Given the massive popularity of the NFL, it’s surprising that the sport is shrouded in so much betting misunderstanding and misconception.
Let’s try to separate betting myth from reality:
Myth # 3: Bookmakers have inside information that they use to establish “trap” games.
Reality: Nowadays, with nearly everyone having access to the Internet, it’s not so much the information as how well that data is interpreted. Those days are gone as inside information has all but ceased to exist and there is no such thing as a “trap” game.
Myth # 6: Wiseguys bet more on games they really like.
A professional gambler believes that if a game is worth betting, it’s worth betting significantly. The concept of a “best bet” is a media creation that is foreign to professional sports bettors.
Reality: While the goal is to construct a betting line that is of equal attraction to both favorite and underdog players, it rarely works out that way. More typically, a third of the games on the NFL schedule will have an insignificant amount of betting to cause much of a concern, another third will have balanced but active betting and the remaining third will have a mostly one-way action. Reality: Actually sophisticated gamblers bet a lot of games. A professional gambler believes that if a game is worth betting, it’s worth betting significantly. If a professional bettor hears a rumor that Peyton Manning has the flu and is too ill to play quarterback for the Colts, he’ll quickly bet on Indianapolis’ opponent.
Myth # 1: Betting lines are created to beat the public.
Reality: With the exception of the Super Bowl, the public plays almost no role in the line making process. The betting line is created and adjusted to meet the opinion of professional gamblers because it is they, not the casual fan, who bets serious money on the game.
Myth # 2: Betting lines get balanced action.
Reality: While the goal is to construct a betting line that is of equal attraction to both favorite and underdog players, it rarely works out that way. More typically, a third of the games on the NFL schedule will have an insignificant amount of betting to cause much of a concern, another third will have balanced but active betting and the remaining third will have a mostly one-way action. Traditionally, how the house fares on these lopsided games, called “decisions,” determines whether books lose or win.
Myth # 9: It’s never wise to bet on rumors
If a professional bettor hears a rumor that Peyton Manning has the flu and is too ill to play quarterback for the Colts, he’ll quickly bet on Indianapolis’ opponent. Since most lines are accurate, the bettor takes little betting risk in chasing a rumor.
Myth # 5: Professional gamblers pick their spots, betting just a couple of games a weekend.
Reality: Actually sophisticated gamblers bet a lot of games. Think of it this way: If you’re a successful gambler, why risk serious money on just a few games where a freak play or an official’s call can make you a loser? The wider the net is tossed, the less of a factor luck becomes in the outcome.
Myth # 8: Statistical wagering trends are important.
Reality: Technical analysis may be popular but it’s hardly meaningful. Professional bettors put little faith in the favorite/underdog, home/away pointspread analysis that so often is cited by gridiron “handicappers.” It’s just another method of backfitting dismissed as irrelevant by wiseguys.
Myth # 4: Bettors have the edge early in the season because bookmakers and oddsmakers need more time to assess the teams.
Reality: More hours are spent analyzing the opening week of the NFL season than any other is. A detailed, in-depth assessment of NFL teams begins more than a month before the opening kickoff.
Myth # 7: Bettors can win by concentrating on a specific conference, division or region.
Reality: Not likely. Because the NFL schedule demands that teams play half their games outside their own division, it’s not enough to have one specific area of expertise. If you don’t also know the strength of the opponent, knowing the strength of a team is worthless.
