| Bookmakers in the 20th Century had it easy. Prior to | | | | public bettors were making more educated wagers. |
| the new Millennium, bookies could always count on | | | | Sports betting is essentially a battle between the public |
| large masses of public bettors - referred to as | | | | squares and the professional 'wise guys'. And you can |
| "squares" by those behind the counter - to blindly bet | | | | guess which group usually comes out on top. This |
| on the favored team in any sporting event, especially | | | | symbiotic relationship is crucial for bookies to balance |
| one involving NFL football. Often times it didn't matter | | | | their action (and assure a profit via the vigorish, or |
| what number the books released on a game, the | | | | commission charged to sports bets). When both |
| public would bet the favorite with reckless abandon. | | | | groups are on the same side of a game, however, it |
| This allowed the bookie to set 'shaded' numbers which | | | | can spell major trouble for the books."The first half of |
| means they loaded down the favorite with extra | | | | the year (in the NFL) was like that," said Kornegay of |
| points. It didn't matter what number the bookmaker | | | | the 2004 regular season. "The public money and the |
| strung up on a team - especially in big games - the | | | | educated money was on the same side. And a lot of |
| squares would line up to take it.Boy, how times have | | | | times during that stretch they were correct. So the |
| changed.In the last five years, bookmakers have | | | | books really got off to a rough start (during) the |
| noticed a major fluctuation in the way the public | | | | months we usually have fairly decent numbers. You |
| wagers on sports. Squares can no longer be counted | | | | (look at) the last couple of Super Bowls and you didn't |
| on to bet the favorite in any situation. Anticipation of | | | | always just see a rush of favorite money, you didn't |
| where the handle will fall on a sporting event is one of | | | | see a rush of 'over' money and you didn't see a rush |
| the key tools for a bookie in hopes of securing a | | | | of favorite and over money (on parlays). There isn't |
| strong profit for the house. While many public or | | | | overwhelming favorite and 'over' support like there |
| recreational bettors can still be relied on to bet their | | | | used to be."Even though the squares are getting |
| hometown team or an overvalued favorite, the group | | | | smarter and they have shocked bookies at certain |
| as a whole is becoming much more educated and | | | | points in the last five years, all the bookmakers |
| much less predictable in the eyes of the | | | | interviewed for this article agree that this trend is good |
| bookmaker."The public is (growing) tired of getting | | | | for the industry as a whole. Bookies may be forced to |
| burned by just betting the favored team," said Jay | | | | adjust their strategies to adapt to the new |
| Kornegay, executive director of race and sports for | | | | marketplace, but the increased volume that comes as |
| the Las Vegas Hilton. "It's hard to even say 'squares' | | | | a result of more educated and more interested bettors |
| anymore because they are just more educated | | | | is considered a major positive."I think it's great," |
| players."The Information Age has ushered in a new | | | | commented Kornegay. "The volume is terrific. The |
| breed of sports bettor. Recreational bettors do their | | | | more interest we have, the better. It makes our job |
| homework. They research games on the Internet. | | | | more difficult and there is not a problem with that. It's |
| They watch 24-hour sports news programs. They | | | | just more work for us. We pride ourselves on that |
| listen to radio talk shows. They are familiar and | | | | so-called art form of bookmaking and that is |
| comfortable with sports betting and they understand | | | | something we have to rely on more and more every |
| the point spread. Most importantly, they realize that | | | | year.""I think bookmaking is kind of an 'over-time' kind |
| there can be value in taking the points."People are just | | | | of thing," added Beil. "The idea is still to put up a good, |
| more educated," said Tony Sinisi, odds director for Las | | | | strong number and over time the bookmaker should |
| Vegas Sports Consultants, the Southern | | | | win out. That isn't necessarily the case on a |
| Nevada-based odds firm responsible for supplying | | | | day-to-day basis or an event-to-event basis. I think the |
