I have been a casual gambler for a couple years, betting on sports and playing poker. Recently I started researching gambling, handicapping and such in order to make money if possible. I found a website, handicappingpolice.com, that monitors handicappers to validate their legitimacy. A couple handicappers, such as betsheet.com and eddiehawk.com, each list a record floating around 60% success rate and list their picks during halftime of each one to prove their integrity. The going rate seems to be anywhere from $500 to $750 a week for such a person's picks. My idea was to purchase these picks and split the cost amongst say five gamblers so that your initial cost is only $100 a week or so. Then you have to worry about fees with any offshore book sites and any taxes would be claimed only if there were winnings. Regardless, it would seem that by playing the percentages and wagering $300 to $500 per pick that a reasonable amount of money could be made over a long haul. Of course, there will be down weeks and hot streaks; but if the average hovers at 60%, then a long, sustained plan might work. However, after reading on these forums and other sites a 60% winning rate seems highly improbable if not impossible.
My questions are:
1. Are these handicappers full of it? Do they lie about their records or do they actually hit close to 60% of their picks? Do they achieve these records by using shady lines, etc.?
2. If they are somehow legit, then what other pitfalls could there be to making money under such a scheme?
I realize that there are probably things I am missing here, hence why I am asking questions. I figured that it seems to easy; and if it was so easy, then everyone would be doing it. I attached an excel spreadsheet breaking down by page the success at different percentages and at $300, $400, and $500 per pick. I appreciate any info that anyone provides ahead of time.