I worked for a gambling syndicate. We often made money from bad initial prices. Many bookies tolerated us because they wanted to know what we thought was mispriced and rapidly adjusted their odds after we started betting.

It was a balancing act though. They really wanted to know what we were doing, but didn’t want to lose too much to us. So there was some give and take / bartering around the fair value of our information in the form of our accounts being banned and limited or bets being voided. But they definitely didn’t want to eradicate us.