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Vegas doesn't care about the teams. They sets lines where they think they will get even money on each side. They use handicappers who have their own models and analytics about what an expected outcome of the game should be, and then they set their lines based on those. However, the lines will typically move if the public starts betting heavily on one side.so looking at moneyline and the regular betting then vegas must be thinking colorado wins by a point or two?
Sharps/algos don't actually care about the teams really either. They use analytics, etc. also in order to determine what they believe the line should be set at. They make bets based on their analytics and the size of their bets are usually determined by what their "models" say compared to what the line is set at.
The public usually bets with their "heart", whereas the sharps/algos bet pretty much blindly (again, do not care about the teams playing). So, for this game, the models/analytics, etc. that the sharps/algos use are saying that Nebraska should not be more than basically a 3 point underdog. It may even be that they have Nebraska favored, but that doesn't really matter in this situation.