Calculating odds/lines/spreads?

Probably a pretty basic question but didn’t know where else to try. How are the odds in sporting events found? Also how do they calculate the spreads in football games? Just curious, any helps appreciated.

-Steve

Unlike other casino games of chance, where the exact odds can be determined, sports betting relies somewhat on opinion to determine odds and spreads. Expert handicappers are used to determine this. Most of the Las Vegas casinos use Las Vegas Sports Consultants, and their line spreads are generally what you get when you read about point spreads in the paper or hear them on television. They use a staff anylysts and clerks, and nowadays use computers to help them determine odds and spreads.

LVSC was founded by Michael Roxborough. I highly recommend the book The Man With The $100,000 Breasts (and other gambling stories). It’s got a great chapter on Roxborough and his company and how they go about determining the spread. “Oddsmaking is a little art and a little science,” he says in the book.

Generally, those who seek to broker bets (bookies, Las Vegas casinos, etc.) start with an estimate of the point spread or odds that will cause an equal number of bets to be placed on each side (which leads to nice, safe profits). They then watch the way actual betting action happens, and will adjust the odds or spread as necessary to give the desired result (same amount bet on each side).

One consequence is that the odds/spread will differ from place to place. If the Bears are playing the Giants, it’s normal that the spread in Chicago is different from NY – Chicago fans tend to think better of the Bears’ chances than do the New York fans.

Thanks for the replies :slight_smile: