The Sports Book

the sports book

How the Sports Betting Line is Made by RJ Bell

This usually includes having up-to-date power ratings on each team. By necessity their approach is very research-oriented and concise, since with millions of dollars at risk there is little margin for error. We do this by drawing from past experiences and applying them to current situations. Reasons for such adjustments include:

Oddsmakers at LVSC are professional sports junkies who love what they do and would probably do it for nothing if you asked them, but they do get paid for it. Examples of non-game factors that would require an adjustment to a team’s power rating are key player injuries and player trades. For example, the public might have heavy betting interest week after week on a popular college football team such as USC. The power ratings are adjusted after each game a team plays.

“You either have a passion for it or you don’t,” Seba said.

For example, if the pointspread on a game is 7 and most of the money is coming in on the underdog (taking the +7), sportsbooks will then move the number down to 6 ½ to try and attract money on the favorite.

“The main objective is that our clients get equal action on both sides,” Seba said. In our extended interview, Seba explained that there are 4-5 oddsmakers assigned to make lines for each of the major sports (pro & college football and basketball; MLB, NHL, boxing, golf). Stated another way, they want to create a line that half the people find appealing to bet one way while the other half find it appealing to bet the other way (known as ‘dividing the action’). In doing so they attempt to make more attractive the team that is getting less action.

Once a game’s power rating based pointspread is determined, the oddsmaker will make adjustments to that line after considering each team’s most recent games played and previous games played against that opponent. “We’re not trying to pick the team that covers the spread, we’re trying to make it a coin flip, a tough decision (for the bettor). Also, adjustments are made after reading each team’s local newspapers to get a sense of what the coaches & players are thinking going into the game.

Individual books having players who consistently bet with certain tendencies (such as an extreme bias toward favorites or toward a certain popular team like USC)

The last step in the line-making process for each oddsmaker is taking one final look to determine whether or not the line “feels right.” This is where common sense and past experience with how games are bet enters into the picture.

The purpose of these adjustments, like all line adjustments, is to more equally divide the betting action. Oddsmakers have to determine if any changes are necessary and send out an “adjusted line.”

Since the oddsmaker’s ultimate goal is equally dividing the betting action, public perception and betting patterns must be taken into account.

Why the Line Changes

Oddsmakers can also change the line depending on various event-related factors such as player injuries or weather.

The opening line is the first line created by the oddsmakers, which is then sent out to sportsbooks. By moving the line, sportsbooks can influence how the public bets on a particular game. Of the 4-5 oddsmakers, generally the 2 most respected opinions are weighed more heavily by the Odds Director before he decides on the final line. Of course there is an entire method to the madness on how the opening line is created. Seba explained that it all starts with each oddsmaker creating a line on each game based upon their own personal approach. People think it’s much more complicated, but it’s not.”

Las Vegas Sports Consultants (LVSC) is the world’s premier oddsmaking company and the most respected authority on making the lines.

What Is the Line Trying to Accomplish?

“The #1 thing for us is to make a line for each game that creates good two-way action.

Once betting begins, sportsbooks can adjust the line at any time. If we’ve done that, we’ve done our job.”

A round-table discussion among the 4-5 oddsmakers involved in making the line for each sport is then conducted and a consensus line is decided upon by the Odds Director before it is released to the sportsbooks. Mike Seba is a Senior Oddsmaker at LVSC and has been making lines for the last six years. Power ratings are the oddsmaker’s value of each team and are used as a guide to calculate a “preliminary” pointspread on an upcoming game.

Contributed by:

RJ Bell

©Pregame.com 2006

Website: http://www.Pregame.com

Once the opening line is released by LVSC, the individual sportsbooks decide if they want to make any adjustments before offering it to the public. That is not the case at all – their intent is NOT to evenly split the ATS result between the teams; rather, their goal is to attract equal betting action on both sides. Each of these oddsmakers bring unique opinions, strengths and weaknesses to the process.

How the Opening Line Is Made

Experts working for the individual books having a strong opinion on the game

Divided action means the sportsbook is guaranteed a profit on the game because of the fee charged to the bettor (called juice or vig – typically $11 bet to win $10).

