UIC's Collins announces retirement

NCAA Basketball Betting Lines

07/20/2010 - Chicago, IL (Sportsbook Betting Lines) - Longtime men's head basketball coach Jimmy Collins announced his retirement Tuesday after 14 years at the University of Illinois at Chicago.

The move is effective August 31, 2010 and UIC director of athletics Jim Schmidt said the school will conduct a national search for a new coach.

"It is difficult to leave UIC and the great student-athletes who are returning," said Collins. "After much introspection, I feel it is my time to enjoy retirement and have more time with my family. I have enjoyed the opportunity to do something that is dear to my heart for so long, and that is special."

Collins took the job at UIC in March of 1996 and was the longest tenured NCAA Division I men's basketball coach in the state of Chicago. He leaves as the all-time winningest coach in school history with a 218-208 record and guided the Flames to three NCAA Tournament appearances (1998, 2002, 2004) and one NIT bid (2003).

Collins topped the 20-win plateau on four occasions, including a school-record 24 victories in 2003-04 when the program captured its second Horizon League tournament championship under his direction.

Before coming to UIC, Collins spent 13 seasons as an assistant to Lou Henson at Illinois.

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Sportsbooks to bet on football

Recently I had an email debate with an angry reader who said I did not understand "the science of oddsmaking", as he called it.

He said I was wrong for suggesting oddsmakers care about who wins or loses games.

"Oddsmakers only care about splitting the betting public 50/50 on both sides of the line and keeping the commission (a.k.a. juice)," he wrote.

He might have been right about not understanding "the science of oddsmaking". After all, I'm not an oddsmaker. That said, I stick to my assertion that oddsmakers (a.k.a. sportbooks) often do care about who wins games.

Granted, as a general rule, sportsbooks try to balance their action so that they're not exposed to big losses. However, there are times when this is difficult to pull off, regardless of how much a line has moved. There are also times when that general rule is ignored and a book pursues risk.

Generally speaking, it's safe to say the books in Vegas are risk-adverse. Unlike in the past when the wise guys ruled the town, Vegas is now corporate and the goal of most casinos is to make as much money as possible with as little risk as possible.

Thus, Vegas sportsbooks try everything in their power to balance the action. They're satisfied simply collecting the juice. But these profits are small, especially compared to the take from other casino games, namely slot machines.

Because the profits at Vegas sportsbooks are so small, you could argue that many casinos operate sportsbooks simply as a novelty to keep the tourists happy.

With a growing aversion to risk, it should come as no surprise that Vegas bookmakers have been panicking this NFL season.

Despite huge pointspreads, a disproportionate percentage of bettors are still laying their money on favorites like the Eagles, Colts, Pats and Vikings rather than the dogs (a common trend for the largely recreational bettors that visit Vegas).

And much to the dismay of the books, those favorites are finding ways to cover the thick chalk. In fact, prior to Week 7, the four teams listed above are a combined 16-2-2 (88 percent) against the spread. (The tables turned dramatically in Week 7, but more on that later.)

The result has been an early-season beating for the books, and a bonanza for bettors.

While Vegas increasingly hates risk, it's no longer a major player in the sports betting world. Most of the betting action now takes place offshore where sportsbooks are not as obsessed about balance. In fact, some books encourage exposure to risk because the rewards can be so much bigger.

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Take last weekend's matchup between St. Louis and Miami. By game time on Sunday, 83 percent of the betting action at MySportsbook.com was on the Rams; only 17 percent was on Miami.

What's interesting is that MySportsbook.com opened the pointspread with Miami at +6 1/2. By game time, the spread had lowered to +5.

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MySportsbook.com exposed itself to even more to risk, and rolled the dice on the underdog Dolphins. Why? I contacted a representative with the book to find out. His answer was simple.

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MySportsbook.com was also heavily exposed on numerous favorites in Week 7, including Philadelphia, Seattle and Denver. All three failed to cover.

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Armed with this type of information, bettors can make more educated wagers. They can get an idea where the sharp money is going and conversely where the public money is headed.

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