Lets say I am in the same betting hall as a man called “The Idiot”. The Idiot has access to some undepletable fortune and will accept any bet (with any odds) that any person proposes to them. Now, whenever I bet on anything at all the Dutch bookmaker can protect themselves from a loss by making a compensating bet with the Idiot. (Although there are clearly simpler ways of getting money off the Idiot). Why should I feel worried that the category {me and the idiot} can be Dutch-booked? It doesn’t mean I am loosing or being foolish in my bets. At most it just means that I should be betting against the idiot not the Dutch bookmaker.
I don’t think this really matters though.
Lets say I am in the same betting hall as a man called “The Idiot”. The Idiot has access to some undepletable fortune and will accept any bet (with any odds) that any person proposes to them. Now, whenever I bet on anything at all the Dutch bookmaker can protect themselves from a loss by making a compensating bet with the Idiot. (Although there are clearly simpler ways of getting money off the Idiot). Why should I feel worried that the category {me and the idiot} can be Dutch-booked? It doesn’t mean I am loosing or being foolish in my bets. At most it just means that I should be betting against the idiot not the Dutch bookmaker.
Correct. This was basically my point.
Oops. Yes, I have just re-read your comment. I somehow didn’t absorb that all-important “if you have reason to think they are at all sensible” clause!