23
Oct
07

Vegas says the Red Sox will win the World Series

The Associated Press reported yesterday that early betting for the 2007 World Series is heavily in favor of Boston, despite Colorado’s ridiculous red-hot streak and the Sox’s history of choking in the Series.

Las Vegas oddsmakers put the Red Sox at minus-$2, meaning every $2 bet will win $1 if Boston wins. Colorado is plus $1.70, meaning every $1 wins $1.70 if the Rockies take the series.

These numbers prove where the real money is made in this series: being a bookmaker. If my math is correct, and it always is because I invented math, the bookies are hoping for $1.80 of Boston bets for each $1.00 of Colorado bets. I’ll explain how it works. Let’s assume $100,000 will be bet on Colorado, which means the bookies are looking for $180,000 to be bet on the Red Sox. In this case, the total pre-Series cash inflow for the bookies would be $280,000.

If Boston won, the bookies would pay out $270,000 ($180,000 in original bets plus $1 winnings for each $2 bet) to the Red Sox bettors, leaving the oddsmakers with $10,000 profit. (The Rockies bettors would of course get nothing.) If Colorado won, the bookies would pay out $270,000 to the Rockies bettors ($100,000 in original bets plus $1.70 winnings for each $1 bet), leaving the bookies, once again, with a profit of $10,000.

That’s a little math lesson for the kiddies and Pete Rose: the bookies always win. That’s why they’re always the ones breaking peoples kneecaps and cutting off fingers. Well, I do that too, but for entirely unrelated reasons.

Advertisements

0 Responses to “Vegas says the Red Sox will win the World Series”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: