Posted by | Alikat | in Sports Betting 101

As we near the start of the 2007 NFL season, I thought I would take all of you fun loving sports fans who may be interested in making a little extra dough this season through a little basic training!

Today’s installment covers the single most important thing you’ll need to know about in sports betting - “The Line” - which is why it’s the first of this three part sports betting 101 series.

Who makes the line?

Las Vegas Sports Consultants (LVSC) are the major oddsmaking company in the world and the most respected authority in the business when it comes to making lines for the major sports (check them out, they aren’t cute!). Since betting on the NFL is our bread and butter, we will deal with the NFL lines at this time.

LVSC is made up of 4-5 oddsmakers who set the lines for the NFL games based on their own unique handicapping skill and opinions. Nowadays, these guys are basically sports junkies who love to research trends and statistics. They follow the teams throughout the season to come up with a line that is good for action on both sides of the line. While these guys do get paid for their service, I suspect that they would do it for free if you asked them to.

Notice I said a little earlier “action on both sides of the line.” This brings me to -

What does the line truly represent?

The line does not represent how much Vegas thinks the favorite will win by as many sports betting fans think but rather what the LVSC think will bring equal action on both sides of the line. Since the various sportsbooks have a built-in advantage over the player (11-10 odds) as long as the money wagered on both sides of the game is relatively equal, the sportsbooks will make money. More about the 11-10 odds advantage later. Always keep in mind sports betting fans that you are playing for or against the line and not someone’s opinion on who will win the game.

How the line is made

NFL sports betting lines are made using a variety of methods but they usually start with each oddsmaker’s Power Rating for the respective teams. Power Ratings are adjusted after each game of the season and represent the oddsmaker’s value of that team. For instance at the start of this 2007 season the teams with the highest Power Ratings will likely be: Patriots, Chargers, Bears, Colts, and Saints.

After this has been decided, the oddsmakers will take into account the following factors:

How the team plays against the upcoming opponent?
How do they play on the road?
Are there any major injuries on the team?
What is the psychological state of mind of the team (usually felt out by reading local newspapers, blogs, etc.)?

The final piece of information used to determine the “Opening Line” is the sports betting public’s bias towards certain teams. Certain teams carry with them a huge fan and sports betting base.

Take for instance the Dallas Cowboys and Pittsburg Steelers. They are loved all over the country and have fans that always believe they are going to win no matter who or where they play. This translates into more money being wagered on these teams just because they are who they are. The oddsmakers may make a line at -3 in favor of the Cowboys to start with and then finally come up with a line at -4. They know that so many more people will bet on the Cowboys at -3, because they have such a bias, that a line of -3 would not generate “equal action on both sides of the line” which is, after all, their number one priority.

Finally at the end of the day the oddsmaker looks at his line and ask himself, “Does it feel right?” Common sense and sports intuition come into play here and the oddsmaker puts forth his line to be weighed against the other oddsmakers at LVSC. They have a discussion and come up with a consensus line to give out to the sportsbooks and then you bet!