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Betting Baseball
While baseball may have lost its place to
basketball and football in the heart of many fans it is still
held in high regard by many sports bettors. Professional bettors
eagerly await the start of baseball and its long season of
pitching matchups, streaks and 10-cents lines. On the other hand
sportsbooks dread the onset of the summer game because with it
they operate on very small profit margins.
While there are many keys to a successful baseball handicapping
season the eight we will mention here will put the baseball
handicapper well on the way to a profitable baseball wagering
season. The keys are 1) Understanding the baseball line 2)
Picking winners at a winning price 3) Making a Line Better than
the linemaker's 4) Listing pitchers 5) Checking your tickets 6)
Understanding line moves 7) Knowing your break-even price and 8)
Staying on top of Record-Keeping and Statistics.
Any understanding of baseball handicapping must begin with an
understanding of the baseball betting line itself. Las Vegas
sportsbooks in the main use what is called a 10-cent line on
baseball. A 10-cent line is a line in which the difference
between the lay odds on the favorite and the take odds on the
underdog is 10 cents.
For instance, on Opening Day when the Philadelphia Phillies
played the New York Mets the price on the game was New York Mets
-110, Philadelphia Even. A bettor wishing to wager on New York
had to lay 11-to-10 while a bettor wagering on Philadelphia
could have expected to receive back 10-to-10 (even money) for
his wager if Philadelphia had won.
Had this been a football game (Philadelphia vs. New York!) not
only would there have been a pointspread but each side would
have been asked to lay 11-to-10. Football and basketball bettors
play into a 20-cent line which makes the house edge higher and
more difficult to overcome. The fact that sportsbooks use a
10-cent line in baseball with its inherently smaller house edge
is one reason astute players can give the sportsbooks a real run
for their money during baseball season.
One other attraction with baseball wagering is that there is no
pointspread involved. If you pick the outright winner of the
game itself you have the winner versus the spread as well. This
is not always the case in football or basketball wagering where
a team may win the game but not cover the pointspread. However,
baseball players do well to understand the money line odds and
to be sure not to be paying too much for their chance to pick a
winner.
As with horse-racing, dog-racing or other sports betting games
involving a pointspread the key to a successful baseball betting
season is not just picking winners but picking winners at a
winning (or right) Words like value and overlay are as important
to the baseball bettor as are the ERA's of the starting pitchers
for today's game.
Value and overlay mean
essentially the same thing: that the potential reward for
playing on a team or a horse exceeds the inherent risk. There is
always risk in wagering on a sporting event or a horse race
(thus such terms as "lock" and "cinch" have
no place in the intelligent players vocabulary) but when the
chance of reward (a win) is greater than the risk or cost of the
play itself then there is "value" in making the play.
Value can be found on any proposition at any price but is most
often found in baseball wagering with underdogs or with
lower-priced favorites. Once a favored team's price goes about
-150 (7 1/2-to-5) it is difficult to justify making the play
even if there is some apparent value. The risk of laying a large
sum of money to win a smaller sum becomes too great and if
something does go wrong it is too difficult for most players to
recoup their losses when playing heavy favorites.
How then does the baseball handicapper find value with his
underdog plays and lower-cost favorites? He finds it most often
by making his own line and then comparing it to the posted Las
Vegas line to ferret out that one little edge. Making a line on
a baseball game is a skill that comes with time and practice. No
beginning handicapper will be able to make a line as good as the
Las Vegas line.
With time and practice he might be able to advance to the point
of being able to make a line "as good as" the Las
Vegas line but that will still not put him over the edge into
profitability. He will need to go one step further and be able
to consistently make a line better than the Las Vegas line in
order to be able to turn a profit each handicapping season.
Making a line on a baseball game involves most often making a
line on the two starting pitchers so a knowledge of the
pitchers, their statistics, their history versus today's
opponent, and how they have performed both at home and on the
road is a necessity.
Because starting pitchers are so important in determining the
outcome of a baseball game most baseball handicappers will
"list pitchers" when they make a wager. For example,
let's say San Diego is visiting St. Louis with Mark Langston on
the mound for the Padres and Todd Stottelmyre on the mound for
St. Louis. You like San Diego, but only if Langston goes against
Stottelmyre.
When making your wager you specify "listed pitchers."
That is, you have a wager on San Diego but if and only if
Langston and Stottelmyre both start the game. In the event one
or the other (or both) do not start you have "no
action" and your wager is refunded. You can also list you
one pitcher (Langston must go no matter who starts for the
Padres) or list against one pitcher (You will take whoever goes
for San Diego against Stottelmyre).
