Apparently the Denver Broncos Have Lots of Dumb Fans
The other day I noticed that the Broncos were favored to win the Super Bowl, and I was puzzled. I thought the Seahawks were favored. But I don't pay a lot of attention to this stuff, so I figured I just misread something somewhere.
But no! Apparently the betting line has changed substantially over the past week or so. The New York Times explains why:
The [oddsmakers] know things. They know there are two kinds of money: the sharp dough of professional gamblers and the square dollars of the public. They know that betting lines are meant to be moved....They know that square money is enthralled by favorites and falls hard for teams that have done a lot for them lately. The Broncos, for instance, not only covered against New England, but looked good doing it. It’s part of the reason Denver is currently the 2 ½-point favorite even though oddsmakers opened with the Seahawks — a team they believe is better — as a 2- to 2 ½-point favorite.
That's a big swing. Apparently the dumb money is falling hard for the Broncos. If that's the case, the smart guys ought to make a killing. We'll see about that.