long term I would not disagree but I am guided by announcements by other well diversified players such as WMH that results went against the book last quarter 2005.
SBT is also positioned more as a Sports layer ( not so big in horses)and may be less diversified than you assume with football by far the biggest market although I understand that golf and NFL are well bet.
Perhaps they did position their book differently on NFL and have avoided a knock and if so I am going to be wrong.
But it is just a friendly competition and I don't see why every submission has to be bullish.Good luck to you anyway