1. 01-30-12 06:03 AM #1
    GunShard
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    How exactly do casinos make money off the public?

    Here's my take on it.

    The goal of the casino / line makers, whatever you want to call them, is to make the most money off the public.

    Let's say a total of 10 people. 5 people bet on the Patriots, 5 people bet on the Giants, both ATS bets, each person risking $100 to win back $191. Total money pot is $1000.

    Ok, now let's say the Patriots win. 5 x $191 is $955. $955 goes back the the public, the $45 goes to casino, the casino makes a profit of $45 off the public.

    If 4 people bet on the Giants, 6 people bet on the Patriots. The public wins.
    If 5 people bet on the Giants, 5 people bet on the Patriots, The casino wins.
    If 6 people bet on the Giants, 4 people bet on the Patriots, The casino wins.

    The fact that when you risk $100, you are not doubling your money to $200. It's usually $191 on either ATS side, this gives the casino the house edge. Depending on how the public is dumping their money, the value can go above $200 in the publics favor.

    There's line movement, but there's also value movement.

    Also, watching this video could make you smarter:
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  2. 01-30-12 06:10 AM #2
    GunShard
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    As of right now, most of the public is on the Giants side to risk $100 to win back $180. While the Patriots side is to risk $100 to win back $205. The casinos are making profit here.
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  3. 01-30-12 06:16 AM #3
    TheCentaur
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    This just in, 2+2=4

    Sorry man I couldn't resist
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  4. 01-30-12 06:22 AM #4
    gryfyn1
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    awesome you've been here two years and you've figured out how the vig works...
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  5. 01-30-12 06:49 AM #5
    DrIn$entive
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    Over 2600 posts? Another fast learner in sports wagering

    Sportsbooks are a business, its not like a bet against friends with no vig
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  6. 01-30-12 06:59 AM #6
    DrIn$entive
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    Quote Originally Posted by GunShard View Post
    As of right now, most of the public is on the Giants side to risk $100 to win back $180. While the Patriots side is to risk $100 to win back $205. The casinos are making profit here.



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  7. 01-30-12 07:15 AM #7
    MadTiger
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  8. 01-30-12 07:36 AM #8
    Smoke
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  9. 01-30-12 07:36 AM #9
    UntilTheNDofTimE
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    Wow i know this was meant as a joke but if not holy f\*\*k. Even a retarded 6 year old can figure out the house edge in sportsbetting.
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  10. 01-30-12 08:01 AM #10
    Rockets2200
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    I just peed my pants from laughing
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  11. 01-30-12 08:11 AM #11
    crustyme
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    they dont always make money. vegas lost $2.6 million the last time these teams met in the sb, thanks to everyone taking giants ml.
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  12. 01-30-12 08:16 AM #12
    k13
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    10 people bet on Patriots -3 (+110)
    10 people bet on Giants ML +125

    How does the book profit?

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  13. 01-30-12 08:24 AM #13
    FindTheLock
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    Quote Originally Posted by k13 View Post
    10 people bet on Patriots -3 (+110)
    10 people bet on Giants ML +125

    How does the book profit?

    patriots win by 1 or 2 or 3 even
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  14. 01-30-12 08:32 AM #14
    k13
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    Quote Originally Posted by FindTheLock View Post
    patriots win by 1 or 2 or 3 even
    Something to think about.
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  15. 01-30-12 08:36 AM #15
    shari91
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    To be fair though, sometimes it takes awhile for the lightbulb to go off. I was like 8yo before I finally understood that people on the radio weren't singing live from the local radio station. Used to beg my parents to drive me to go see Corey Hart
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  16. 01-30-12 08:45 AM #16
    FindTheLock
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    Quote Originally Posted by k13 View Post
    Something to think about.
    i understand where you're going with that, but a lot of NFL games end on the key number of 3, and that 2 point window isn't my style. To each their own. That way of betting is no different than laying huge chalk
    Last edited by FindTheLock; 01-30-12 at 10:34 AM.
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  17. 01-30-12 08:55 AM #17
    FourLengthsClear
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    This is ground breaking stuff.
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  18. 01-30-12 09:10 AM #18
    smoke a bowl
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    Thanks for all the insight. I think I have it all down now.
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  19. 01-30-12 10:09 AM #19
    unluckysob
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    Quote Originally Posted by k13 View Post
    10 people bet on Patriots -3 (+110)
    10 people bet on Giants ML +125

    How does the book profit?

    a little risky for book----risking max $250 for a 3 point middle----with 1 and 2 winning both bets 3 a push on one side.
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  20. 01-30-12 10:22 AM #20
    William Walters
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    Quote Originally Posted by shari91 View Post
    To be fair though, sometimes it takes awhile for the lightbulb to go off. I was like 8yo before I finally understood that people on the radio weren't singing live from the local radio station. Used to beg my parents to drive me to go see Corey Hart
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  21. 01-30-12 10:26 AM #21
    Grits n' Gravy
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    Parlay and teaser cards are goldmines. Ditto for prop bets.
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  22. 01-30-12 10:29 AM #22
    shari91
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    Quote Originally Posted by William Walters View Post

    lol

    bloody devastating moment for me

    if only...

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  23. 01-30-12 10:30 AM #23
    rfr3sh
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    write a book on this
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