SportsInsights.com Article -- The Inside Scoop on the Sports Betting Exchanges and Sportsbooks (1/2007)

Over the years, Sports Insights has given our readers insight and suggestions into the best sportsbooks.  In this article, we have compiled the "inside scoop" on a list of suggested sportsbooks.  In addition, we have included information on an exciting new development within the sports betting industry: sports betting exchanges.  We will update and add to this list from time to time as needed.  We thank all of our Members who communicated with us via email, our Forum, and conversations.  The information on this site is for entertainment and educational purposes only. Use of this information in violation of any federal, state, or local laws is prohibited.

Value

As Sports Investors, we are always striving for value.  Mutual fund investors often look for no-load funds; stock investors use deep discount brokers.  Sports Insights has always stressed value to its Members.  We should shop for the best lines -- and keep an eye on our overall costs (reduced vig) and value.   Below are some of the best sportsbooks -- and "sports betting exchanges" based on input from our members. 

Bonuses

Most sportsbooks offer a signup bonus.  It's not bad receiving an extra 10-25% on your cash.  The larger and/or lower vig books offer 10% bonuses.  Other books are typically in the 20-25% range.  The level of signup bonuses seems to peak before football season starts.  Note that some books offer bonuses in the form of "Free Plays" -- which have about one-half the value of the more standard cash bonuses.  That is, if you win a $100 Free Play, your account is credited with roughly $100 (depending on the vig), NOT $200; if you lose, you lose the Free Play credit.

Some sports bettors underestimate the value of Reload Bonuses.  The value of an extra 10-25% on additional deposits can be significant -- and should be considered.  Unfortunately, most low-vig books do not currently offer reload bonuses.  In addition, some books leave reload bonuses to the discretion of management. 

Type of Betting

Do you typically bet on underdogs?  Favorites?  Only in the NFL?  The way you bet will influence which book might be best for you.  Read our comments below and you'll get a flavor for the personality of each of our suggested sportsbooks.

Pinnacle

Perhaps the best-known sportsbook.  If you want to open just one sportsbook (or are starting out), Pinnacle is the place to be.  Payouts and customer service are fast and efficient.

 
• Low vig; -104 on major sports sides.
 
• Lines are fairly sharp -- and are responsive to the marketplace.  However, you can't beat the vig.
• Fast payouts; responsive customer service.
• No reload bonus.
 
• Offers the most lines for College Basketball.  Pinnacle's lines are often up the earliest/fastest.  In addition, they offer the most lines on college hoops totals.  
 

Cascade

Cascade offers several different types of accounts.  We like the -105, low-vig, account.  The drawback to this -105 account is that you will NOT receive any other kind of bonus from Cascade.  If you open a standard -110 account, you will receive reload bonuses as well as potentially a rebate based on your volume and losses.  However, you can't have your cake and eat it as well.  We like the -105 discounted vig the most.

• Low vig; -105 on major sports. 
  
• Can often find the best lines at Cascade.
  
• No reload bonus (and no other bonuses such as volume / loss rebates on -105 accounts).  Standard -110 accounts receive these bonuses.
  
• Customer service is not the quickest -- but is adequate.  Similarly, payouts are not automated (takes more than a few minutes) -- but are adequate.  The withdrawal procedure is confusing -- but worked after contacting customer service. 
  

The interesting thing is the way Cascade runs its sportsbook.  Although it's -105 vig is not quite as good as Pinnacle's -104, you can often obtain a better line at Cascade.  This is because Cascade doesn't move it's line/vig constantly the way Pinnacle does.  For instance, Pinnacle will adjust its line constantly, based on its risk management and money flows.  Cascade, however, will leave many games at -105 and will eventually adjust the point spread, instead of adjusting the vig.

Sports Betting Exchanges

Over recent years, sports betting exchanges have gained in popularity and "user friendliness."  In past years, sports bettors were worried about liquidity or the fact that some exchanges seemed difficult to use.  Nowadays, several sports betting exchanges have the "look" of a sportsbook.  In addition, the lines and pricing are great.  In many cases, you can find better lines at the sports betting exchanges than at the low-vig sportsbooks!   

• Liquidity has improved greatly at some  betting exchanges.  Sometimes, you will see small amounts listed on the exchange, but you will often see large amounts of liquidity at better prices at the exchanges than at most sportsbooks.
• Note that exchange liquidity and pricing often improves as the game draws nearer.
  
• Fees vary at the exchanges. 
  
• One big plus about sports betting exchanges is that you are dealing with other sports bettors.  As a result, you won't be banned; you won't be switched to "sharp" or "square" lines.

Matchbook is one of the largest and best sports betting exchanges out there.  Matchbook has a nice following, as well as good backing -- which helps in terms of liquidity and pricing.

 
• Commissions are 2% on winning plays.  Thus, odds of -103 are roughly equivalent to -105.
• Good liquidity and good lines. 
  
• For an average sports investor, if you price your plays around, Matchbookwill get a large percentage of your plays.
• Particularly good for NHL plays.
• When there are many games in a sport, the layout is not particularly efficient.
 

Mansion

Mansion is another good sports exchange, with some of the lowest fees available.   

• Commissions for SELLERS are 0.5% on winning plays.  Thus, if you take plays that are listed (and are thus, a BUYER), you would pay NO commissions.  Thus, odds of -105 are really -105.
• Overall pricing, lines, and liquidity are similar to Matchbook -- after factoring the lower fee structure at Mansion.
  
• Nicer layout than Matchbook for sports with busy days (such as Saturday's for College Sports).
  

Note on Other Sportsbooks (5Dimes/ Olympic (TheGreek) / ABC/ CRIS)

 
• 5Dimes often shows up with the best lines in the NFL -- although at costly vig.
• 5Dimes also shows up with good lines in NCAAF.
• CRIS is often the first book to move, so they may have the best line at times.  However, the other books typically follow suit rather quickly.
• ABCisland and TheGreek are other top-rated sportsbooks with good lines.

Please let us know your experiences with these sportsbooks.

 Betus

One of the best books for betting on dogs.

• Great dog lines.  Some accounts will be flagged and receive "sharper" lines.
• Generous sign-up and reload bonuses.  Note, however, that bonuses are in the form of "free plays."  Free Plays, on average, have one-half the value of cash bonuses.

Disclaimer
We do not guarantee that the trends and biases we’ve found will continue to exist. It is impossible to predict the future. Any serious academic research in the field of “market efficiencies” recognizes that inefficiencies may disappear over time. Once inefficiencies are discovered, it is only a matter of time before the market corrects itself. We do not guarantee our data is error-free. However, we’ve tried our best to make sure every score and percentage is correct.