That's the scam.

They get you hooked thinking they are only taking 5% or whatever it was... and from pretty much everybody who bets there, they do only take 5%.

But all of the "smart money" gets taxed at 60% when they inevitably take all of the losers money who only paid 5%.

So in essence, they are doing exactly as you suggested... "they're just taking a cut of the action." But it's a 65% cut!