I think it was the bettors who bid down an already cheap open 15 cents to a widely available -120 yesterday that are the ones missing something.
In my opinion, when accessing value on the Cardinals, they are a very starting pitcher dependent team (meaning their lineup and bullpen appear to be consistently fairly valued). Wainwright, more than any other one of their pitchers, is the most consistently undervalued. Despite the market making the proper adjustments over the last 10 hours to their asking price, one can still make a case for a small backing at some of their current cheaper asking prices.