Sports
BET YOUR BOTTOM DOLLARS
Put your money where your mouth is for the next big sporting event. —Alexandra Calamari
About five seconds after the brawny man invented sports, the brainy man invented sports betting. As athletics have evolved from foot races to football, wagers have become more complex. You now must navigate a system of odds, handicaps and gambling lingo in order to place a bet. Still, thousands of gamblers flock to Vegas to put money down at legalized sports books. We turned to Michael Konik, author of several best-selling books on gambling, including The Smart Money: How the World’s Best Sports Bettors Beat the Bookies Out of Millions and Robert Walker, race and sports book director at the Mirage Hotel and Casino, who oversees the sports books at several of Las Vegas’ big hotels, for advice from both sides.
What should an amateur gambler look for in a sports book?
Konik: “A break on the juice. Any sports book that offers cheaper rates than the standard 11-10 will save the gambler money.”
Walker: “Always the best sports book is the one you feel most comfortable with. All of our books are unbelievably spacious and comfortable, with the newest technology and among the highest betting limits.”
What are the safest bets to place?
Konik: “Straight bets: guessing which team will win in one contest. Avoid parlays, teasers and other exotic bets. They have a higher edge for the house.”
Walker: “A straight bet: The more games you bet, the better chance [the house] has of winning, because every time you lose, you lose $11, and every time you win, you only win $10. You’re definitely not getting a bargain on the favorite. We always make the favorites as high as we possibly can, and the total as high as we can, because most people don’t like to bet the underdog, so there is some value of taking those bets.”
What is the biggest gambling mistake first-timers make?
Konik: “Over betting their bankroll and succumbing to the fallacy of small numbers. One week, one month, one season does not a winning sports bettor make.”
Walker: “After a big loss, trying to get all your money back that night. That makes no sense, there’ll be better opportunities tomorrow.”
Do you think there is an advantage in wagering on less popular sports?
Konik: “Absolutely. Specialists in these sports do very well. But the bookies know this, and they usually jack up the vig so high that even these lightly bet sports become difficult to beat.”
Walker: “If you follow them, you’d have a big advantage over us. We always know that if you know more about NASCAR than us, we’re in trouble. Tennis is something we have a lot of trouble in, especially because we only book the majors.”
What is your general sports betting philosophy?
Konik: “Bet against the public. Look to the undervalued and unappreciated side.”
Walker: “Usually something that looks too good to be true probably is. Never bet more than you can afford to lose, but remember this is entertainment, just have fun.”
NOVEMBER SPORTS CALENDAR
NOVEMBER 4
ING NEW YORK CITY MARATHON New York
Head to Central Park to witness the finale of the New York City Marathon, where the “lucky” winners of the lottery fight blisters and torn muscles for the chance at $70,000 in prize money.
NOVEMBER 18
THE FORD 400
Homestead-Miami Speedway
The Chase for the Nextel Cup culminates at the Homestead-Miami Speedway with the Ford 400, the Superbowl of NASCAR racing that will be the final determinant of the cup’s rightful owner.
NOVEMBER 22
THANKSGIVING DAY FOOTBALL Ford Field, Texas Stadium, Georgia Dome
After stuffing your face with turkey, have a triple serving of football. The Green Bay Packers pay a visit to Detroit; the Dallas Cowboys take on the NY Jets; and the Indy Colts face the Atlanta Falcons.