Moving the line is the oddsmaker’s effort to balance betting action, and often times such moves can have a major impact on a bettor’s decision. Obviously, if the line comes out a week ahead of the event (which is the case in football), there is much that could happen during the week leading up to the event that could affect the line. If an oddsmaker comes up with a preliminary line of USC -7, then an adjustment up to -7.5 or -8 would be made in response to the public’s expected USC bias.

There is a common misconception that point spreads represent the oddsmakers’ prediction of how many points the favorite will win by.

8 things you should know about sports scholarships

Weaver has heard of coaches telling athletes as young as seventh-graders that they want them for their team.

2.

Plenty of parents dream of their children cashing in on a sports scholarship, but before you get your hopes up  you need to understand the hard realities of winning these awards. According to a NCAA survey last year, playing football required 43.3 hours per week; college baseball, 42.1 hours; men’s basketball, 39.2 hours; and women’s basketball, 37.6 hours. In these Division I sports, athletes receive a full ride or no ride. 

5. Playing high-level college sports will be a full-time job. These so-called head-count sports are football, men and women’s basketball, and women’s gymnastics, volleyball, and tennis.

4. What really matters is the scholarship amount contained in the school’s official athletic grant-in-aid form. Only about 2 percent of high school athletes win sports scholarships every year at NCAA colleges and universities. Forget about slick videos. And you absolutely don’t need to hire a professional to do the filming. Because of the huge time commitment, as well as time

away from campus, Division I athletes will often not be able to major

in rigorous disciplines, such as the sciences and engineering. Coaches don’t want recruiters to get in the middle; they prefer direct dealings with the student athletes.

8. Coaches can slice and dice these awards as they choose, which can lead to awfully small scholarships. Here are eight things that parents and student athletes need to know about these scholarships. 

7. A coach might not know whether he wants a particular athlete until he finds out what other teenagers want to sign on to his team. A coach can change his mind about a prospect. 3. There is no guarantee that a child who verbally commits to a team will end up on it. Coaches may tell teenagers that they have lots of scholarship money to divvy out, but prospects shouldn’t assume that they will be the recipients, says Karen Weaver, who is on the sports management faculty at Drexel University.

Image courtesy of Flickr user AndrewH324

6. There are only six sports where all the scholarships are full ride. The odds of winning a NCAA sports scholarship are miniscule. Beyond the head-count sports, all other sports are considered “equivalency” sports. Skip hiring an athletic recruiter. For those who do snag one, the average scholarship is less than $11,000.

(MoneyWatch) Do you hope that your teenager will win a college athletic scholarship? . Yes, the odds are that dismal. Take flattery with a grain of salt. “Until you get the grant-in-aid form, it’s meaningless,” observes Weaver, who is a former national championship Division I field hockey coach.

© 2012 CBS Interactive Inc.. Full-ride sports scholarships are scarce. Division I athletes may as well be called full-time employees of their schools because of the long hours they work. Coaches typically think sports recruiters are pests, says Weaver, who has served as a CBS sports commentator. Post your action video on YouTube and send coaches the link.

1. A verbal commitment is meaningless. NCAA rules dictate how much money a program, such as lacrosse or track, can spend on scholarships. All Rights Reserved. Two or three minutes will usually suffice, Weaver says. Scholarships can be dinky. Coaches don’t want athletes to send lengthy videos

New Jersey allows sports betting

Supreme Court declining to hear the case.

The NFL had no comment when reached by ESPN.com. This is all over but the shouting.”

Monmouth Park, a thoroughbred track in Oceansport, New Jersey, has been outspoken that it will take the lead once sports betting became legal.

Dennis Drazin, an attorney and adviser to the New Jersey Thoroughbred Horseman and Monmouth Park, told ESPN in early September that he believes the track could have an operating sports book within three weeks after legalization.

The move came hours before Christie was to convene a closed-door summit on the future of Atlantic City. District Court,” William Hill U.S. — Gov. State lawmakers soon enacted a law to allow for betting at tracks and in casinos. Bets wouldn’t have been taken on games involving New Jersey colleges or college games played in the state.

