OFFSHORE BOOKMAKERS REJOICE AS DOGS COVER 11 OUT OF 16 MARCH MADNESS GAMES THIS WEEKEND
written March 23rd, 2004 by The Shrink
Virtually all of the offshore sports books had a huge winning weekend because gamblers continued their usually trend of betting on favorites. Since the underdogs covered the pointspread in eleven out of sixteen games, many bettors took a serious beating.
One bookmaker responded saying, "If we can't win when the underdog covers 70% of the games, we shouldn't be in business. Not only did we crush the public, but the volume has been heavier than ever."
When asked why he thought that people were betting more this year than in previous ones, he said, "I think it's because the economy has been stronger than in years gone by and there is nothing else to bet on."
Two number ones seeds and two number two seeds not only failed to cover but they were ousted from the tournament. The victims include Kentucky, Stanford, Mississippi State and Gonzaga. Many people filling out brackets for office pools feel that they are probably going to lose since the most popular pick to win it all was Kentucky.
The bookmaker verified this fact by saying, "we took more future bets on Kentucky than any other team. Of course, Duke was close behind, so we'd love to see the Dukesters go down, too."
With the Sweet Sixteen commencing again on Thursday night, I have little doubt that favorites such as Duke and Connecticut will be overbet. One trick I often like to tell some of my friends is as follows.
Ask four or five of your friends who they like in any particular game. If they all say DUKE, then bet the opposite side. This contrarian approach works to some extent because the oddsmakers base their line on public perception, and not solely on value.
written March 23rd, 2004 by The Shrink
Virtually all of the offshore sports books had a huge winning weekend because gamblers continued their usually trend of betting on favorites. Since the underdogs covered the pointspread in eleven out of sixteen games, many bettors took a serious beating.
One bookmaker responded saying, "If we can't win when the underdog covers 70% of the games, we shouldn't be in business. Not only did we crush the public, but the volume has been heavier than ever."
When asked why he thought that people were betting more this year than in previous ones, he said, "I think it's because the economy has been stronger than in years gone by and there is nothing else to bet on."
Two number ones seeds and two number two seeds not only failed to cover but they were ousted from the tournament. The victims include Kentucky, Stanford, Mississippi State and Gonzaga. Many people filling out brackets for office pools feel that they are probably going to lose since the most popular pick to win it all was Kentucky.
The bookmaker verified this fact by saying, "we took more future bets on Kentucky than any other team. Of course, Duke was close behind, so we'd love to see the Dukesters go down, too."
With the Sweet Sixteen commencing again on Thursday night, I have little doubt that favorites such as Duke and Connecticut will be overbet. One trick I often like to tell some of my friends is as follows.
Ask four or five of your friends who they like in any particular game. If they all say DUKE, then bet the opposite side. This contrarian approach works to some extent because the oddsmakers base their line on public perception, and not solely on value.