You list pitchers is to protect yourself in the event of a late
pitching change. You go to all the trouble of handicapping a
game based in large measure on the matchup of the starting
pitchers and play a price that you believe to have value. You
then do not want to take potluck in the event your pitcher
injures himself during warmups and cannot start. You do not want
your money riding on the arm of second-rate hurler even if you
get better odds after the sportsbook adjusts its price to
account for the new pitching matchup. The replacement hurler
might even win the game but you do not want to trust your
fortunes to might's and maybes.
Another thing you can do to protect yourself and your
hard-earned cash is to check your tickets at the betting window.
Ticket writers do make mistakes and players make mistakes too as
they call out the wrong number in the heat of the battle or the
excitement of being at the betting window. There is nothing more
disappointing than doing all your hard work, making the correct
handicap on the game, seeing your choice come through, then
looking at your ticket and discovering you have the wrong team!
So check those tickets at the betting window.
To return to our discussion of value and getting the best price
there are some players who wait for a line to move and then
step in with a play on the other side figuring they
automatically have the "best of it." The fact that
baseball uses a 10-cent line means that the bookmaker is limited
in how much he can move a game. With football or basketball
wagering where a pointspread is involved the house can simply
keep moving its number in one direction as long as players want
to keep playing it. With baseball though the house is ordinarily
limited to moving a game 10 cents else or else risk paying out
more money than they are taking in no matter who wins.
One thing to remember about line moves in baseball wagering is
that the lower the price is on a game to begin with the more
significant each five-cent move in price is. In our
Phillies-Mets example above if the price on the Mets goes from
-110 to -115 it may look like a simple five-cent jump in price.
However, the difference between a player laying 11-to-10 and
laying 23-to-20 is nearly 5%.
Not only did the cost of the game for Mets players jump 5% but
the percentage of winners needed to break even jumped nearly 2%
as well. That is, with a price of -110 the player needs to win
52.38% of his bets just to break even while at a price of -115
he needs 53.45% winners to break even. On the surface it appears
that 53.45% is 1.07% more than 52.38% but that 52.38% was the
starting point (not 100%) and 1.07% is nearly 2% of 52.38%.
On the Philadelphia side, the price rise on the Mets means the
Phillies player is now getting back (potentially) 5% more on his
dollar wagered. That is, rather than paying even money a
Philadelphia wager will return +105 (21-to-20) in the event of a
Phillies' win. The Phillie backers percentage of winners needed
to break even has dropped as well from 50% to 48.78%.
However, let's say that instead of -110 the price on this game
was Mets -170. If the game goes to Mets -175 then there is not
that much difference between laying 17-to-10 and 35-to-20; the
five-cent change at the higher price range amounts to a chance
of only about 3% in the cost of the play itself. In addition,
the percentage of winners needed to break even climbs from
62.96% to 63.63%. That is real increase of only about 1%
compared to the real increase of 2% at the lower price level in
the example above.
The payoff per dollar wagered and percentage of winners needed
to break even is very important in baseball wagering. You may
pick 60% winners but if your average lay price is -165 you need
62.26% winners just to break even: you will end up in the red.
Conversely, a player who picks but 51% winners at an average
take price of +1.05 will end up in the black because he needs
only 48.78% winners to break even at that price.
All of this knowledge about prices, value and line moves will
avail the player little if he cannot pick the requisite number
of winners in order to show a profit. Since baseball is a daily
grind from April to October the player will have to stay on top
of his record-keeping, statistics and information on a daily
basis for better than six months. This is not for everybody and
explains why sportsbooks do have trouble showing a profit versus
the committed everyday professional baseball handicapper.
Daily action and the wealth of statistics available and involved
with baseball handicapping can keep the player quite busy
throughout the summer when baseball is the only game in town.
When talking about statistics and baseball wagering what is most
often meant is pitching statistics although team statistics can
weight heavily in the handicapping process as well. The baseball
handicapper needs to get and stay organized in order to have a
successful baseball handicapping season.
The best way to get and to stay organized is to have a notebook,
workbook or computer on which to enter statistics on a daily
basis and to do so. With the now 30 teams in the Major Leagues
there can be 15 or more games in a day and 100 or more games in
a week. The statistics pile up quickly and it can be impossible
for the handicapper to catch up if he falls behind in his daily
record-keeping. Plus, since baseball is played on a daily basis
and in series form (that is, one team plays an opponent two to
four times in a row) what happened yesterday can often have a
bearing on what will happen today. The baseball handicapper who
believes he will come out ahead at the end of the year does not
object to the amount of work that goes into record-keeping and
statistics.
While these eight keys are not the only keys to a successful
baseball wagering season they will have the beginning
handicapper well on his way to a successful baseball wagering
season as well as helping the more experienced player take his
handicapping game to another level. The eight keys are 1)
understanding the baseball betting line 2) picking winners at a
winning price 3) making a line better than the linemaker's 4)
listing pitchers 5) checking your tickets 6) understanding line
moves 7) Knowing your break-even price and 8) staying on top of
record-keeping and statistics.
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