All baseball lines are not created equal

The roster of sports books in Las Vegas offering a 10-cent line, or a "dime line," varies somewhat from year to year. The dime line is generally the most attractive option for baseball bettors in Nevada. As an example of a dime line, if the favored team in a game is priced at minus 150, the underdog in that game would be priced at plus 140. A bettor would risk $1.50 to net $1 on the favorite, or risk $1 to net $1.40 on the underdog. Because the difference between 1.40 and 1.50 is .10, the line is called a 10-cent line, or dime line. With a 20-cent line, if the favorite in a game is priced at minus 150, the underdog in that game would be priced at plus 130. A bettor would risk $1.50 to net $1 on the favorite, or risk $1 to net $1.30 on the underdog. Because the difference between 1.30 and 1.50 is .20, the line is called a 20-cent line. The difference might appear slight at first glance, but it makes a big difference to avid baseball bettors.

This baseball season, 13 of the 20 distinct sports books in the Las Vegas Valley are employing some form of a 10-cent line, or “dime line,” the most competitive and sought-after wagering structure in baseball betting.

With a baseball dime line, bettors have to risk only $1.05 to win $1 on either team in a game that’s evenly matched according to oddsmakers. If the favored team is listed at minus 140 (risk $1.40 to win $1), for example, the underdog would be plus 130 (risk $1 to net $1.30) on a dime line. The term “dime line” comes from the 10-cent gap, or “straddle,” between the $1.40 and the $1.30 in this example.

An encouraging sign: Criticism of a sports book draws the attention of the Gaming Control Board

I believe the Nevada Gaming Control Board did a superb job in examining this incident. Although the results of its investigation were not a matter of public record, I came away extremely impressed by the Gaming Control Board's agents and with their work ethic.

The state Gaming Control Board is investigating an incident at Harrah’s sports book on the Strip detailed in this column last week.

An official with the Gaming Control Board called me after reading the column, in which I cried foul after a Harrah’s supervisor voided three of my sports bets even after the tickets had been printed and my payment accepted.

Just can't get a fair shake at Harrah's sports book

Believe it or not, I often have conversations with people who know nothing about Las Vegas or sports betting. Their initial take on the world of Las Vegas sports gambling usually sounds something like: "Ho ho! Wow, what a sleazy, slimy racket that must be!" They're wrong, of course. But incidents like this drive home that unfortunate stereotype. Any executives at Harrah's who foster an atmosphere or a mindset that encourages this sort of behavior are a disgrace to their profession.

After an investigation, Harrah's was hit with a $100,000 penalty for the illegal activity described here. I wrote about my reaction for EOG.com:
http://www.sophisticatedmaniac.com/2010/01/reaction-to-harrahs-100000-penalty-for.html

If you type my name into Google, the following column is the first thing that pops up (at the time of this writing). To quote Harold Melvin in the poker mockumentary "The Grand," this fact is "neither good nor bad. It is simply the present reality."

For some reason, I had always been a defender of the Las Vegas sports betting scene.

Sure, there was room for improvement in some areas. But I figured everyone except the highest rollers had a decent number of betting options in town with just a modicum of hassles.

In a recent interview with talk-show host John Kelly on Fox Sports Radio 920-AM, I described my outlook as “generally bullish, with some reservations.”

I’ve since become a bear.