CNBC – More than four years ago, Dallas Mavericks owner Mark Cuban said that if he started any hedge fund, it would be a sports gambling hedge fund.

Cuban quickly noted that it was merely a fantasy: as an owner, he wouldn’t be allowed to bet. But I can’t stop thinking about the fact that that idea probably would have yielded among the best percentage returns of any hedge fund this year.

The billionaire’s rationalization started with the fact that sportsbooks make money off people who expect to lose — but for the smart gambler, the sports book opportunity could actually be better than the stock market.

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