Sportsbooks

In the good old days, getting the “skinny” (or inside information) about sports gambling was as easy as reading the Las Vegas line, or the points spread. Essentially, there was only one. Then along came legalized gambling in Atlantic City, New Jersey, suddenly another sportsbook. Not so bad, just a little variety; gamblers had “buying” options. They could "shop" for the line they liked best. Then came the internet. Now there are dozens, even hundreds of sportsbooks, each with its own lines, possible bonuses, and point spreads.

These days it can be more difficult to handicap the sportsbooks than it is to determine which favorite or underdog on which to bet. That is not to say there is not plenty of advice waiting on the information superhighway for the prospective sports gambler.

Odds Making

There are lots of people who make nice six-figure incomes as handicappers for sportsbooks. In many ways they are similar to stock brokers. Their jobs are part statistical analysis, part artistic flair. For the oddsmakers, the initial analysis is usually statistical. Predictions about the future are made by examining what has happened in the past. Oddsmakers use past statistics to assess the strengths and weaknesses of teams and players and to predict what will happen in the future.

Then there is the element of "art." Oddsmakers use their experience and "gut instinct" that comes from years of experience. They mix together the stats and facts they have collected with what they know and feel about the teams and players in question and attempt to come up with a handicap line that accurately reflects both competitors' abilities.

Adjustments

This assessment establishes the initial line for a game, but that assessment is adjusted continually until the beginning of the contest. These adjustments are based on late breaking developments or new information and the amount and type of bets received by the sportsbooks. Over the course of betting, the books will adjust the lines based on bets made and attempt to keep "action" equally split between the competitors.

The sportsbooks want to make money regardless of who wins and not risk their own money. As such they are looking to garner a profit from the commission they charge to take the bets, referred to as the "juice" or "vigorish." The effect of this for the bettor is to change the attractiveness of laying off bets on the other team.

With some betting line adjustments it is possible to bet on one team one day, and the other team a few days later after the odds have changed. Strangely enough, when properly manipulated, a bettor can win both bets if the final score of the game falls in between the differing point spreads. The bettor might also lose both bets. Either way the book gets its juice and, over the long haul, minimizes its risk.