| point spreads to more than 90 percent of the books in | | | | popularity of our industry helps our industry. The |
| the state. "There are more sources to get information. | | | | popularity of sports betting is nothing but a positive (for |
| There's the Internet, there's a myriad of sports shows | | | | the book)."There is also more to sports betting than |
| on television. If you are looking for (the information) you | | | | just being informed. Bookies and oddsmakers both |
| can certainly find it and you are going to become a | | | | agree that interpretation of the information is critical in |
| more educated bettor.""It seems like people are just | | | | regards to long-term gambling success."I think that |
| more accustomed to what the numbers mean and | | | | even if you have good information, unless you are a |
| what types of different bets there are," added Doug | | | | professional player, there are a lot of ways (things) |
| Beil, race and sportsbook manager for Terrible's Hotel | | | | can go bad," said Sinisi. "There's a lot of pitfalls out |
| Casino in Las Vegas. "In year's past there would be a | | | | there. It's not just picking a particular winner. It's money |
| significant amount of people that would come to the | | | | management. It's dealing with emotions (and) greed. A |
| counter where I work and ask 'what does minus | | | | lot of it is the interpretation of the information. The |
| seven mean?' You still get that customer and you still | | | | sophisticated bettor is taking 10 on a game that he |
| get that kind of question, but I think the frequency of | | | | should only be taking eight on. It's the idiosyncrasies, the |
| that is much less than it used to be."Super Bowl | | | | value judgments that are being made by the wise |
| XXXVII was one of the first major betting events in | | | | guys that (differentiate them from the |
| which the squares shocked Las Vegas bookies by | | | | squares)."Bookies must now make adjustments in the |
| going against typical wagering patterns. 'Sin City' gets | | | | way they operate. They can no longer anticipate that |
| so many California visitors that the Oakland Raiders | | | | the public will lay all their money down on inflated |
| are usually a very popular 'public team' with the | | | | favorites. Shading - although still prevalent in the |
| squares. In this big game they were facing off against | | | | industry - is becoming less widespread. Larger line |
| the Tampa Bay Buccaneers. Oakland was a slight | | | | movements will become more commonplace as the |
| favorite and the public was expected to bet them | | | | squares and wise guys load up on the same side of |
| heavily (the oddsmakers shaded the line in anticipation | | | | games, causing bookies to become more aggressive |
| of excessive Raiders handle). On game day, however, | | | | in an attempt to attain balanced books."We used to |
| the public bucked all the trends that have taken place | | | | anticipate and we could pretty much predict (the |
| in Las Vegas books for more than three decades and | | | | handle) just by looking at the game a week in |
| bookmakers saw a huge influx of Tampa Bay money, | | | | advance," concluded Kornegay. "But now it is more or |
| much of it coming in on game day. The Buccaneers | | | | less monitoring during the course (of time) that the |
| won the game, 48-21.This year's NCAA Basketball | | | | wagers come in. And it makes us analyze the type of |
| Tournament provided even more surprises. Las Vegas | | | | money that is coming in more - how fast we should |
| hotels are booked solid months in advance for the | | | | move (the number) or not move it at all. It's definitely |
| tourney, which is almost as big as the Super Bowl for | | | | more of a challenge. Analyzing the type of money |
| local sportsbooks when you add up the combined | | | | coming in is now probably our most valuable tool." |
| handle for the entire event. The public has always bet | | | | Doc's Sports Handy Links:Jeremy Martin archiveWorld |
| the popular teams in the tournament but this year | | | | Cup 2006Breeders Cup 2005Doc's Sports |
| major books like the Stardust and the Hilton actually | | | | Handicapping Service |
| needed some big favorites like Duke and Kansas to | | | | 1-866-238-6696Since 1971 Doc's Sports has been |
| cover in some of their games. This would have never | | | | recognized as one of the leaders and most trusted |
| happened 10 years ago.Kornegay said that the Hilton | | | | names in sports handicapping information. |
| got off to a bad start last football season because | | | | |