Curious to find out who sets the betting odds in Vegas and understand the mechanism behind the common two betting systems – point spread and money line? Considering it is crucial to know your gambling business when you want to become a successful bettor, let’s have a closer look at each of these fundamental aspects herein.
With no intention to discourage you on your path of learning the ways of the betting industry, be warned that Las Vegas odds are a complex concept that takes time to be thoroughly understood. However, let’s get you started by covering all the basics. The first thing you should know is that odds makers don’t guide their decisions exclusively on statistical and mathematical formulas when setting point spreads or, as they are commonly referred to these days, sports lines.
Aside from team form and past results, there is a broad spectrum of factors that contribute to the way Vegas odds are set, starting with weather and pitch conditions and going all the way to the overall number of bettors for that particular game. The well-versed bettors know the importance of studying these factors, which is why they always guide their bets based on them. You too should follow example of the masters and spend some time analyzing and reviewing the games before making your sports picks.
If you are interested to know who pulls the strings of all wagers in Vegas, then find out that the people in charge with establishing the odds are the Las Vegas Sports Consultants Inc. These people hold the responsibility of making things tick for about three quarters of the licensed sports bookers in the State of Nevada.
The two more popular betting systems in the industry are point spread (aka sports line) and money line. With the first type of system, Las Vegas odds decide the sports line for a particular game in such a way as to encourage a balanced amount of bets for both teams in the clash. Although the sports line isn’t without its subtleties, at the root of the process of calculating the odds rests the concern to get an equal amount of money from all expected bets.
The second system of Vegas odds consists in two separate money lines: the favorite and the underdog. If you decide to place your money on the favorite, the numbers will tell you how large your bet should be to win the minimum amount of 100$. If the money line set for a particular team is -230, it means you will have to bet 230$ in order to win 100$. In the event of a win, you will recover your initial bet of 230$ and earn 100$ on top of that. When you place your bet on the underdog, a money line of, let’s say +160 represents the amount you can earn by placing a 100$ bet. This means that if you win a bet of +160, you will cash in 160$ plus your original 100$ wager.
Although there are many other things to explore and assimilate before you can call yourself a knowledgeable bettor, the information given here will help you begin your journey in the world of betting on the right foot. Someday you will reach a point where you we will guide your decisions on personal experience and instinct rather than theory. Until then however, make sure you do your homework before you place your bets, carefully analyze your sports picks and be careful how you choose your odds to improve your chances of winning.