Originally Posted by Half Smoke View Post
Originally Posted by kewlJ View Post
Line movements are not designed to reflect the true odds or advantage of a game. They are designed to have as close to 50% wagers on both sides.
that is correct
but it is the late betting sharps that caused to line to move (not every time but many times) by betting in to what they saw as a soft line
the books don't care if the sharps actually got the advantage they tried to get (most of the time)
the books making a profit is a completely different thing from the sharps making a profit


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Well what is "the mathematical formula" that the sharps are using to determine that the line is wrong? I don't think there is a mathematical formula and that is what EV is based on.

With real EV (expected value), you can point to a mathematical formula to back it up. As near as I can tell people use the term EV in sports betting when it really isn't. It is closer to what redietz said. It is an "opinion" that there is value on a particular line.