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Old 02-05-2014, 12:34 PM
 
Location: Vegas
1,789 posts, read 1,812,153 times
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Las Vegas Review-Journal -


Quote:
Their race and sports books may still say Cantor Gaming over the entrance. But the recently renamed CG Technology said Tuesday its eight sports books generated 16 percent of Nevada’s total handle and captured an 11.8 percent win on Sunday’s Super Bowl.
As I've repeatedly said, You Ain't Gonna Beat the House! @ CG Technology sports books win $2.32 million on Super Bowl wagers | Las Vegas Review-Journal

And the LVRJ had one article on prop bets and another that said the books took in over $130 MILLION in bets and came out well ahead

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Old 02-05-2014, 02:36 PM
 
Location: NJ
17,579 posts, read 40,069,062 times
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I'm pretty sure no one is surprised by this.
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Old 02-05-2014, 03:55 PM
 
Location: Minnesota
5,147 posts, read 6,387,987 times
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Here's what I wonder as a non-bettor. Do they operate like hedge funds? Are they making multiple bets picking both teams with points spreads and everything else? At this stage of sports betting, I'm sure the "house" runs a much more complex operation than nearly all the bettors. Not to say veteran bettors, for whom it is a serious study, don't also place a series of bets, unlike an average sports fan, to exploit all outcomes.
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Old 02-05-2014, 08:55 PM
 
Location: Bel Air, California
21,584 posts, read 22,204,202 times
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Holy Moly, a sports book won money!!!!
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Old 02-05-2014, 10:09 PM
 
Location: Minnesota
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Quote:
Originally Posted by Ghengis View Post
Holy Moly, a sports book won money!!!!
Yeh, haha, the Apocalypse is here!
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Old 02-06-2014, 10:21 AM
 
Location: Atlanta
5,755 posts, read 4,294,610 times
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Quote:
Originally Posted by Beenhere4ever View Post
Here's what I wonder as a non-bettor. Do they operate like hedge funds? Are they making multiple bets picking both teams with points spreads and everything else? At this stage of sports betting, I'm sure the "house" runs a much more complex operation than nearly all the bettors. Not to say veteran bettors, for whom it is a serious study, don't also place a series of bets, unlike an average sports fan, to exploit all outcomes.
no.. the house collects what is known as the Vig or Juice which is a percentage of the bet regardless of who wins..

ie. If you bet $100 on the Sehawks, you would collect only $90 (10% to the vig)
ie. If you bet $100 on the Broncos, you would lose $100.

Still the house must keep the money as even as possible. Ie. 1 million bet on the Seahawks and 1 million bet on the broncos is perfect.. the house would collect 10% regardless of the winner. The house keeps the money on each side as even as possible by moving the line to get more money on one side or the other..
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Old 02-06-2014, 11:04 AM
 
Location: Minnesota
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Well, the little I know says bettors can place complex bets, multiple bets, either to expand winnings or minimize losses. The vig of course is a transaction cost. That figures in stock market bets, too. Derivatives involve high expenses. But today, I assume that even bookies have complex software that determines the bets they'll take. The big ones, anyway. You can probably go do an illegal bet and pit yourself against a guy who handicaps sports in his own brain.
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Old 02-06-2014, 11:20 AM
 
Location: Vegas
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From one of my favorite sites, here's an answer as to how the odds are set - HowStuffWorks "How Sports Betting Works"
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Old 02-06-2014, 11:30 AM
 
9,035 posts, read 16,543,939 times
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Quote:
Originally Posted by Beenhere4ever View Post
Well, the little I know says bettors can place complex bets, multiple bets, either to expand winnings or minimize losses. The vig of course is a transaction cost. That figures in stock market bets, too. Derivatives involve high expenses. But today, I assume that even bookies have complex software that determines the bets they'll take. The big ones, anyway. You can probably go do an illegal bet and pit yourself against a guy who handicaps sports in his own brain.
It's really difficult to find much of an arbitrage situation ..... the lines are pretty well thought out and fairly consistent from book to book

There are some "local" opportunities if you are playing with an illegal book in an area where the betting may not be as balanced .... but again, somewhat difficult

The one time I was somewhat successful in covering outcomes was in the NE/St.L SB where NE was a large underdog ....... I was able to play around with the score margin lines (for example NE 0-3 / NE 4-7, etc) ....... each margin of victory had a different line ..... I was able to play certain combination outcomes (frequently parylaying with over/under or other related outcomes) but even then it wasn't perfect .... there was a single outcome, although not likely that would have resulted in a good amount of loss, another outcome that would have been marginal losses (a few points on every dollar wagered) .... most were moderate upside and a couple were large upside

Being a broke college kid at the time I could really only play what I could afford to lose and I ended up doing alright during the game

Shortly thereafter some books limited the way you could package some of the bets as well

There is a story about the founders of an options/derivatives firm back east that really got their start when the partners were just college kids - they'd go to the local horse tracks, follow the lines and would sit there and place hundreds of wagers each race, basically lining it up for almost no lose propositions ....... they did this until the books no longer took their action, but made a killing
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Old 02-06-2014, 01:28 PM
 
Location: Minnesota
5,147 posts, read 6,387,987 times
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Quote:
Originally Posted by sargentodiaz View Post
From one of my favorite sites, here's an answer as to how the odds are set - HowStuffWorks "How Sports Betting Works"
Very interesting. So if I bet at 9am with a given line, that's the bet no matter how many times the bookie moves the line? So that later bettors will have a different line than I have?
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