Mate, that's a great run down.... but as you say, you DO need to have the knowledge and experience to do well at it.
A lot of people don't realise the effort it takes to gain this sort of knowledge!
A Mate of mine was an SP Bookie in Blacktown back in the 80's. Everybody just thought he sat in the Pub taking bets.... nobody realised how much time and research it took to really understand how it worked.
Based on all of that, I stay well away from it all....Lol.
Thanks @plumey. Like anything it just takes time to build up knowledge and experience. Anyone could do it.
Back in the 80s I think bookies put more effort into their pricing. Nowadays in the information age with online betting a lot of them just let the TAB do the hard work and just copy their starting odds, then just adjust prices according to the bets that come in. Not so much skill in setting markets these days I think.