Sportsbooks facing 7-figure liability before Baltimore Orioles are on the rise
The Baltimore Orioles started the MLB season as one of the biggest long-range shots on the charts at sportsbooks and were underrated in their first 26 games. But at the All-Star break, Orioles emerged as the best bet in baseball.
Orioles won 2,000-1 to win the World Series in mid-June but shed tears, marked by a 10-game winning streak that landed them in the American League wild card race. Orioles is 46-46 at halftime, 3 ½ games ahead of AL’s third wild.
Sportsbooks adjusted Baltimore’s odds furiously – the Orioles dropped to 250-1 to win the World Series and 15-1 to reach the knockout stages at Caesars Sportsbook – and still face debt. seven numbers.
Bookmakers say they haven’t paid much attention to Orioles yet and are expecting them to slow down in the final months of the season, but they are well aware that an extremely expensive long shot can become just as hot. any.
“We were burned a few years back with Leicester City [winning the 2016 English Premier League title as 5,000-1 long shots]Eric Biggio, Caesars Sportsbook’s top baseball trader, said when every bookie in the world said they had no chance.
On July 12, Caesars reportedly bet $1,000 on the Orioles to win the World Series by a score of 500-1 and another $1,000 bet on Baltimore to win the AL pennant by a score of 250. -first. The book also places some bets on the letter O with odds of 2,000-1 and 1,000-1.
“Those things add up,” said Biggio.
In June, the betting public began to favor Orioles on a game-to-game basis, a dramatic change from the first months of the season. According to data from DraftKings, about 90% of bets are on Baltimore’s opponents in their many April and May games.
Now despite their .500 record, the Orioles are up about 17 units on the money line, meaning that those who bet $100 on Baltimore in each game this season have now made $1,700 – good. best in baseball.
Biggio estimates Orioles’ cash flow value has improved by “40 cents” from the start of the season. If the Orioles were beaten +140 in an early-season game, they could pick them up in a similar game now, he said.
“In April and May, with the A and the Reds, [the Orioles] is one of those teams that we set direction on a daily basis,” said Biggio. We knew we were going to need that team to win to have a good day. Now, it’s flipped. “
Maryland bookmakers are jumping specifically into Orioles’ gang. At Caesars Sportsbook in Horseshoe Baltimore, more money was put into the Orioles to win the World Championship than any other team. That includes a $200 ticket on the Orioles to win the World Series at 2,000-1 odds.
While Biggio has yet to break a sweat for Orioles, he says things could get serious if they get a top-level top seller by the deal deadline. Even if they don’t, Biggio will keep an eye on Orioles.
“No executive, when they look at your September filings and see that we could lose $50 million to Orioles, will be thrilled,” Biggio said. “While a reasonable person in baseball says, ‘Yes, they haven’t hit the shot yet,’ you can’t abbreviate it. You have to account for it.”