Sportsbooks in general don't mind winning players though, especially big ones. They make money off the vig and move odds to get equal money on each side of the bet so that they'll make money either way.
OTOH, exchanges love all kinds of gamblers and won't ban you for winning any amount. "Smart money" Asian bookies will bet against anyone because their job is to have a better model than you. (Of course, there is a max bet on any offer, and the odds will move if you hit them hard enough.)
Also, everything in the abstract of this article is either old old news (strategy-wise) or plain wrong in light of the actual business of sports betting. "Implied odds" has been around forever, and real companies make real, consistent returns from arbitrage and "statistical arbitrage" on implied PDFs and have for years.
you're actually thinking of the square root of luck there.
Horse racing is even worse for the bookies, with multiple runners, their books will rarely balance, and the standard outcome is a loss if the favourite wins. Any outsider winning a race is a ‘turn up for the books’. (n.b. this is for UK style horse racing betting, where the bookies offer fixed odds. Pari-mutuel or pool betting doesn’t have the same problem)