to the mean and gets their money back.

Unless the house takes a cut in which case, over time, everyone loses all their money betted.

The severity of the house cut just determines how long the punters get to play, on average, before they lose their money.

In a game where there is no house cut but there is a little predictability, those that know the correlations act as the house and everyone else gets to lose their money as of they were playing a game of chance.

If there is a house as well then that just compounds the problem for the punters.

And for what it’s worth, over time the longer the odds that these guileless punters play, the less average gambling time they get per dollar.