Question about how Vegas odds work?
Results 1 to 4 of 4
  1. #1
    Addict
    Points: 183,087, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 20.0%
    Achievements:
    Veteran50000 Experience Points
    clonedude's Avatar
    Join Date
    Apr 2006
    Posts
    7,611
    Points
    183,087
    Level
    100
    Thumbs Up
    Received: 490
    Given: 0

    Question about how Vegas odds work?

    I was listening to the Dan Patrick show today and he was saying how Vegas probably cleaned up last night with the total score going "under" instead of "over", and with the Saints winning the game also.

    Isn't this totally off base?

    I always thought the way it worked was that they set the over/under number, the spread, etc initially as close to where they believe it should be, but then after that, it fluctuates up and down in order to get the exact same amount of dollars bet on each side?

    So, in the end, they get nearly the exact same dollar amounts on each side of every bet, and then they skim off their betting fee and that is the profit.

    Am I wrong about this? Or is Dan Patrick wrong that Vegas cleans up when a certain team wins or loses?



  2. #2
    Rookie
    Points: 10,631, Level: 31
    Level completed: 12%, Points required for next Level: 619
    Overall activity: 0%
    Achievements:
    SocialVeteran10000 Experience Points
    khess83's Avatar
    Join Date
    Jan 2009
    Location
    Beaverdale-Des Moines, IA
    Posts
    589
    Points
    10,631
    Level
    31
    Thumbs Up
    Received: 0
    Given: 0

    Re: Question about how Vegas odds work?

    No expert here but that is always the way I have understood it.



  3. #3
    Hall-Of-Famer
    Points: 35,371, Level: 57
    Level completed: 94%, Points required for next Level: 79
    Overall activity: 1.0%
    Achievements:
    Veteran25000 Experience Points
    fccy's Avatar
    Join Date
    Dec 2008
    Location
    Forest City
    Posts
    3,604
    Points
    35,371
    Level
    57
    Thumbs Up
    Received: 29
    Given: 550

    Re: Question about how Vegas odds work?

    You are correct in how Las Vegas odds work; it is to get equal money on both sides.

    However, if there is a bunch of money coming in late on one side of a bet, they can not make the adjustments fast enough (I think).

    So, if a bunch of money came in late on the over and a bunch of money came in late on the Colts, they would make a killing.



  4. #4
    Addict
    Points: 183,087, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 20.0%
    Achievements:
    Veteran50000 Experience Points
    clonedude's Avatar
    Join Date
    Apr 2006
    Posts
    7,611
    Points
    183,087
    Level
    100
    Thumbs Up
    Received: 490
    Given: 0

    Re: Question about how Vegas odds work?

    Quote Originally Posted by fccy View Post
    You are correct in how Las Vegas odds work; it is to get equal money on both sides.

    However, if there is a bunch of money coming in late on one side of a bet, they can not make the adjustments fast enough (I think).

    So, if a bunch of money came in late on the over and a bunch of money came in late on the Colts, they would make a killing.
    Thanks. That makes sense. So, I'm right, but Dan Patrick could also be correct if a lot of last minute bets were placed on the Colts to cover the spread and on the over as well.

    Does anyone know when the last time they make an adjustment to the betting lines? For example, for the the Super Bowl, when is the last adjustment made? 2 hrs before the game? 8 hrs? Two days? What?



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • TV: Cyclones.tv
  • HOOPS: Iowa State vs. Mississippi Valley State
  • December 31, 2014
  • 06:00 PM