Hope springs eternal – and so do academics who think they might’ve cracked the sports betting code. In fact, two recent papers purport to be able to beat the sportsbooks at their own game.

And while both papers “prove” it’s possible to beat the books (assuming one can understand and master Will Hunting-levels of math), both papers, in the end, run into the same problem faced by many a would-be sharp: The books have a habit of protecting their bottom line by making sure winners aren’t exactly welcome.

The first paper, via Princeton University’s Robert Axelsen, is MLB Moneylines as Investment Assets.