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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.
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.
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..
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.
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
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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