Odd Lots: How a Former Wall Street Trader Cracked the World of Betting on Baseball
Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance and economics.
It's no secret that a lot of people in finance like to bet on things. But how many of them actually take the time to actually beat the house in gambling? On this week's Odd Lots, we talk to Joe Peta, a former Lehman Brothers trader, and the author of Trading Bases, a book about betting on baseball.
Peta started focusing on baseball after a freak accident -- getting hit by an ambulance -- that gave him lots of time to think about applying his trading knowledge to baseball. Eventually he launched a $1 million baseball betting fund that returned 14 percent in a year to his investors. On this episode, Peta talks to us about why baseball is uniquely suited to data analytics, how he was able to exploit market inefficiencies, and what sports betting can teach us about market structure.