Louisiana Derby to get major upgrade

Horseracing Betting Lines

08/11/2009 - New Orleans, LA (Sportsbook Betting Lines) - The Louisiana Derby is being given a purse increase and an extended distance for next year's running. Fair Grounds Race Course announced Tuesday that its major Kentucky Derby prep race will also be conducted just five weeks before the Run for the Roses.

The Louisiana Derby will have its value boosted from $600,000 to $750,000 and the distance will now be 1 1/8 miles, instead of 1 1/16 miles. The stakes for three-year-old Kentucky Derby hopefuls in the past was held seven weeks prior to the Kentucky Derby. It will be run in 2010 on March 27.

"We're excited about being the premier racing venue for our nation's best three-year olds when preparing for the Kentucky Derby and Kentucky Oaks." said Fair Grounds vice president and general manager Eric Halstrom in a release.

The Louisiana Derby is part of a three race series for three-year-olds at the Fair Grounds who are being pointed to the Run for the Roses. The other stakes events are the Lecomte and Risen Star Stakes.

For 2010 the Lecomte will be held on January 23 and the Risen Star will be run on February 20. The Lecomte will have a distance of a mile and 40-yards and the Risen Star will be contested over 1 1/16 miles. The $400,000 Fair Grounds Oaks for three-year-old fillies will Friday, March 26.

The Fair Grounds 2009-10 meet will be held from November 6 to March 28.

"Our racing staff is embarking on a new historic direction for the entire stakes schedule," Halstrom said in the release.

In an effort to bring the two leading thoroughbreds together, Rachel Alexandra and Zenyatta, the Fair Grounds has created a stakes race for fillies and mares to be run six weeks after the Breeders' Cup. The new race will be on the track's main dirt track at 1 1/8 miles.

"Horse racing fans desire to see Rachel Alexandra and Zenyatta race against one another, and we're no different," Halstrom said. "By positioning this new race six weeks after the Breeders' Cup World Championships and three weeks after Churchill Downs' Clark and Falls City Handicaps, it gives all parties involved something to consider and opens the door for further discussions. Anything further at this point would be premature and circumstances could be different in four months, but this new race gives us an option to dream."

The yet unnamed race is slated for December 19 of this year with a tentative purse of $100,000. The purse would be increased if the race attracts Rachel Alexandra and Zenyatta.

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Sportsbook Betting Lines

Who Makes the Sportsbook Betting Lines?

Las Vegas Sports Consultants (LVSC) is the world’s premier oddsmaking company and the most respected authority on making the lines. Mike Seba is a Senior Oddsmaker at LVSC and has been making lines for the last six years. In our extended interview, Seba explained that there are 4-5 oddsmakers assigned to make lines for each of the major sports (pro & college football and basketball; MLB, NHL, boxing, golf). Each of these oddsmakers bring unique opinions, strengths and weaknesses to the process. Oddsmakers at LVSC are professional sports junkies who love what they do and would probably do it for nothing if you asked them, but they do get paid for it. By necessity their approach is very research-oriented and concise, since with millions of dollars at risk there is little margin for error.

“You either have a passion for it or you don’t,” Seba said.

“The #1 thing for us is to make a line for each game that creates good two-way action. We do this by drawing from past experiences and applying them to current situations. People think it’s much more complicated, but it’s not. “

What are the Football Betting Lines Trying to Accomplish?

There is a common misconception that point spreads represent the oddsmakers’ prediction of how many points the favorite will win by. That is not the case at all – their intent is NOT to evenly split the ATS result between the teams; rather, their goal is to attract equal betting action on both sides. Stated another way, they want to create a line that half the people find appealing to bet one way while the other half find it appealing to bet the other way (known as ‘dividing the action’).

Divided action means the sportsbook is guaranteed a profit on the game because of the fee charged to the bettor (called juice or vig – typically $11 bet to win $10).

How the Opening Line Is Made

The opening line is the first line created by the oddsmakers, which is then sent out to sportsbooks. Of course there is an entire method to the madness on how the opening line is created. Seba explained that it all starts with each oddsmaker creating a line on each game based upon their own personal approach. This usually includes having up-to-date power ratings on each team.

Power ratings are the oddsmaker’s value of each team and are used as a guide to calculate a "preliminary" pointspread on an upcoming game. The power ratings are adjusted after each game a team plays. Examples of non-game factors that would require an adjustment to a team's power rating are key player injuries and player trades.

Once a game’s power rating based pointspread is determined, the oddsmaker will make adjustments to that line after considering each team's most recent games played and previous games played against that opponent. Also, adjustments are made after reading each team’s local newspapers to get a sense of what the coaches & players are thinking going into the game.

Since the oddsmaker’s ultimate goal is equally dividing the sports betting action, public perception and sportsbook betting patterns must be taken into account. For example, the public might have heavy betting interest week after week on a popular college football betting team such as USC. If an oddsmaker comes up with a preliminary line of USC -7, then an adjustment up to -7.5 or -8 would be made in response to the public’s expected USC bias.

The last step in the line-making process for each oddsmaker is taking one final look to determine whether or not the line "feels right." This is where common sense and past experience with how games are bet enters into the picture.

A round-table discussion among the 4-5 oddsmakers involved in making the line for each sport is then conducted and a consensus line is decided upon by the Odds Director before it is released to the sportsbooks. Of the 4-5 oddsmakers, generally the 2 most respected opinions are weighed more heavily by the Odds Director before he decides on the final line.

Why Sports Betting Lines Change

Once the opening line is released by LVSC, the individual sportsbooks decide if they want to make any adjustments before offering it to the public. Reasons for such adjustments include:

Experts working for the individual books having a strong opinion on the game

Individual books having players who consistently bet with certain tendencies (such as an extreme bias toward favorites or toward a certain popular team like USC)

The purpose of these adjustments, like all line adjustments, is to more equally divide the betting action.

Once betting begins, sportsbooks can adjust the line at any time. In doing so they attempt to make more attractive the team that is getting less action. By moving the line, sportsbooks can influence how the public bets on a particular game.

For example, if the pointspread on a game is 7 and most of the money is coming in on the underdog (taking the +7), sportsbooks will then move the number down to 6 ½ to try and attract money on the favorite.

Moving the line is the oddsmaker's effort to balance betting action, and often times such moves can have a major impact on a bettor’s decision. Oddsmakers can also change the line depending on various event-related factors such as player injuries or weather. Obviously, if the line comes out a week ahead of the event (which is the case in football), there is much that could happen during the week leading up to the event that could affect the line. Oddsmakers have to determine if any changes are necessary and send out an "adjusted line."

“The main objective is that our clients get equal action on both sides,” Seba said. “We’re not trying to pick the team that covers the spread, we’re trying to make it a coin flip, a tough decision (for the bettor). If we’ve done that, we’ve done our job.”

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