But by this reasoning no one would play blackjack at the casino. That is, how do you know people laying these bets aren't just gambling at a disadvantage? You could view the whole thing as one more novelty game the casino is spreading.
I am assuming that there will be punters who bite at the odds I provide. If there weren't, then the game would not be sustainable.
I came across a "betting guide" for sale for this game which claims to advise on bets based on the "trends" seen in the game. I don't know what this means, but it gives me hope that there are people out there willing to part with their money in my direction.
Failing that, the novelty was an interesting one, and it's all about the journey, dude!
I'm just proposing another possibility is that everyone playing on both sides is a "punter" having fun (or deceiving themselves). In any case, that everyone is losing long-term. With 5% vig I'd guess that's the most likely possibility.
45% of players don’t play well enough to win, even at even odds. Kind of mini-Dunning Krueger. They’re hoping for luck, and love to tell stories to their friends when they win.
30% are degenerate gamblers.
The balance play well enough that the loss rate is sufficiently slow so as to pay for the entertainment value.