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  #1  
Old 02-15-2005, 11:42 PM
Clement's beard Clement's beard is offline
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Default Vegas odds makers.

Just checked the online sports section of the Trib and they have the Yankees and cubs as the favorites to win the pennant. Are odds determined by the amount of "action" a team gets or are they determined by overall strength of a team? I have always wondered how they determine these odds.
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Old 02-16-2005, 12:07 AM
Jabroni Jabroni is offline
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The odds are determined by the "action" or money bet on a team, which is an indicator of which teams gamblers perceive to be the strongest to win their division and/or World Series. Apparently, gamblers are only thinking about Wood, Prior, Zambrano, and Maddux and are forgetting that the Cubs have a weak bullpen, no closer, and the weakest starting outfield in the N.L.
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Old 02-16-2005, 12:16 AM
JoseCanseco6969 JoseCanseco6969 is offline
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Quote:
Originally Posted by Clement's beard
Just checked the online sports section of the Trib and they have the Yankees and cubs as the favorites to win the pennant. Are odds determined by the amount of "action" a team gets or are they determined by overall strength of a team? I have always wondered how they determine these odds.
Is there a way to throw in a bet that the Flubs WONT win the pennant??? hehe
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Old 02-16-2005, 12:26 AM
Jabroni Jabroni is offline
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Quote:
Originally Posted by JoseCanseco6969
Is there a way to throw in a bet that the Flubs WONT win the pennant??? hehe
You can bet on anything and that wouldn't be a bad one to make.
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  #5  
Old 02-16-2005, 12:39 AM
MUsoxfan MUsoxfan is offline
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Quote:
Originally Posted by Jabroni
You can bet on anything and that wouldn't be a bad one to make.
Indeed. I would gladly bet on the field against the Cubs
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Old 02-16-2005, 01:16 AM
NSSoxFan NSSoxFan is offline
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Quote:
Originally Posted by MUsoxfan
Indeed. I would gladly bet on the field against the Cubs
I wonder what kind of odds they would give you...
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Yeah, they won is spite of Greg Walker, Ozzie, KW, JR and everybody else associated with that team. It's either a friggin' miracle or they knew more about what they were doing than posters here. I guess I have to go with "friggin' miracle" since the posters here obviously make any professional baseball person look like a moron.
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  #7  
Old 02-16-2005, 03:52 AM
Steelrod Steelrod is offline
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Quote:
Originally Posted by Clement's beard
Just checked the online sports section of the Trib and they have the Yankees and cubs as the favorites to win the pennant. Are odds determined by the amount of "action" a team gets or are they determined by overall strength of a team? I have always wondered how they determine these odds.
It's the same Cubs money that sells out a sub .500 team that bets on it!!
Gamblers don't have to be smart...just need money...end of story!
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Old 02-16-2005, 06:43 AM
DrCrawdad DrCrawdad is offline
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Default Vegas Odds On Who'll Win The WS, Please explain...

Quote:
The Cubs not only are favored in the National League, but by a large margin -- 11-5 to win the pennant and 5-1 to win the Series. Their closest challengers, the Astros, are 5-1 and 12-1, respectively. Only the Yankees (3-1) and Red Sox (4-1) are at shorter odds to win the Series.

This can mean only one of two things: Either the oddsmakers are smoking something, or they think Cubs fans are.

The White Sox, no surprise here, are in the middle of the pack in the American League -- 13-1 to win the pennant, 25-1 to win the Series. - Sun-Times, Feb. 16, 2005
I've heard from quite a few different places about Vegas choosing the Cubbies as favorites to win World Series. Ok, will someone please explain how Vegas arrives at the odds and what they mean?
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Old 02-16-2005, 07:25 AM
kraut83 kraut83 is offline
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FWIW I heard something on the radio a while back that people place so many small "sentimental" bets on the flubs, that it is what drives them up so high.
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  #10  
Old 02-16-2005, 08:26 AM
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SOXintheBURGH SOXintheBURGH is offline
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Quote:
Originally Posted by DrCrawdad
I've heard from quite a few different places about Vegas choosing the Cubbies as favorites to win World Series. Ok, will someone please explain how Vegas arrives at the odds and what they mean?
Basically:

Vegas wants to make money and know Cubs fans will bet since every year is "the year." If they put odds on the Cubs that look reasonable, a lot more money will be made off of idiots.
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Old 02-16-2005, 08:32 AM
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SOXintheBURGH SOXintheBURGH is offline
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DrCrawdad asked the same question in WTS?


Basically:

Vegas wants to make money and know Cubs fans will bet since every year is "the year." If they put odds on the Cubs that look reasonable, a lot more money will be made off of idiots.
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Old 02-16-2005, 08:34 AM
gosox41 gosox41 is offline
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Quote:
Originally Posted by DrCrawdad
I've heard from quite a few different places about Vegas choosing the Cubbies as favorites to win World Series. Ok, will someone please explain how Vegas arrives at the odds and what they mean?
This is how I understand it, though I may be wrong. Once odds are determined by the oddsmakers (something that seems difficult) the odds are based on supply/demand. Oddsamakers job is to make the odds look enticing enough to draw money for each team. Vegas wants to have the money split evenly among the teams so they don't take a huge hit if 1 team wins. They make enough money off the top.

The reason the Cubs odds have gotten better is that more money is betting on them. At least htat's how I understand it. It's probably more complex, but once the odds are set dupply/demand determines where the odds go from there.


Bob
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  #13  
Old 02-16-2005, 09:11 AM
D. TODD D. TODD is offline
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The idea for any odds is to create an equal amount of action on both sides. In this case on each team throughout baseball. This ensures a win for the house by collecting the "juice" on all losing bets. As the Cub fans lay more money on their team the odds will get lower, this does not reflect a increase in the believe of the oddsmakkers that the Cubs will win.
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Old 02-16-2005, 11:10 AM
Vestigio Vestigio is offline
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I am definetly placing $20 on the Sox to win the division when my parents go to Vegas next month.
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  #15  
Old 02-16-2005, 12:32 PM
Lip Man 1 Lip Man 1 is offline
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Read Ron Rapoport's comments on this in Wednesday's Sun-Times column. It's funny and he can't explain what got into the Vegas people.

Lip
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