Teddy_Covers's Blog

Posted Wednesday, June 20, 2012 10:06 AM

Sharps vs. Squares Part II

Last week, I wrote about the difference in expectations between ‘wiseguy’ or ‘sharp’ bettors – those who expect to earn a profit from sports betting over the long term – in comparison to ‘recreational’ or ‘square’ bettors. Here in Part 2 of the article this week, I’m going to examine some of the major differences between the two groups of bettors in terms of their approach and their respective strategies. What are wiseguy bettors doing that recreational bettors aren’t? Read on to find out!

Most casual bettors don’t make a profit from their sports betting hobby. This includes bettors who are relatively sharp as well as those who couldn’t pick a winner if their lives depended on it. That’s not a bad thing either – if every bettor won, sportsbooks would be going belly up and bettors would run out of places to play.

Much of the industry jargon considers money management as important as picking winners, if not more so. And it certainly is. But throwing around buzzwords like ‘money management’ and describing esoteric concepts like ‘isolate a percentage of bankroll’ and ‘positive expectation bets’ really doesn’t help the fortunes of most recreational bettors.

If you, personally, are content with betting for entertainment purposes only, this article will serve little purpose. But if you wish to be a successful sports bettor, even as an amateur, and earn a profit from your betting over an extended period of time, here are four key tips that should help you in t... [More]

Posted Wednesday, June 20, 2012 10:03 AM

Sharps vs. Squares

Teddy’s Vegas Wiseguy Report

I decided to give my weekly column a new name last week, calling it ‘Teddy’s Wiseguy Report’. I did this because I’ve been getting a boatload of questions about ‘wiseguy’ bettors – the individuals and syndicates that legitimately do battle with the books with a steady diet of four and five figure bets. Wiseguys, also known as ‘sharps’, are guys who make their living beating the books and the betting markets.

In this week’s column, I’m going to explain the single biggest difference between the approach of wiseguy bettors compared to the vast majority of bettors here in Las Vegas and around the world – guys who are appropriately called ‘recreational players’ or ‘squares’. Next week, in ‘Part 2’ of this article, I’ll delve deeper into the contrasts between sports betting amateurs and sports betting professionals.

Most casual bettors don’t make a profit from their sports betting hobby. This includes bettors who are relatively sharp as well as those who couldn’t pick a winner if their lives depended on it. That’s not a horrible thing either – if every bettor won, sportsbooks would be going belly up and bettors would run out of places to play. Look no further than Cantor Gaming for a prime example of what happens when the sharps beat the books over the long term.

Cantor Entertainment Technology, an affiliate of the Wall Street financial services firm Cantor Fitzgerald, made plans to issue an IPO last December, hoping to r... [More]