A month ago, Christie vetoed a bill that would have pushed New Jersey to circumvent the federal ban on gambling on professional and college sports. Jennifer Beck, a Republican who represents the area where Monmouth Park resides, said Monday that she would like to see the track begin taking bets as soon as this upcoming weekend, but wants to see the reaction from the sports leagues.

The governor says sports betting is legal under previous federal rulings as long as wagers don’t involve a collegiate game played in New Jersey or a New Jersey college team elsewhere in the country.. The seaside resort has already lost three of the 12 casinos with which it began this year, and a fourth one is due to shut its doors next week; about 8,000 casino workers will have lost their jobs since January.

Christie suggested casinos and tracks could start offering betting immediately, but it’s not clear that will happen.

The governor said he took his cue from previous federal court rulings that found that nothing in New Jersey law prohibits the casinos and horse racing tracks from offering sports betting.

“We are reviewing the Attorney General’s directive and the motion filed in U.S. In light of our significant investment at Monmouth Park, we are happy that it appears racetracks and casinos in New Jersey will be taking sports bets sooner rather than later.”

In addition to the directive, Christie also had the state file a motion in federal court asking a judge to clarify or modify a February 2013 ruling that blocks a licensing program New Jersey had passed for sports betting in the state.

His action, through the state attorney general’s office, is likely to be challenged by the professional and collegiate sports leagues that fought New Jersey’s efforts to overturn a ban on sports betting in all but four states. Like others, we recognize that legalized sports betting is inevitable, and will be a good outcome for customers, states and the sports leagues. That effort ended with the U.S. Chris Christie’s administration issued a directive Monday allowing the state’s casinos and racetracks to offer sports betting, a move likely to be challenged in court by sports leagues.

The U.S. Rachel Ryan, a spokeswoman for the Meadowlands Racetrack said Monday that the track has no plans to offer sports betting now.

“Based on the arguments of the sports leagues and the United States Department of Justice, the 3rd Circuit has already ruled that New Jersey can carry out sports wagering as described in today’s statewide directive,” the governor’s office wrote in a statement. New Jersey missed a 1991 deadline in the law that would have allowed sports betting in Atlantic City.

He said he does not expect sports betting to begin until a court rules that it is legal.

ATLANTIC CITY, N.J. CEO Joe Asher said in a statement. Christie said at the time disagreed with the court decision but feels the law is “sacrosanct.”

The professional football, baseball, basketball and hockey leagues, as well as the National Collegiate Athletic Association, all opposed New Jersey’s effort to legalize sports betting, saying it could give the appearance that the integrity of the games has been compromised.

The park built a sports bar last year that was designed to be transformed into a sports book quickly if sports betting were legalized.

“That to some degree will dictate how the race tracks and casinos move forward,” Beck told ESPN.

Information from ESPN.com’s David Purdum and The Associated Press is included in this report. Other leagues and the NCAA did not immediately return messages Monday.

Casino executives did not immediately respond to requests for comment on Christie’s action.

But those actions ran up against the 1992 Professional and Amateur Sports Protection Act, enacted by Congress to restrict betting on sports to a few states. “The motion simply would clarify and formalize that authority and give clear guidance to casinos and racetracks waiting to open a sports pool in New Jersey.”

“Victory at last!” said state Sen. “People should book their hotel rooms in Atlantic City for the Super Bowl now because there won’t be any available in February.”

N.J. Raymond Lesniak, one of the legislature’s strongest supporters of sports betting. Nevada has allowed betting on sports for more than 60 years, and Delaware, Montana and Oregon have at times permitted more limited betting. branch of William Hill agreed to be the exclusive provider of sports betting at Monmouth Park, but is taking a wait-and-see approach.

The move is a turnaround for Christie, who initially seemed resigned to defeat once the U.S. State Sen.

Lesniak said he expects the leagues to challenge the move, but predicted: “They don’t have any arguments left to make. “Obviously, this is a significant development. Supreme Court declined to hear New Jersey’s appeal in June, saying, “You know, that’s the way it goes.”

Voters in New Jersey overwhelmingly endorsed legal sports betting in a nonbinding referendum in 2011