Know who set odds in sporting events
It is important to understand the topic with clarity. In the first part, we will discuss Las Vegas Sports Consultants and thereafter learn about some of the new sports betting that has been unveiled in recent years.
Founded by Michael “Roxy” Roxborough in 1982, Las Vegas Sports Consultants (LVSC) is far and away the world's most important odds-maker for sporting events. Comprised of an elite team of top handicappers, LVSC currently provides the “opening line” to roughly 80% of sportsbooks in Las Vegas, and countless more overseas.
“Roxy” Roxborough and the History of the Las Vegas Sports Consultants
Before LVSC, odds-making in Las Vegas was highly decentralized and it was not a smooth experience for sports betting gamblers. According to Jeremy Martin's article on the history of sports betting, odds-makers in the early 1980s kept their records in notebooks. Oftentimes, they would bet into very same lines they set – an obvious conflict of interest. Roxborough, however, played the role of a businessman and helped to dispel the image of the shifty and shady odds-maker.
Capitalizing on computer technology in the early years of computerization in various industries including gambling and betting, Roxborough turned his one-man operation into a multi-million dollar, fully-staffed company. He sold LVSC in 1996, and the company has changed ownership twice since. Currently, it is owned by Cantor Gaming, an affiliate of the global financial services company Cantor Fitzgerald, who acquired it in November 2008.
What does the LVSC do?
The expert odds-makers at LVSC share opinions and arrived at what they call its “consensus” line. Contrary to what many believe, this line is what these odds-makers predict the actual result of the game in question to be.
This information is then passed on to clients – the books – who adjust this line according to where the bettors are placing their money. The bookmakers use the LVSC consensus line as their starting point. It is the books, not the LVSC, who doctor game lines if their in-house experts believe they can take advantage of any sort of public sentiment towards a given match-up
Although handicapping the games is the most important service the LVSC provides, they also provide books with up-to-the-minute injury and weather information concerning games on the board, as well as advice on how to adjust lines accordingly.
Despite the proliferation of off-shore Internet-based sportsbooks, the LVSC is still the most influential voice when it comes to setting the opening line for sporting events. Lately, the company announced a major rate hike for their service's subscribers. Without any major competitors who can match the LVSC's experience and expertise, everyone paid up; a clear indication that the group's place atop the world of odds-making is firmly secure.
New Sports Betting Options Unveiled
All they really want is for their sworn enemy – the land-based sports books in Las Vegas, and the offshore online bet-takers of cyberspace – to make it easier for them to win money. But is that ever really going to happen?
Seems unlikely. And it is even less likely now that legal sports betting operators (sportsbooks) in Las Vegas are losing a large chunk of their business to upstart Internet-based competition that operates in a sort of legal grey area and is not taxed or regulated.
Sports Betting by the Numbers
The Nevada Gaming Commission numbers show sports wagering revenues last year were only $125 million, just more than one per cent of total gambling revenue, as online gambling sites are drawing patrons away from traditional casino sports books.
What pacifies the punters somewhat is more betting options. And while these expanded options still favour the house 11-10, betting variations like In-Running are gaining steam.
In-Running betting allows players to make wagers on live sporting events during the actual flow of the game. So once a football game, for example, kicks off, a bettor, or any all-around sports enthusiast, will be able to wager on things like who will win the game and the over/under, as well as whether the current drive will yield a first down or result in a punt, field goal, touchdown or turnover.
Bets can be made on whether a field goal that is being set up will be good or whether or not the next play will gain 20 or more yards.
Casino Gaming Innovation Starts in Las Vegas
Las Vegas-based Cantor Gaming is the company chiefly driving the boom in In-Running offering their product dubbed E-deck at the M Resort, the Venetian, and Palazzo, all in Las Vegas. It is essentially a mobile device that will operate anywhere in the Casino or a guest's room.
Innovation comes from the independent operators, not the casino, according to legendary odds maker Roxy Roxborough.
“All this innovation is coming from the independents."
More Betting Options, More Money to be Made
Whether portable technology will bring back bettors to brick-and-mortar casinos in the numbers they would need to compete with their online brethren remains to be seen.
But what is obvious is that technology and a little competition are providing more options to the bettors themselves, and if it is not in their best interest to make it easier for them to win, at least they can provide an enhanced betting experience. To know more about it, simply visit this site and become one of the smartest sports betters.
Verdict
Sports betting is not for everyone. It requires skill and intelligence to guess the right bet. It is not simply based on luck, but a thorough study of the game is required to guess what is to happen next. It requires some experience before the bets start turning fruitful and one starts making money. In this article, we discussed just a small part of the entire scenario and believe that this may help in gaining confidence in sports betting. Hundreds and thousands of related videos are available on YouTube and it is suggested to watch some of those to understand better about sports betting and overcome losing bets.
